HRO Today May 2020 - 9

Upside
NEWS FROM THE WORLD OF WORK
to take reduced salaries on a voluntary basis, with
involuntary pay reductions climbing to 10 percent.
* Roughly 40 percent of firms cutting pay are doing so
across their entire workforce.
* Benefits programs remain relatively untouched, with
only 5 percent of companies suspending employer
matches, profit sharing, or other non-elective employer
contributions for defined contribution retirement plans,
and only 2 percent reducing paid leave benefits.
* Eight percent of surveyed firms report layoffs, while
another 18 percent are actively considering such actions.
Similarly, 13 percent of surveyed firms have furloughed
employees and 19 percent are actively considering such
actions.
Supporting Employees
While finances may be tight, companies are moving swiftly
to supplement support programs and leave benefits for
employees.
* Seventy percent of companies are providing additional
scheduling flexibility to employees with children.
* Over half (57 percent) of companies are providing
as-needed payments or equipment purchases to assist
employees with work-from-home arrangements.
* Forty-two percent of companies are providing temporary
increases in sick leave entitlements.
* More than a third (38 percent) of companies are
allowing employees to use sick leave for COVID-19 related
quarantines.
* Twenty-six percent of companies are allowing employees
to use sick leave to care for children when they are off
from school.
* Eighteen percent of firms now have additional
compensation programs in place for front-line, essential
workers, with another 15 percent actively considering such
actions.
The State of Hiring
* Twenty-three percent of companies report the
implementation of hiring freezes, followed by 10 percent
of firms with delayed hiring approaches.
* Another 47 percent report very selective or cautious
hiring, usually for critical roles and key replacements.
* Only 18 percent of companies report normal hiring
plans, followed by 3 percent of firms with accelerated
hiring.
* Among companies with normal or accelerated hiring, 77
percent provide essential products and services.
CHRO Trends
2020
Talent Strategy Group recently released the third edition
of the Chief Human Resources Officer Trends 2020
Report highlighting trends in the CHRO marketplace and
introducing the 36 Fortune 200 CHROs who came into the
role in 2019.
Through conversations with Fortune 200 CHROs and
analyzing publicly available data, the CHRO Trends 2020
Report found that:
* Female CHROs are on the rise. Seventy-eight percent of
new CHROs in 2019 were female, representing the largest
class of female CHROs since the report's inception. In the
Fortune 200 overall, over two-thirds (67 percent) of CHROs
are female, a 12 percent increase over 2018.
* CHRO turnover increased. Nearly 19 percent of the Fortune
200 CHROs turned over in 2019, representing a 16 percent
higher turnover rate in 2019 versus 2018.
* Internal succession continued to decline. 2019 yielded the
lowest rate of internal CHRO successors since the report's
inception, with only 53 percent of CHRO appointments
coming from internal successors.
* CEO turnover drove CHRO turnover. 2019 was a significant
year for CEO turnover, with a 40 percent increase in CEO
turnover compared to 2018. This increase in CEO turnover
resulted in a larger turnover of the CHRO role. Of the 35
new CEOs who came into the role in 2019, 40 percent have
replaced their CHRO.
The Talent Strategy Group report authors also conducted
in-depth conversations with the new 2019 CHROs to
discuss the issues at the top of their agendas. Their
concerns include the attraction and retention of top talent,
increasing HR and managerial accountability and capability,
and navigating the paradox of maximizing for today versus
investment in tomorrow to drive enduring business results.
MAY 2020
| www.hrotoday.com
[9]
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HRO Today May 2020

Table of Contents for the Digital Edition of HRO Today May 2020

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