CHRO Turnover, First-Timers, and Boardroom Demand

Studies tracking CHRO demographic and trend data for 2024 among Fortune 500 companies, global business, and HR Policy Association members reveal continuation of recent trends. Studies also reveal a gap between Board desires for talent management expertise and the number of CHROs serving as Board members.

CHRO turnover leads C-suite: Spencer Stuart’s Fortune 500 C-suite Snapshot reveals a 9% turnover among CHROs, compared to 7% for the C-suite overall. As the study highlights, CHRO turnover often tracks CEO departures, which are on the rise.

• Among the largest global companies, CHRO turnover climbed to 35% in the 4th quarter of 2024, leading Russell Reynolds to conclude that these changes track companies’ desire to implement their strategic direction heading into 2025.

CHRO insights sought by Boards: Sixty-four percent of board members report that every board meeting over the past year included discussion of talent management, according to PwC’s Corporate Directors Survey. Nevertheless, only 1.1% of board seats are held by CHROs.

• Equilar’s recent blog details how CHROs can prepare themselves for board service by enhancing relationships with their own board members, demonstrating business acumen, and expanding visibility among external organizations and boards.  

Majority of CHROs are Women: 76% of Fortune 500 CHROs are women compared to 50% women overall in the C-Suite.

• This finding tracks HRPA’s own survey revealing 75% of Association members have female CHROs.

• In the C-suite, the CHRO role has the highest number of women, exceeded only by female Chief Inclusion and Diversity Officers.

First-time CHROs grow in number: HRPA’s survey showed 63% of respondents are in their first CHRO role.

•  In 2024, 54% of all incoming CHROs globally were first-time leaders, compared to 52% the previous year, according to Russell Reynolds.

• Many newly minted CHROs come with prior company experience. According to Spencer Stuart, 56% of new Fortune 500 CHROs were internal hires in 2024. Internal hires particularly dominated in Q4 of 2024 with 69% promoted internally in the companies analyzed by Russell Reynolds.

The bottom line: CHRO turnover trends, coupled with the increase in first-time CHROs, reinforces the importance of internal HR leadership development programs and succession planning. At the same time, CHROs can expand their skill set and readiness for Board service through intentional networking and Board interaction.