SuccessConnect 2019: The Introduction of HXM

2. Closing the Employee Experience Gap should be a business priority 

20 million US employees quit their jobs every month due to the negative employee experience. Shocking, isn’t it.  

The main problem here is that there has been a significant mismatch between how CEOs feel and what employees say.

According to Greg Tomb, the president of Success Factors, says that 69% of CEOs believe that they are delivering a superior employee experience. Yet, only 34% of employees agree.  

This is called the Employee Experience Gap, and closing this gap has become business priority.  

Why? 

Employee experience is today, when the job market is as competitive as it gets, more important than ever. It drives more than job satisfaction, it drives business results.

We are now challenged us to disrupt traditional ways of working, reinvent the employee experience at the center of our organizations, and no longer treat human capital as assets to be managed. 

3. HCM now becomes HXM 

Driven by the transformation of the HR mindset and its role in the companies, a brand new term and definition was introduced during the event.  

In fact, this new term will now replace the old Human Capital Management (HCM) definition. The HCM definition exists for decades now and it is defined as: 

Human Capital Management is an approach that perceives employees as assets– whose current value can be measured through investments like any other asset in the business. 

Now is the time to completely redefine this and stop perceiving employees like any other asset because that is now what employees are.  

Instead,  

we should stop treating our employees as interchangeable assets and start putting them at the center of what powers our business. Start caring as much, or more, about our employees as we do for our customers.

Therefore, we now have a brand new term of HXM of Human Experience Management.   

As this is a completely new definition introduced to the HR world, let’s dive deeper into what Human Experience Management really is and how to implement this new approach into your companies.  

What is Human Experience Management (HXM) 

Employee experience drives employee motivation. Employee motivation drives employee engagement. Employee engagement drives employee productivity. Employee productivity drives business success.  

I think it’s pretty clear why employee experience is in the center of people management.  

In order to show the seriousness of this new trend, a new definition and a replacement for HCM had to be introduced sooner or later.  

The main goal of this new introduction is for employers to remember that employees are not just any asset, they are the asset that drives business success.  

Why focusing on HXM is crucial for business success 

The best way to explain the importance of HXM is to present some stats on employee engagement and employee experience.  

Even though there is so much data on employee experience, engagement and productivity, many employers are still unsure about how to close the Employee Experience Gap.  

Here, the new HR technology comes into play as the best gap closing solution.