The synergy between different CXOs is integral to organizational success | Samra Rahman | Head of People and Culture | Hero Vired

“The synergy between different CXOs is integral to organizational success. In particular, CHROs and CFOs must work in tandem to ensure optimum utilization of internal assets and human resources to achieve organizational goals. Together, both can strike the right balance between cost-effectiveness and maximizing employee output. For example, whether it is hiring top talent or increasing diversity in the company, close coordination between CHROs and CFOs can ensure the best outcomes even as they keep balance sheet constraints in mind. The results of such collaborations are more apparent when companies are hiring to address their talent shortage. Through collaborative decision-making, they can build organizational capacity by evaluating the required resources and the scope and extent of work that each employee could contribute. Such a coordinated approach to recruitment could facilitate better employee experiences during the hiring stage. In turn, this allows companies to attract the right talent and also retain diligent employees who are always willing to go beyond the call of duty whenever required. This collaboration ensures an innovative employee-centric approach wherein the CHRO drives efficient outcomes through employee management and L&D initiatives while the CFO drives cost optimization, creating a harmonious ecosystem in the workplace.

Another important aspect that could sometimes be overlooked is the effectiveness of CHRO-CFO partnerships in ensuring the appropriate level of hiring via a long-term perspective. Consider the post-pandemic period. This was the time when many digital or online entities ramped up capacities at short notice to meet the immediate demand. The general feeling was this new normal would hold over the long term. As we have noted with hindsight, this was not necessarily the case with many industries. With normalcy returning gradually, the demand for some online services tapered off. Most companies were left with the unwelcome choice of downsizing their workforce. Looking back, had a long-term perspective been taken by putting two or more decision-making heads together, especially a consultation between the CHROs and CFOs, it may then have become clear that the ‘new normal’ would not necessarily hold once full normalcy was restored. Therefore, a better perspective for the long haul is possible when CXOs work in unison rather than operating in silos. No doubt, this is a robust rationale for close collaboration between CHROs and CFOs”