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%.
Some of the other highlights of the survey:
Amongst the most vital areas identified for meeting the organization's long-term bottom-line goals include -
- 59% cited culture of engagement is the main issue
- 30% indicated leadership development
- 4% felt recruitment is the big factor
- 6% believed general employee training and capability building
- 1% of respondents felt altering compensation and benefit programs feature distantly
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’.