Emerging trends from the Talent Strategy Group’s 2024 CHRO Trends Report reveal a shift toward internal hires and global experience, highlighting the evolving landscape of HR leadership in Fortune 200 companies.
Fewer CHROs appointed: Twenty-two new Chief Human Resources Officers/Chief People Officers were appointed to the top HR spot at Fortune 200 companies in 2023. This marks the fewest number of CHRO appointments in seven years, when the report tracking trends in Fortune 200 CHRO turnover was created.
Uptick in first-time CHROs: The most significant change is the increase in first-time CHROs, with 86% having not previously served in a CHRO role prior to their 2023 appointment. In past years, a greater percentage of new CHROs had previous experience as a CHRO for another company. While fewer had prior experience as CHROs, 91% had prior experience in HR, with most having previously served in a Human Resources Business Partner role. This increase in first-time CHROs reflects another trend of internal succession with 73% of new CHROs rising through the ranks of their company, the highest percentage of internal hires since 2017, when the report began tracking it.
Women CHROs dominate new hires: Women continue to dominate the ranks of new CHROs, making up 69% of new hires. Another consistent trend is educational background with 77% holding advanced degrees, most often a Masters in Human Resources, followed by law degrees and MBAs.
A global trend to watch: Reflecting the global nature of business and the need for experience in the top HR role, 38% of the individuals taking on the CHRO role have previously served outside of their company’s home country, nearly double last year’s rate.
