Business acumen most lacking when recruiting HR: Korn Ferry study

The recent study by Korn Ferry of Chief Human Resources Officers (CHROs) across the globe came out with a thought-provoking revelation that ‘business acumen is the most lacking skill when looking for top level HR talent.’ 

To better understand current key trends and to have a better insight of the space, Korn Ferry, a consultancy conducted a global survey of 189 CHROs focusing on Human Resources and recruitment. 

Also, the study threw light on concerns around engagement and leadership when considering accomplishing long-term strategic goals. Another key factor of high concern for respondents was aligning talent strategy to overall business strategy.

The survey indicated that 41% of respondents felt that market economy is increasingly competitive and skill or attribute most lacking is business acumen. Also, 28% of respondents strongly believe that ability to convert strategy into action is the second most lacking factor when hunting for top HR talent followed by analytical skills at 7%, technical skills 1%, relational skills 3% and diversified expertise 6%.

Amongst the most vital areas identified for meeting the organization's long-term bottom-line goals include - 

Areas which were the bigger concern for CHROs include aligning talent strategy to overall business strategy and employee engagement and retention at 34% and 24% of respondents’ respectively. 

Looking at the factors that affect retention of CHROs (volunteer leaving a firm), the study showcased –‘inability to directly connect HR efforts to tangible business outcomes’ took the number one spot, 36% of respondents, while ‘inability to align the organisation around a change agenda that the CHRO was hired to drive’, came second at 35% of respondents. 

The main reason highlighted for a CHRO being fired from a company include - 37% or respondents felt it was ‘personality issues/inability to work well with or lead others’, followed by ‘inability to directly connect HR efforts to tangible business outcomes’, cited by 34% of respondents. While  21% said that ‘inability to align the organisation around a change agenda for which the CHRO was hired’.