CHROs - Are you ready for the next Role? (Article II - Chief Financial Officer)

 Moving from most #undervalued CSO (Chief Customer Service Officer) to one who is considered most #reserved CFO (Chief Financial Officer)

Can CHROs take the role of a CFO? Leaving aside the technical nuance and knowledge of areas like Taxation, Accounting and legal.

Will the debate of IQ (Intelligence Quotient) vs EQ (Emotional Quotient) overshadow this transition for CHROs?

- Communication: Effective communication is crucial for both CHRO and CFO roles. They need to communicate complex ideas, policies, and strategies to various stakeholders, including employees, executives, and board members.

- Strategic Thinking: Both CHRO and CFO need to think strategically to align their functions with the overall goals of the organization. They must have a deep understanding of the business and be able to develop and execute strategies that contribute to the company's success.

- Analytical Skills: CFOs analyse financial data to make informed decisions, while CHROs analyse HR data to improve workforce performance and employee engagement.

- Risk Management: CFOs are responsible for financial risk management, while CHROs deal with risks related to human capital, such as compliance, talent acquisition, and retention. Both roles require the ability to identify and mitigate risks.

- Negotiation and Relationship Management: Negotiation skills are valuable for both roles, whether in financial negotiations, contracts, or labour relations. Building and maintaining relationships with internal and external stakeholders is crucial for success.

- Adaptability: In rapidly changing business environments, both the CHRO and CFO must be adaptable and able to adjust to new challenges and market conditions.

- Ethical Decision-Making: Both roles require a strong sense of ethics and the ability to make decisions that align with the organization's values and principles.

Previous articles can be read here:

https://lnkd.in/g6xSBPHj

BTW - A third of leaders feel CHROs will not do a good job as Head of Customer Service