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Cover Title Descriptor 12/15 75 Bold Cover title 40/43 75 Bold, Black Cover subtitle, 55 Roman 18/21, Gray The Future Chief People Officer: Imagine. Invent. Ignite. Why empowered HR leaders are key to capturing growth in the new world of work The Future Chief People Officer: Imagine. Invent. Ignite. A reality check and action guide for tomorrows chief people officer. This study reveals the key skills, mindsets and behaviors that will help the chief people officer of the future shape rigorous and innovative human capital solutions. The Future Chief People Officer: Imagine. Invent. Ignite. 1 Table of contents Executive summary. 2 5 The five pivot points 1. Push boundaries to power organizational agility . 6 11 2. Unleash digitalization . 12 16 3. Embrace perpetual work reinvention .17 22 4. Rethink culture and leadership .23 28 5. Elevate HR decision science . 29 33 Conclusion . 34 38 Resources .39 402 hrps | willistowerswatson A workplace in perpetual fast forward with people at the center. We work in a world where the speed of change is exponentially greater than it has ever been, where the bright light of social media exposes every detail, where people costs and risks are escalating, and where automation and technology present ever-increasing opportunities and challenges to companies. This is a world where peoples lives inside and outside of the workplace are complex and stressful, and where talent continues to be vital to a thriving organization. HRs time is now. We are in the Golden Age of the HR profession, and the chief people officer (CPO) iis at the helm. Technology and automation are freeing HR leaders from more administrative and process-related work, powering the CPOs role to guide the organization in designing and implementing the talent strategies and work options needed to fuel future business growth. As technology and innovation in the workplace accelerate, this role becomes increasingly critical; going forward, the power and strength of an organizations human capital will be what differentiates success from failure. Executive summary Leaders call for bold change to accelerate business and people growth Organizations require strong, visionary HR leadership to unlock the opportunities in the new world of work and to address pressing people challenges that impact a companys bottom line. Its crucial to move beyond yesterdays HR models as the cost of inaction can be catastrophic for the company. The Society for Human Resource Managements (SHRMs) The High Cost of a Toxic Workplace Culture study estimates that 49% of people have thought about leaving their current organization, and one in four dreads going to work. The cost of productivity loss due to unplanned absences is approximately $431 billion per year. 1In the U.S. alone, the cost of chronic disease, work-related injuries and illnesses, stress and employee disengagement was $2.2 trillion annually (or 12% of GDP). 2 Finally, facing global talent shortages, organizations also risk productivity losses if they ignore the imperative to reskill. According to the World Economic Forums Future of Jobs report, 75 million jobs are expected to be displaced by 2022. Concurrently, due to advances in technology and new ways of working, as many as 133 million new roles could be created. However, to prepare and reskill the workforce for these new opportunities will require the CPOs substantial attention; the World Economic Forum estimates that on average, 42% of the skills required to perform a job will shift between 2018 and 2022. 3i For the purpose of this report, chief people officer (CPO) refers to the top-level management executive in charge of an organizations workforce.The Future Chief People Officer: Imagine. Invent. Ignite. 3 The research. This study will guide senior HR leaders and their organizations to better understand how rapid technological innovation and the democratization of work are expanding the role of the CPO. In undertaking this research initiative, SHRMs Executive Network, HR People + Strategy (HRPS), partnered with Willis Towers Watson to examine the following critical issues: How do organizations (re)position their talent and culture to change and grow in an accelerating digital world? What does this mean for the HR executive of the future? What are the experiences, knowledge, skills and behaviors they need to drive business growth? How does HR support and enable the organization to become the hub of a larger ecosystem for work? What game-changing issues do HR executives face in managing the many challenges associated with the future of work? The data underpinning this study are robust and include: Direct input from over 500 leaders, including 230 CPOs and 300 C-suite executives, CEOs, board members and academics (this included 60 in-depth interviews with CPOs, CEOs, corporate board members, C-suite executives and academics, and secondary research covering dozens of recent research reports and publications) Responses to an online survey from 425 HR executives, CEOs, board members and other C-suite executives from organizations across a range of sizes, industries and countries Feedback from participants in four CPO focus groups Case studies from numerous organizations that illustrate the identified themes in actionWhat kind of leader do you want to be? With a new urgency to get the people equation right or risk negative business consequences, the CPO of the future must adopt an ambidextrous mindset driving strategic business initiatives in the C-suite while continuing to deliver flawlessly on administrative and operational tasks. This requires letting go of legacy mindsets and practices that hold back the performance and effectiveness of the HR function. To meet this mandate, there must be a commitment on the part of HR leaders to continue to evolve in order to ensure that the business maintains its competitive advantage; however, HR leaders cant go it alone. This also requires the same commitment from their C-suite peers, the CEO and the board to transform the work of HR and radically reset expectations for the CPO role. Theres near universal agreement that CPOs in the future will need different skill sets and experiences from those they have today. In fact, our survey findings show that 94% of all senior business leaders including CPOs (95%), CEOs (93%), members of the board of directors (92%) and other C-suite members (94%) believe it is important to explore accelerating the growth and development of the HR executive of the future. In particular, our survey shows that CPOs need further development in three key areas to meet the challenges of the new world of work: digital business acumen, learning and reskilling, and data science. However, only about a third (35%) of participants believe that future CPOs are getting the development they will need. Imagine, invent and ignite change. Our research reveals an urgent need for CPOs and their organizations to take bold steps to: Imagine the future of HR and the central role of the CPO in a constantly evolving work ecosystem. Invent new ways of working and new talent solutions, striving for the optimal combination of human talent and automation. Ignite a path forward, identifying and capturing opportunities to unlock business value. 4 hrps | willistowerswatsonThe Future Chief People Officer: Imagine. Invent. Ignite. 5 The study findings bring forward five pivot points that constitute an urgent and multifaceted call to action for the CPO and other senior executives in their organizations: 1. Push boundaries to power organizational agility. The HR leader plays an important role in enabling agility in the broader organization as well as the HR function. To do so, however, requires agility on the part of the HR executive who must serve as architect of new and enhanced business initiatives essential to the organizations future, while continuing to support HRs vital operational activities. 2. Unleash digitalization. CPOs must develop the digital business acumen to understand how technical skills fit into the workplace and how to make best use of people as organizations implement digital technologies to unlock greater business value. 3. Embrace perpetual work reinvention. As technology gives rise to new ways of working and new work options that may include automation, work itself will be continuously reinvented. It is the CPO who orchestrates the many emerging options for getting work done and determines how to best combine human talent and automation. To keep up with perpetual work reinvention and changing skill requirements, the HR leader must make continuous learning and reskilling a core component of the new employment deal. 4. Rethink culture and leadership. Attracting and engaging a global, multigenerational workforce that may include free agents and alliance partners require an inclusive culture that extends beyond traditional organizational borders so that all talent feel vested in a common mission and purpose. As a result, HR executives must be able to lead people in nonhierarchical, fluid work environments and empower talent on the front lines to drive problem solving and innovation. 5. Elevate HR decision science. From predicting talent shortages to enhancing the talent experience to making better business cases in the boardroom, decision science and analytics enable HR leaders to progress from anecdotal to evidence-based thinking, critical to having impact as business executives. This call to action represents an opportunity for HR leaders to chart a new path forward as they prioritize growth opportunities and prepare the next generation of CPOs to lead the business in the future. Serving as both a reality check and action guide, our study examines the key skills, mindsets and behaviors that will help the CPO of the future shape rigorous and innovative human capital solutions. In a constantly evolving workplace, the role of the CPO is to imagine, invent and ignite the change that will ensure the ongoing relevance of its talent and forward-looking work strategies essential to an organizations future business success. Executive summary6 hrps | willistowerswatson In brief In todays complex, ever-shifting business environment, organizations face a strategic imperative to be more nimble in making decisions and embrace a more agile way of working as they combat the forces of disruption. This requires the CPO to develop a people strategy that prioritizes self-organizing teams, transparency, experimentation and collaboration. It takes agility and courage on the part of the CPO to move an organization forward in this new direction. Our survey shows that nearly all respondents (99%) believe that the HR executive must have the agility and courage to evolve, and the steadiness to support and enable the organization going forward. Yet only slightly more than a third (35%) of these respondents feel todays CPOs are prepared to respond to future complexity. Push boundaries to power organizational agility Be the agile architect of the organizations vision for the future while steadying its foundation. 99% of survey respondents believe that CPOs must have agility and courage to evolve. Yet, only 35% believe that todays CPOs are prepared to respond to this future complexity. Between 2003 and 2013, over 70% of the Fortune 1000 companies changed proof that what got you to the top wont keep you at the top. 4 “ Were only going to get things done if we have the right people, the right talent in the right functions with the right goals. That to me is the role of HR, to ensure that we have the right people strategy in order to inform the business strategy.” Stephane Kasriel, Chief Executive Officer, UpworkDisruption is not optional. Todays workplace is being disrupted by diverse forces ranging from digitalization, automation and the rapid pace of innovation to globalization and changing demographics. Lines between industries are blurring, creating a constantly shifting, complex, competitive landscape. Agile ways of working allow organizations to thrive in a disrupted workplace. To put this into perspective, agile companies are three times faster at going from ideation to implementation and two times more likely to take bold risks to transform the customer experience. 5 Building mindsets and capabilities. What will differentiate organizations as they battle against morphing competitive landscapes and unorthodox new entrants is their ability to build the mindsets and capabilities that underpin agile ways of working. As technology and automation increasingly free HR leaders from more administrative and process- related work, it will be essential that they focus on driving organizational agility. HR leaders of the future have a vital role to play in ensuring that talent within their organizations embrace an agile, customer-focused mindset and develop the collaborative, analytical and iterative problem-solving skills that will allow them to quickly bring forward innovative solutions to meet evolving customer needs. “I believe the big change is that people goals are viewed as strategic goals, not enabling goals. And they are shared across the Operating Committee. If a CEO does not have that lens, I believe that the board needs to engage. People are a strategic imperative.” Maria Morris, Board Director, Wells Fargo and S&P Global Balancing business foresight and HR operations. Just as employees need to embrace agile ways of working, so too must senior HR executives. The CPO must have the ambidexterity to become a business leader and an architect of successful business initiatives, while also continuing to supp
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