Keep Up With The Latest HR Trends Q3 2024

The Role of the CHRO is Expanding and Evolving

CHROs are taking on a wide array of responsibilities that extend beyond the traditional realms of HR. They are not just concentrating on leadership and culture; they are also delving into strategy, change/transformation, technology, internal communication, ESG initiatives, and property. These shifts mirror the changing nature of workplaces and underscore the essential role of individuals in propelling organizational success.

We are also observing that CHROs are expected to own and drive the total workforce management strategy which is much more multi-faceted than in the past. Compounding this equation is digital work, with AI deployed to augment human efforts. Due to the all-encompassing nature and complexity of today’s total workforce management strategy and its planning process, it has shifted away from silos of specialists and into the arms of the CHRO. This year we have certainly seen a back-to-basics approach to HR by many companies driven in part by perceptions of disappointing ROI from initiatives launched during COVID-19 days. This coupled with tighter business conditions in many sectors has led to the need to do more with less for many senior HR practitioners.

Future of Work Discussions are Back

Future of Work discussions are back, but with AI and HR technology now firmly at the fore. The role of AI is still limited in the HR function, with discussions revolving around whether this means more opportunity to cut costs, optimize or both. We are also noticing increasing interest in training and development programs related to upskilling and re-skilling employees for AI readiness.

Roles and Skills in Demand

This past quarter we have seen the greatest demand for total rewards professionals across the board—global compensation, executive rewards, and benefits in addition to overall total rewards leadership. Reward professionals with deep knowledge of compensation practices in the technology sector are desired by companies looking to transform and hire more tech talent. We have also seen consistent demand for strategic HR business partners, talent professionals, and learning and development leaders.

Across all the above, especially HR Business Partners, there has been a heavy requirement for change/transformation and M&A experience. Over the past year or two the role of the HR COO has become more popular, driven by the convergence of technological advancements and a heavier focus by companies on culture and engagement. Added to this, stretched CHROs are also needing more representation in areas requiring specific pockets of expertise (e.g., HR tech, project management, communications).

The efficiency brought by an HR COO empowers HR teams to focus on strategic initiatives, which in turn fuel organizational growth and maturation. By collaborating with these specialized teams, the HR COO ensures alignment with strategic objectives, promoting a culture of innovation and inclusion, and optimizing the overall employee experience