A large enhancement of the thermoelectric figure of merit is reported in single crystalline films of CrN. The strong reduction of the lattice thermal conductivity in the rock-salt phase of this material is shown to be related to intrinsic lattice instabilities, which is similar to the resonant bonding effect proposed for cubic IV-VI compounds. These results demonstrate that useful ideas from classic thermoelectrics and phase change materials can be extended to transition metal nitrides and oxides