Breaking Business News | Breaking business news AM | Breaking Business News PM

The coronavirus crisis thrusts corporate HR chiefs into the spotlight

26 Mar 2020

WHEN THE financial crisis rocked the business world in 2007-09, boardrooms turned to corporate finance chiefs. A good CFO could save a company; a bad one might bury it. The covid-19 pandemic presents a different challenge—and highlights the role of another corporate function, often unfairly dismissed as soft. Never have more firms needed a hard-headed HR boss.

The duties of chief people officers, as top human-resources executives are sometimes called, are critical. They must keep employees healthy; maintain morale; oversee a historic remote-working experiment; and consider whether, when and how to lay workers off. Their in-trays are bulging.

Once derided as “pay and parties” managers, by the early 1990s HR chiefs turned to compliance, keeping firms out of the courts (and newspapers). A subsequent string of corporate imbroglios raised their status, notes Patrick Wright of the University of South Carolina. Executive-pay scandals in the 2000s at firms such as WorldCom and Tyco got them more involved in remuneration. A decade later bungled successions at giants like HP, a printer-maker, left them with a bigger say in filling top jobs. More recently they have dealt with firms’ often very public “me too” troubles.

As recruiting and retaining skilled workers became CEOs’ big concern—four-fifths now fret about skill...

Read the full article here.
This content was originally published by The Economist: Business. Original publishers retain all rights. It appears here for a limited time before automated archiving. By The Economist: Business

Covid-19 – Johns Hopkins University

Download brochure

Introduction brochure

What we do, case studies and profiles of some of our amazing team.