HR Tech Keynote: 10 New Truths for 2022 with Josh Bersin
Here are some of Bersin’s top ten trends, as stated in his presentation.
1 – The Employee Experience Takes Over
Workforce leaders will continue to evaluate the needs of employees. As a result of the pandemic, there is a new expectation for tools and IT applications to create a great employee experience.
“During the pandemic, especially in the beginning of the pandemic, everyone thought they were basically going to go out of business,” said Bersin. “In a few weeks (HR Tech) companies built remote work and engagement applications that didn’t exist three years ago.”
As a result, there is now an “experience layer” within HR Tech to serve employees and the so-called “creator economy” also now applies to HR Tech.
“If your leaders are not thinking about mobility leading to talent acquisition, you are going to be falling behind.”
2- HCM/ERP is Strong as Ever, Redefined
Recently $11 billion dollars has been invested within this space of HR Tech. According to Bersin, HCM and ERP platforms are redefining their offerings with a wide range of features—adding learning, career, wellbeing, analytics, performance management, and their own employee experience (EX) layers.
Determining how the “talent intelligence” layer gets built into platforms will be the next big move for these companies.
3 – Skills Taxonomies are the Next Big Thing
Vendors are piling onto skills taxonomies—things like skills engines, skills inferences, and talent intelligence systems—are increasing in importance.
According to Bersin, of the current problems is that one “integrated skills platform” does not currently exist. As a result, third-party data is critical, along with integration.
4 – Continued Growth in Talent Acquisition
Technologies are becoming smarter and more integrated over time. Many small and medium-sized recruiting companies have merged, they’ve been acquired, or sold to private equity. These platforms are rapidly becoming more sophisticated regarding the “candidate experience”.
“If your leaders are not thinking about mobility leading to talent acquisition, you are going to be falling behind,” said Bersin. “Internal mobility and internal development is a very critical part of recruiting.”
5 – Learning in the Flow of Work is Here
This is what Bersin calls “capability academy.” These platforms create integrated and highly configurable learning experiences. In fact, capability leader roles are being created across all industries.
Evolving from video disk learning in the 1980s, content vendors like Udemy, Coursera, and LinkedIn are growing at double-digit rates, and Bersin predicts vendors like Mursion and STRIVR Labs could be the industry’s next unicorns.
“Human begins learn in many different ways,” said Bersin. “There is not one vendor, tool, or approach that will work for everything. You can work with companies to help you stitch it all together and then use your intelligence to get it all together.”
6—Talent Marketplace Becomes a Category
According to Bersin, this is the best “new idea” in a decade.
For example, is it easier to find a job inside your company or outside the company? Almost 2/3 said it’s easier outside.
There’s a lot of demand built up inside companies for workers to find new opportunities. The talent marketplace unleashes that potential.
“I’ve talked to at least 30 different companies doing this. Every single of one of them has been successful none of them have failed,” said Bersin. “This approach is extremely successful. As a result, there are a lot of vendors getting into it.”
Over time, Bersin predicts this will become less of a product category and more of a set of features on more integrated intelligence platforms. There is plenty of room for these vendors to grow because the market is so big.
Recruiting departments can now quickly identify people inside the company who are qualified for jobs. For example, Bersin sites a company in Germany that uses this for when an employee has a baby. She wants to work three days a week, so she can ask people who’d like to do her job those two days. People can apply for that. Through this application, people can get mentors and new work assignments.
Feedback is growing in importance between employees and employers. Workforce leaders are deploying pulse surveys; they want to know what’s going on today, what’s driving you crazy, tell us what’s on your mind. New strategies are being designed from survey and crowdsourcing results.
We are also seeing integrated employee listening platforms. Employees can look at data from websites, get sentiment analysis and shorten the distance from ‘signal to action.’
“These platforms are building integrated management systems that help team leaders, managers, and executives manage their people, coupled with HR.”
8—Merging of Performance, Learning, and Rewards
According to Bersin, this has been one of the bloodiest most difficult markets in tech. The mergers of performance, learning, and rewards are related to succession, pay, and development planning.
Just last week, BetterUp acquired Impraise. There’s a big direction away from standalone Project Management tools—moving toward integrated management platforms like Lattice, BetterWorks, Workboard, and 15Five.
“These platforms are building integrated management systems that help team leaders, managers, and executives manage their people, coupled with HR,” said Bersin. “As you know every company with more than 100 employees does performance management in some form.”
9—Microsoft Changes the Market
70-75% of large companies have Microsoft in the IT department. Microsoft Teams is a massively successful product. Microsoft Viva is solving some important problems designed to be an employee portal, knowledge management, along with analyze employee well-being, and productivity.
The company has a lot of technology that has been implemented in a lot of companies over years and according to Bersin, Microsoft will continue to be a very disruptive player, expected to soon deliver an end-to-end employee experience, collaboration, portal, and learning solution.
10—The Creator Economy is Just Getting Started.
Bersin’s “Final New Truth” involves the power of creators. Tools for the creator economy include TikTok, Instagram, Snapchat, Twitter, Facebook, Reddit, and Pinterest, which are valued at $100 billion—growing more than 40% in 2020.
“We are desperate for creator platforms in HR,” said Bersin. The tools are used to help create learning content, employee journeys, feedback systems, back-to-work tools, reporting and analytics interfaces, and communication and change programs.
Overall, regarding the creator economy, the idea of using HR Tech to build and not just configure and deploy is a theme in every market.
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