The changing C-suite: How finance and HR leaders are driving business transformation

CFOs and CHROs are moving beyond traditional responsibilities to become strategic business partners. The discussion explores how finance and HR leaders are navigating uncertainty, driving technology adoption, building organisational resilience and aligning financial and people strategies with sustainable growth.

Economic uncertainty, technological disruption, and changing stakeholder expectations are reshaping business leadership. Organisations must balance financial discipline with innovation, build resilience while pursuing growth, and equip their workforce for changing business needs. This is expanding the roles of both the Chief Finance Officer (CFO) and Chief Human Resources Officer (CHRO), taking them beyond traditional functions to the centre of business strategy

A recent Deloitte Asia-Pacific survey found that 77% of CFOs said expectations from the C-suite had broadened over the preceding two years. Grant Thornton Bharat's barometer found that while 50% identify strategic planning and decision support as finance's most important role, only 23% spend most of their time on it. The shift is equally evident in HR. A Deloitte analysis found that the range of skills expected of CHROs has increased by 23% over five years, the highest rise among the C-suite roles studied.

These changing expectations formed the backdrop to discussions at the ET CXO Leadership Forum, where finance and HR leaders examined how their functions are evolving into strategic partners, helping organisations navigate uncertainty, embrace technology, and sustain growth.

Strategy beyond traditional rolesFor CFOs, the expanding mandate means moving beyond financial reporting and control to actively shaping business decisions. Leaders must distinguish between external developments that generate noise and those that materially affect operations. For organisations operating across multiple markets, understanding local conditions is essential, as a uniform approach may not work across geographies.

This requires finance leaders to engage with customers, partners, investors and bankers to gain an external perspective on business conditions and emerging opportunities. Capital allocation, too, must balance immediate performance with long-term value creation, weighing investments in organic growth, acquisitions, shareholder returns and liquidity against their strategic relevance.

CHROs, meanwhile, are increasingly expected to align workforce strategy with business priorities. Recruitment, performance management, learning and retention can no longer operate as disconnected activities. HR leaders must anticipate emerging skill requirements, identify gaps, and ensure employees can adapt to changing business needs.

Both roles therefore demand greater commercial understanding and cross-functional collaboration. Financial and people decisions must be guided by their impact on the wider organisation.

Building resilience for growthResilience has become a central business priority. For CFOs, this involves maintaining strong cash flows and balance sheets, diversifying markets and strengthening leadership capabilities. However, diversification must build on organisational strengths; expansion without strategic alignment can add complexity rather than resilience.

Capital allocation requires careful choices. While cash provides a buffer against uncertainty, excessive caution can mean missing investment opportunities. CFOs must assess returns, risks and strategic fit rather than rely on a single financial metric.

For CHROs, resilience is closely linked to building an adaptable workforce. Skills-based hiring, continuous learning, and reskilling are becoming increasingly important as technology changes job requirements and business models. Retention also requires organisations to respond to employee expectations around flexibility, compensation, purpose and career development.

Both functions have a role in ensuring that organisations can withstand immediate pressures while investing in capabilities for the future

Making technology workAI and emerging technologies are reshaping industries, customer expectations, and the nature of work. However, adoption must be driven by clearly defined business needs rather than the pressure to keep pace with technological change.

For CFOs, this means evaluating whether technology investments improve efficiency, address business problems or strengthen customer outcomes. Smaller experiments and internal pilots can help organisations assess practical benefits before committing to larger investments. Finance must enable informed risk-taking while ensuring that expected returns justify costs.

For CHROs, the challenge extends beyond introducing new tools. They must work with business and technology leaders to determine which activities can be automated, where AI can augment human capabilities and what new skills employees will need. This has direct implications for job design, workforce planning, and performance management.

As AI changes how work gets done, organisations must also rethink how employee contributions are measured. Conventional productivity indicators may not fully capture the value created through collaboration, problem-solving, and the effective use of technology. Clear communication about changing roles, skill requirements and performance expectations is essential to managing this transition.

Trust, governance and accountabilityTechnology-led transformation also brings greater responsibility for both functions. For CFOs, transparent reporting, strong internal controls, compliance, and sound risk management remain non-negotiable. Their role as strategic partners does not diminish their responsibility to provide objective assessments of business performance and potential risks.

For CHROs, the priority is building trust and sustaining a culture where employees feel heard and valued. Structured listening mechanisms can help identify workplace concerns and address issues affecting engagement and retention. However, feedback must translate into visible action to strengthen employee confidence.

Organisational culture must also balance performance with values and behaviour. Results matter, but so does how they are achieved. Performance systems increasingly need to recognise collaboration, accountability, and adherence to organisational values alongside business outcomes.

Sustainability and long-term valueEnvironmental, social and governance (ESG) considerations are increasingly becoming part of mainstream business strategy rather than remaining a separate reporting exercise. For finance leaders, integrating sustainability into capital allocation, risk management and operations can support long-term profitability and resilience. For HR leaders, building an inclusive, adaptable, and engaged workforce is equally important to sustainable growth.

Ultimately, the evolving roles of the CFO and CHRO reflect a broader transformation in the C-suite. Financial discipline must work alongside innovation, while people strategy must remain connected to commercial priorities. Both functions are expected to anticipate change, challenge conventional thinking, and help leadership make decisions that shape the organisation's future.

The strategic CFO must do more than explain financial performance, just as the CHRO must do more than manage people processes. Both are increasingly responsible for translating business strategy into action, building organisational capabilities, and enabling sustainable growth.