CFOs and CHROs Agree: Alignment of CX and EX Will Be Critical for Revenue Growth in Emerging and Middle Market Enterprises in 2020
PHILADELPHIA, February 20, 2020 (Newswire.com) - AchieveNEXT, a leading provider of Peer Advisory Networks and specialized Career, Coaching, Training and Development Services, today released its 2020 CFO-CHRO Collaborative Report: Centralizing the Value in People-Centered Functions in the Midst of the Fourth Industrial Revolution, which found that in order to compete to win in the 2020s, all enterprises will need to align their customer and employee experiences – and Finance and HR Leaders will need to work together to maximize this alignment.
This Report is the first public output having resulted from the work of a group of over sixty Finance and HR leaders who have been collaborating over the past 18 months to better understand and frame a path forward. Through discussions, debates, and analyses, this group of C-Suite leaders has identified what they believe is the strongest basis and foundation for a relationship between Finance and HR that their peers can follow in order to create results in multiple areas of enterprise performance.
The relationship between Finance and HR has verified and measurable impact; enterprises where the relationship between Finance and HR has become more collaborative report, on average, higher EBITDA growth and stronger improvement across a range of human capital metrics, including customer experience (CX) and employee experience (EX).
Among the CFOs and CHROs surveyed as part of the 2020 CFO-CHRO Sentiment Study, released by AchieveNEXT on Jan. 15, 2020, 90% ranked customer relationships as Important/Very Important to their enterprise growth and success each year. Yet, less than 50% of the survey participants have a formal process in place to plan, manage, and grow customer relationships to drive revenue growth in 2020, and 67% have no formal KPI that quantifies the strength of their relationships with their customers.
Given the rapid pace of innovation and change that drive today’s economic, business, and industry environments, Finance and HR leaders agree that a differentiated and valued customer experience is not just a “nice to have,” it’s a “must-have,” and that it must be a critical part of every enterprise’s business strategy and culture in the year ahead. The Report provides a deep dive into this area of focus for CFOs and CHROs in 2020; request to download a copy of the Report here.
Robyn Pollack, AchieveNEXT Managing Director and Leader of its Diversity, Equity, and Inclusion Practice, echoes the sentiments of these CFOs and CHROs: “One essential way to create that intersection and alignment of CX and EX is to invest in an internal culture of inclusion. This commitment will build a bridge between employee experience and an equitable, positive customer experience, resulting in enterprise financial success and performance.”
“The relationship between the office of the CFO and the office of the CHRO is not always a comfortable one,” says AchieveNEXT CEO, Nick Araco. “The differences between the traditional finance focus on certainty and hard measurements coupled with HR’s focus on softer, less-tangible metrics, have contributed to a perceived lack of alignment that many individuals and enterprises have found difficult to recognize and overcome; however, as the Report bears out, Finance and HR leaders will need to work together to centralize the value in its people-centered functions: the people outside the enterprise (customers) and the people inside (employees).”
“Over the course of 2020 and beyond, Finance and HR Leaders from AchieveNEXT’s Alliance Networks will continue their work together to advance this Mission of The CFO-CHRO Collaborative through an ongoing schedule of Peer Advisory Group Meetings, Webinars, Industry Groups and Special Task Forces.”
To see additional results from The 2020 CFO-CHRO Collaborative Report, request to download a copy.
Contact info:
Name: Deanna Tully, Operations Manager
Organization: AchieveNEXT
Address: 1265 Drummers Lane, Suite 106 Wayne, PA 19087
Phone: 610.492.7400
About AchieveNEXT
AchieveNEXT, headquartered in Wayne, Pennsylvania, is a leading provider of Peer Advisory Networks and specialized Career, Coaching, and Training and Development Services with a relentless focus on top-line, bottom-line, and shareholder value. AchieveNEXT’s Alliance Peer Advisory Networks are the leading peer advisory networks for more than 9,000 Modern Finance and HR leaders representing middle market and emerging enterprises from diverse industries and markets. Alliance Network Members share their knowledge, insights, advice and counsel virtually and in-person to ‘Make Connections That Count.’ For Membership information, visit www.achievenextnetworks.com.
Source: AchieveNEXT
