In an exclusive survey by TimesJobs, 44% Chief Human Resource Officers (CHROs) confessed that technology has the potential to displace them in the future. This survey was conducted to understand the career aspirations of the heads of human resources function of various companies from different industry verticals. In the survey, more than 71% CHROs said that they could become a CEO in future, indicating a major shift in the career achievements of HR leaders, and also a possible transition of a CHRO into a business role.
In today’s dynamic business environment, no role in the C-suite has undergone a bigger transformation as that of a Chief Human Resource Officer (CHRO). Rapid technological evolution, globalisation, unprecedented cultural challenges and the need for Diversity and Inclusion are reshaping the roles of a CHRO. Organisations have recognised the importance of talent to drive business outcomes, therefore today’s CHROs are expected to be the change makers in response to these emerging business trends.
TimesJobs, recently conducted a survey to study the changing role of the CHROs. The survey went into analysing responses from 1,100 CHROs across diverse industry verticals. Here are the main survey findings:
Emerging technologies are changing the role of CHROs
The rapid emergence of new technologies is redefining the way businesses operate. Like any other function, HR functions are undergoing an unprecedented transformation as well.
In the TimesJobs survey 44% CHROs agreed to the fact that technology has the potential to displace CHROs in future! Almost 42% believe that this won’t happen in the immediate future and 14% decided to express no opinion about this. As many as 74% of CHROs believe that Artificial Intelligence and automation will be an aid to the role of CHROs and only 26% see it as a threat.
Changing HR trends are reshaping the role of HR professionals and making CHROs focus more on business strategy. To gauge the emerging trends in the changing role of CHROs, TimesJobs survey asked the respondents about the key job responsibilities that they may handle in the future. It was interesting to note that 40% of respondents say that establishing a connection between talent, technology and the organisation will be their primary objective. As many as 29% of CHROs say improving digital experiences to drive business performance followed by customising employee experiences will be the key trends in the future.
A leap from the role of CHRO to CEO
In this VUCA world, the role of a CHRO is no more limited to talent management. As per the TimesJobs survey, more than 36% of CHROs say that their roles have evolved from being that of a talent strategist to functional leaders. Whereas, 34% of CHROs believe that CHROs are emerging as business leaders, also playing a vital role in executive leadership.
Although the current business scenario demands CHROs who are assertive, data-driven and business focused, but still 29% of respondents to the TimesJobs survey think that a CHRO can never be considered for the position of a CEO. A majority (71%) of respondents felt that a CHRO can become a CEO in his/her career span. Moreover, 46% of CHROs see themselves emerging as business leaders in the next five years, followed by HR Director and Board of Directors as their second and third choices.
Commenting on the findings of the TimesJobs survey, Ramathreya Krishnamurthi, Business Head, TimesJobs and TechGig said, “As business leaders, CHROs need to be proficient in general management skills with a broad business acumen and strategic mindset, so as to turn talent management into a tool of business transformation”.
Managing today’s multigenerational workforce is the biggest challenge for CHROs
TimesJobs survey findings reveal that around 31% of respondents consider increased digitisation and technological innovation to be the main factors that have created that need for CHROs to evolve in their roles. Whereas, changing preference of the multigenerational workforce and existing skills gap are other two other factors influencing the role of CHROs.
Today, a CHRO is expected to possess a broader business acumen to convert conventional HR practices into measurable competitive advantages. Respondents to TimesJobs survey titled, ‘Changing roles of CHROs’ have clearly expressed their opinion that managing today’s multigenerational workforce is the biggest challenge for them at present.
According to 26% of CHROs, leadership development is another critical expectation from them to help their organisation gain competitive advantages in the future.