You do not have to be an expert on compensation, but you must clearly understand how executive compensation works at the company and how it fits into its overall strategy.
6. Strategic approach
A CHRO must know the needs of the entire company, not only one its part or department. He or she is expected to come up with strategic solutions that will meet the current and future needs of developing the company's business.
7. Knowledge of finance
You will need to know more than only the largest item in the variable costs of the company which consists of people. You must know how to read financial statements and measure financial contributions of your proposals. You cannot speak with the representatives of top management without understanding finance.
8. Focus on business
You will have to learn to think first about business and second about human resources. You need to know what is happening in your industry and how your company keeps up. You should be really interested in business and come up with questions on how to help your business grow.
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Article source Human Resource Executive Online - news and other resources for HR people