The C-suite refers to the top executives of a firm, referring specifically to the senior team members with titles that tend to begin with the letter C, for Chief. It is also called the C-level executives, and mainly includes the Chief Executive Officer (CEO), Chief Operating Officer (COO), Chief Marketing Officer (CMO), Chief Financial Officer (CFO), and Chief Information Officer (CIO). While these titles more or less make up a typical firm’s C-suite, they are missing a key individual who possesses the capability of pulling the team together in ways that others couldn’t and leading the firm to success within the marketplace.
A Chief Human Resources Officer (CHRO) is in charge of nurturing the current talent and managing the organization’s culture and implementing various programs. They could also be responsible for predicting the future requirements of the organization in regards to certain required skillsets of future candidates. Other titles for CHRO are Chief People Officer (CPO) and Chief Talent Officer (CTO).
The C-suite’s focus on business strategy has been accused of focusing on profit over people. Yet, thanks to increased awareness and appreciation of the benefits that strong people-centered policies and good HR focus can offer, a step change is taking place in business and specifically within the C-suite itself.
In this article, let’s understand what improvements that HR can bring to the C-suite.
Performance and compensation
Performance and compensation always go hand-in-hand, although there are several other points to consider when determining the increase in pay and even advancement opportunities. A CHRO has a deep understanding of the culture and needs of the organization and also possesses more knowledge of many of the individuals that make up the company. This information is very useful, as it helps to develop a balanced performance assessment. Also facilitates the opportunity for employee feedback on management, co-workers, and the performance assessment. This helps employees feel heard as well as to improve job satisfaction.
High performing employees have three things in common: talent, high engagement, and 10+ years of service within the company.
A company is only as good as the people working in it! No matter how good the product is or how many customers the sales bring, without the right people, a firm can’t be successful. Key roles in the firm should always be filled with the best talent and then trickle down into the rest of the company. The CHRO communicates and works closely with the CEO to fulfill their top priority i.e., “Talent Management.” Bybuild, recruit, develop, manage and retain talented employees, the CHRO can to create a better workplace with the optimal workforce.
Organizations must strive to create a culture of growth. One way to do this is by providing open positions to internal candidates before opening the doors to new hires. Succession planning is a huge part of internal sourcing, and CHROs can build succession plans for current employees, monitoring progress, and identifying top talent within the firm that is available not only to move up but move across several other departments.
Globalization and technology are quickly transforming working environments as well as affecting all kinds of industries. The CHRO is responsible for helping companies to adapt to these transformations and to adjust their business strategies to fit in. As businesses become more globalized, strategy and roles are required to be adjusted and talent moved around to offer the business to operate effectively across various departments, locations, and even cultures.
When HR is given a seat at the table, organizations will soon realize how effective the C-suite truly can be. They can help every person individually to support and work towards the growth and productivity of the organization.