How to Become a CHRO and Create Value From Human Capital — Business d’Or
Numbers don’t create value. People do. It is encouraging that more and more organizations are recognizing the triumphs of technological advances these days.
However, research shows that business leaders worldwide see human resource management as a major challenge. Therefore, recruiters are looking for experienced human resources (HR) managers to manage their greatest asset their employees.
And the person who directs this work is the head of human resources (CHRO). If you like the idea of talent development and work environments, this report on how to become a CHRO can help.
What is CHRO?
A senior manager, human resources manager, is responsible for overseeing and managing a company’s human capital. She is also responsible for all employees and various other HR systems that make up the organization’s HR structure.
Intense competition in talent pools has increased the importance of HR functions in all industries. As a result, all organizations rely heavily on HR management to improve efficiency, impact and bottom line.
This includes organizations of all kinds, whether multinational corporations, non-profit organizations or government agencies.
Additionally, the rapid development and implementation of HR software and compliance with government agency requirements have also contributed to the growing importance of HR.
Due to all the factors mentioned above, a top HR manager has been promoted to a senior manager named CHRO.
CHROs have access to chief operating officers (CEOs) as well as chief financial officers (CFOs) and are closely tied to the internal affairs of a company.
How to Become an HR Director:
If the 80s were the era of the CFO, the 2020s will be the era of the HR Director. A 2015 Harvard Business Review article predicted this shift in the HR director’s role. So, to learn how to become a CHRO, you need to consider the evolving nature of this role. The routes we have compiled are standard for your understanding and include:
Step 1: Get the right training:
If you’re interested in becoming a CHRO, you need to get the right training first. Requirements.
Obtaining a Bachelor’s degree in human resource management is a good place to start as it schools learners in the fundamentals of the subject.
In addition, such degrees equip learners with indispensable HR skills, such as a working knowledge of employment law, technology, workforce planning, and project management.
Furthermore, a Master’s in Business Administration (MBA) greatly boosts one’s chances of reaching the top of the ladder. It offers that extra edge, and leadership skills, that are essential to becoming an efficient CHRO.
Step 2: Gain the Necessary Experience:
Although education is a must, nothing can replace the benefits of relevant experience in the field.
Although the number varies from organization to organization, the average experience necessary would be approximately 8 to 10 years.
CHROs, before being designated, usually work as senior HR managers or HR specialists.
Step 3: Develop Leadership Skills:
Efficiency and growth may come from years of experience, but long-lasting impact only comes from visionary leadership. Historically, corporations have relied on business leaders to steer the ship and drive meaningful change.
As a widely sought-after skill, leadership involves key skills, like relationship building and agility, that take businesses to greater heights and establish a legacy that is hard to match.
To develop the leadership skills you need, you can take honorary leadership courses at some of the world’s best universities.
Step 4: Develop Performance and Presence:
As a Leader Performance, presence and leadership are synonymous. One of your main responsibilities is to motivate and inspire your team members. Building a leadership position can take time and experience.
However, many people have certain innate traits that make them authoritative and confident. Defining your leadership style, investing in learning tools, and having a positive, goal-oriented mindset are ways to develop an executive presence.
Step 5: Expand Your Influence:
The C-suite is a privilege afforded to the best of the best, and the ability to influence plays a significant role in getting there.
The importance of expanding your influence lies in its power to shift mindsets. An influential leader can drive long-lasting, meaningful change while being adept at identifying emotions that underlie workplace behaviors.
Step 6: Master Human Resources and Team Management Skills:
A reliable CHRO has exceptional people skills that make them good at team management, motivating others, and inspiring them to go the extra mile.
Therefore, grasping human resource skills is desirable for a reliable leader, especially one whose professional life is centered on managing and overseeing people.
Step 7: Meet other great leaders:
As the saying goes, a network is a network. There are few downsides to this activity, but it can be enriched. Interacting with industry leaders not only gives you a glimpse into the knowledge base honed by years of experience, but it also gives you an edge.
Aspirations go a long way when learning how to become a CHRO, and spending quality time with veterans is always a plus.
Do I Need a Masters Degree to Become a CHRO?
A bachelor’s degree in human resource management and other related fields is a prerequisite, but an MBA greatly enhances your chances of reaching top-level management positions.
An MBA or other related master’s degree equips students with skills that give them significant competitive advantages in addition to openness, networking and personal brand value.
For this reason, most professionals aim to earn a master’s degree while working to become a CHRO.
What does CHRO do?
Now that you know how to become the head of human resources, let’s look at the duties and responsibilities of this position. As rewarding as it is, managing human capital can pose a formidable challenge to even the most experienced professionals.
In this regard, a CHRO plays an invaluable role in ensuring operational efficiency, fiscal growth, and the overall performance of a company.
From being the leader of the pack to a strategic decision-maker, the CHRO makes for robust leadership and fulfills several essential functions of an organization.
Executive Duties of the CHRO:
- Serve as an advisor to the top management on all issues regarding HR, including formulation of strategy and HR policies.
- Draw up future staffing requirements, allowing companies to reach their business goals with the help of quality talent.
- Track employees and their progress over time.
- Leads labor-management relations by overseeing labor-management relations activities such as welfare management, collective bargaining, and other related activities.
- Monitors HR policies and activities of the HR department to ensure compliance with government policies.
- Workplace conflict resolution and coordination between employees and management.
Enforce the Labor Code, stay up to date and plan accordingly. Formulate strong talent acquisition recommendations and strategies using a rigorous selection process to hire the best potential candidates. Provides staff training and space to develop skills leading to professional and personal growth.
What skills are important to CHROs?
Not only are effective leaders, CHROs have an analytical mindset, a strategic approach to decision-making, and a results-oriented approach. Some are natural leaders, but most of the skills needed to become a CHRO can be acquired with time and experience.
Important Skills for a CHRO:
- Team-management, talent management, and budgeting skills
- Excellent written and verbal communication skills
- Conflict-resolution and negotiation
- Strong supervisory and strategizing skills
- Thorough knowledge of employment laws, HR policies, and HR information systems
- Trained in ethical business practices
- Relationship management and cultural awareness
Being a CHRO is no easy task, but the rewards are fulfilling and prestigious. If you want to become a CHRO, you should also consider the Chief Human Resources (CHRO) Program at Wharton Executive Education.
You will learn through online sessions, including fireside chats and guest lectures from leading researchers and global industry leaders.
Originally published at https://businessdor.com on February 9, 2023.
