“Becoming a CHRO in Private Equity” with Randy Patterson, Managing Director of Human Capital, Portfolio Operations Group at Blackstone
Dec 5, 2023
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Randy Patterson, Managing Director at Blackstone, discusses the qualities of a successful CHRO in a private equity-backed company. He explores the differences between private equity and public companies, and shares insights on assessing candidates for the CHRO role. The podcast also examines Blackstone's Career Pathways program and the future of HR.
Successful CHROs possess a combination of emotional and intellectual intelligence, focusing on ROI and effective prioritization.
Preparation for a CHRO role involves gaining business-facing experience, understanding compensation strategies, and collaborating with peers.
Deep dives
Key Qualities of Successful CHROs
Successful CHROs exhibit a combination of emotional intelligence (EQ) and intellectual intelligence (IQ). They possess resiliency, confidence with humility, proactive communication skills, strategic thinking abilities, and a focus on ROI. They also demonstrate the discipline to prioritize tasks effectively.
Preparing for a CHRO Role
Good preparation for a CHRO role involves gaining business-facing experience and understanding how HR aligns with overall business strategy. HR leaders should also develop a strong talent management background and spend time understanding compensation strategies and programs. Building competence in total rewards and compensation can be achieved through deliberate learning and collaboration with peers.
Roles of HR Leaders in Private Equity-Backed Companies
HR leaders in private equity-backed companies need to drive growth and create value in a fast-paced environment. They often have smaller HR teams, requiring them to be both players and coaches. Open-mindedness, intellectual curiosity, and data-driven problem-solving approaches are essential. PE-backed CHROs must be capable of quick decision-making and problem-solving to keep pace with the challenges of the role.
Blackstone's Career Pathways Program
Blackstone's Career Pathways Program focuses on recruiting and advancing historically underrepresented talent across their portfolio of companies. This program helps increase access to entry and mid-level jobs and supports talent advancement within the portfolio. It has resulted in thousands of hires and promotions, contributing to more diverse and inclusive workforces across Blackstone's portfolio.