How CHROs and CFOs are Alike

Over the past 5+ years HR has been fighting to rebrand itself to win a "seat at the table". While we have seen success, there is still more work to do. Join us as Dr. Ben Dattner and Larry Curran help us understand how to leverage data like a strategic partner to further our rebranding efforts.

~5 min read

There’s a lot going on in HR right now. Tight labor market. Multigenerational workforce. Globalization. Gig economy. The list goes on and on. As a result we find ourselves trapped between ensuring we’re getting the tactical compliance done, yet also instituting progressive people strategies. And please make sure to do so with stagnant budgets and lower HR headcounts. In being asked to be both strategic and tactical HR is pulled in too many different directions. Employees are noticing it and not taking kindly to it. To see what I mean check out these satirical news stories from The Onion:

There is, however, a positive side to all of this. I would argue that these jokes are actually a good thing. See, the path to success is littered with naysayers and cruel jokes. Take CFOs. Before their rise to organizational royalty they started as accountants. Their extreme fiscal sensitivity branded them as corporate bean counters. Even the media joined in by portraying them as boring misfits lacking in social skills (see below). Then inflation and new SEC regulations happened, evolving them into the CEO’s closest partner in driving strategy. 

So where some HR practitioners may see our negative portrayals as a sign of failure, I take it as a sign of success. Additionally, if we map our progress over that of the CFO, HR looks to be right at the turning point. That means doing double duty on the tactical and strategic will finally pay off! But in the interim what can help us over this hump?

The Power of Data

Enter data. It is the key to streamlining work. Proper data analysis identifies critical patterns so you know where to focus your efforts for maximum impact. Even more good news, your HRIS is loaded with it. So now you may be thinking, “Where do I start?” To help me answer this question I enlisted the help of Dr. Ben Dattner, Exec Coach & OD Consultant, as well as Larry Curran, VP of Talent at Horizon Media. Together the 3 of us and a room of 50 HR Progressives shared experiences, asked questions, and thought through how to impact organizations using data. The result? Four steps for driving strategic, data based initiatives.    

How To Use Data like a Strategic Partner

Step 1: Identify the Issue

I know what you’re thinking, “Everything’s an issue!” Even if that’s the case we need to be sure we are picking something impactful to the organization. After all Rome wasn’t built in a day. Especially when, as Ben points out, we may even find new issues when investigating current ones. Or we could have really been looking at a symptom and digging deeper unearths a much larger issue. But before you get overwhelmed any further, know that the purpose of this step is to focus us on something of high value to investigate. The next step, collecting data the “right” way, is what will help us navigate the ambiguity.

Step 2: Collect Data the “Right” Way

When Larry came into Horizon Media he wanted to tackle turnover. Then again who doesn’t? In a labor market like this turnover is top of mind for any organization. So the first place he looked was at exit interviews. To ensure he was collecting data the “right” way though, he left his preconceived conclusions at the door. See, it’s very easy for us to be susceptible to bias. Because of something called confirmation bias we are prone to interpreting information in a way that supports our preexisting hypotheses. Therefore Larry recommends letting the data unfold before you. When we allow the narrative to happen we’re open to seeing what the data wants us to see. If we go in trying to prove something, we’ll see what we want the data to show us.  

Did you guess… soap? 

Step 3: Create the Story

The data has been gathered. The narrative has unfolded. Now comes determining how we’re going to communicate that story to the rest of the organization. For as we all know people are not nearly as objective as data. That’s why Ben and Larry both agreed that effectively communicating the story requires stakeholder translation. For instance, if you’re talking to a CFO, communicate the effect the issue is having on financial capital. For a CEO, perhaps how the issue is affecting your industry position. A line manager? It would be more appropriate to focus your story on how the issue is making work harder. But be wary. As Ben reminds us, organizations have certain politics and cultures that we need to be sensitive to in our approach. 

Step 4: Short Term Wins      

Nobody likes a complainer. Even if the complainer is right, then they are just a Cassandra. If we are to get around this issues must be accompanied by solutions. This will round out our story from Step 3 and create a future state to strive for. Equally important to a lasting solution are some small, quick solutions i.e. short term wins. This is because their success signals that the issue is being fixed. And to continue to garner buy in and gain momentum, Larry recommends celebrating them. This helps to ensure not only high impact, but also long term impact.  

Getting a Seat at the Table

Sometimes HR gets negative press. Just last week an investment banker told me that HR should stop trying to be taken seriously because we are nothing more than organizational police. In the past that may have been true. But given the current landscape (tight labor market, multigenerational workforce, globalization, gig economy, etc) we are being offered the chance to be different. Just as CFOs started as “corporate bean counters”, we are transforming from “organizational police” to CHROs & CPOs. Although we are finding ourselves doing double duty at times between the tactical compliance and the progressive people strategies, our journey is almost over! In the meanwhile using data like a strategic partner will be the key to identifying where we can have the most impact in our organization. 

If you’re still not sure where to start, shoot me an email or give me a quick call. We can talk best practices, research, what other NYC orgs are doing... whatever “data” you feel would best inform your data strategy. Anything you need, I’m here to support you :)

**All opinions expressed in this post are my own.**