Talent war is big in every industry sector, especially technology. And who understands it better than a CHRO (Chief Human Resource Officer), as finding the skilful professionals across business sectors demand for effective strategic planning. Workforce skills gap is increasing with new disruptive technologies emerging each year, across industry verticals. And that’s why, the role of a CHRO becomes critical to the organizational success.
In a 2019 survey conducted by Korn Ferry, in which 193 CHROs were asked about their key challenge areas and priorities, 46% placed talent management on top, followed by digital transformation (14%) and creating purpose-driven firm (13%). The survey results clearly indicated that the priorities of modern-day CHROs are extensive, and covers a multiple business areas, which also concludes that CHROs are needed to acquire new skills and capabilities.
CHROs Work in Tandem with CEOs to find the Top Talent
Organizations, wherein the human resource leaders do not work directly with the CEOs do not perform well. As per a research conducted by McKinsey and the Conference Board – CEOs across the globe find human capital as one of their biggest challenges, and put CHROs as high as only the eighth or ninth most useful resource in the organizational hierarchy.
There is an ongoing struggle for CHROs and senior-level HR leader roles to find the ideal talent for varied job roles within the company. Taking about the US, the existing skills gap across industry domains is huge, and is constantly surging with the advent of new technologies. CEOs are feeling challenged with retention and hiring of the top talent. Especially, in the times of COVID, it’s even harder to search and attract the top talent because of the difficulties faced in communicating with the potential talent, amid the lockdowns. The leadership in HR across companies, is solely dependent on virtual ways of communication to find the remote talent.
The Strategic Role of a CHRO
The chief of human resources, or CHRO, is among the most strategic job roles in a company. He is the one who oversees the organization’s human resources requirements, which decides the fate of the company in the long run. The CEO of the company simply cannot execute his talent strategy without receiving an effective assistance from the CHRO. The C-suite HR executive is actually the true power behind the success of the supreme leadership of the organization, as they help the leadership make business-friendly decisions by offering valuable insights and constant feedback.
If a company does not have a CHRO in place, it’s very likely that the CEO will miss on receiving the best insight into the company culture and its people. And therefore, not being equipped with a competent CHRO can create issues concerning to talent needs and organizational fits. Hiring a capable CHRO for a CEO is alike getting a new hand to take work from.
CHROs Ought to Promote Upskilling While Preparing for the Future
Foreseeing the human capital requirements of a business and taking big strides towards upskilling the personnel for ensuring futuristic organizational goals has had been a major part of a CHRO’s job role. But, in 2020, the Fourth Industrial Revolution rose at such a fast pace, especially pertaining to the technology sector that the talent needs became central to the business’s success aspect.
As per the CHRO of Unilever, Leena Nair – “The digital revolution has paved the way for human evolution. While new and disruptive technologies are leading the Fourth Industrial Revolution, it’s ultimately the people who will leverage these futuristic technologies to bring in business results”. HR leaders will play a significant role in shaping the future of work, as they will be the ones fulfilling the futuristic talent needs of an organization.