Chief human resources officers are seeing lower turnover rates than they did previously, Fortune reported Jan. 19.
The publication cited Spencer Stuart's 2023 "Fortune 500 C-Suite Snapshot" report, which showed the average tenure for CHROs at around 4.5 years, and their turnover rate at about 6% every six months. The snapshot reflects 473 HR chiefs in their roles at Fortune 500 companies as of June 30, 2023.
This compares to 2020, when CHRO turnover hit a record high of 28%, and CHRO turnover is down to about 11% overall in 2023, according to Fortune.
Steve Patscot, lead of Spencer Stuart's human resources practice, told the publication that stress related to the pandemic, as well as a renewed focus on the HR function after the murder of George Floyd, contributed to the previous high CHRO turnover.
"Stress finds the cracks. I think the stress of COVID cracked a lot of HR people," Mr. Patscot told Fortune, adding that CEOs were also quick to change their CHROs during the pandemic.
Becker's reported on at least 18 CHRO moves at hospitals and health systems in 2023.
Moving into 2024, human resources leaders ranked strengthening the employee experience and organizational culture as their No. 1 overall priority. Developing leadership and workforce capabilities was listed as the second-highest priority in a Conference Board survey, which included human resources leaders in healthcare.
Read the full Fortune article here.