Download the Bersin HR Technology 2021 report where EnterpriseAlumni featured as an integrated solution for the management of alumni.
In the Josh Bersin HR Technology 2021 Report, Josh recognizes the importance of Alumni as part of the employee journey. He goes on to name EnterpriseAlumni as the critical tool to make it easy for HR departments to design moments that matter as part of Integrated Talent Management.
“There are many specialized vendors that fit into this interstitial space. Consider EnterpriseAlumni, which has built an integrated solution for management of alumni;“
Human Resources tech forms a vital part of the corporate ecosystem today. In the United States alone, 12 million+ employers spend in excess of $5 trillion on their HR technology every year. This is just for streamlining benefits and payroll, training programs, and other employee-centric networks.
There is also the $250 billion market for software that drives recruitment, advertising, candidate assessment, and interviewing processes. After all, more than 30% of the workforce seek greener pastures each year.
In the learning and development space, upwards of $240 billion is spent annually on tech. This goes towards onboarding, leadership development, continuous learning, and more. Plus, there have to be systems to take care of workplace productivity, employee well-being, and so forth.
Throw COVID-19 and the resultant shift in the working paradigm into the mix, and things get even more interesting in the marketplace.
Businesses of all shapes and sizes have adopted the WFH model, with employees changing tack to work and interact remotely. All of a sudden, nice-to-have HR tech has become wholly indispensable and mission-critical.
“While there are many changes taking place, the biggest shift of all is the move from HR technology to work technology.”
According to Josh, the main focus for any business investing in their stack should be to buy useful tech that provides tools for getting work done.
When people hear ‘HR tech,’ they tend to think along the lines of payroll, core employee management systems, and HRMS solutions. In previous years, it would have been platforms used in the back office by HR administrators and payroll clerks.
Fast forward to today, and vendors are developing their systems to be management tools that help employees work efficiently. On top of this, the introduction of talent marketplace tools has resulted in an increasing number of these systems supporting agile work management and project-based work.
Currently, there is a move away from process-based architecture towards experience-based architecture in HR tech.
Systems requirements have expanded from their original function as data storage and reporting tools for the back office. They now make it easy for employees, managers, and HR staff to tap into the flow of the HR ecosystem at any point and find the relevant transaction or process.
COVID-19 has spurred on the development of safe workplace apps that businesses can use to keep people productive yet healthy and resilient at work.
This includes dashboards for health check-ins and desk bookings to manage spacing guidelines. There are also platforms to perform contact tracing and even badge readers that map daily contacts between employees.
The way we work has shifted, and tech is moving along with it. These days, companies are leveraging everything from alumni platforms to social media to bolster their talent marketplace. This makes room for contingent work management, agile team building, and more.
Of course, the innovation and creativity demonstrated by the vendors seeking their position in this marketplace has lead to great competition. We are finding that the new world of talent applications includes systems for processes such as feedback and engagement, reinventing performance, L&D, rewards and recognition, well-being, and work-team management.
Amongst it all, you can bet that vendors are choosing to integrate where they can, without taking it all on at once. And as can be expected, AI is a central aspect of this space, with vendors including AI-based features in their products.
Companies now understand that their survival is closely linked to the well-being and productivity of their people. Prompted by the pandemic, employee experience now takes design thinking and moves it beyond HR processes. It paves the way for a 360 approach to employee wellness that considers their emotional, physical, mental, and financial health.
EX leaders and the HR tech market are focusing on this in a big way and translating it into the solutions they offer. Providing a great experience and space for feedback is forefront in the technology they sell, closely echoing a consumer experience.
Regular employee feedback is essential for the promotion of positive company culture. The growth in this market is three-pronged.
Firstly, survey tools are being developed to crowdsource ideas, identify overwork based on schedules, and more.
Secondly, these platforms are growing into analytics engines with real-time response systems.
Thirdly, there are more vendors to choose from than ever before, and no talent or performance platform is complete without a feedback system included.
Sourcing top talent is a major focus point for every HR professional, even with the pandemic thrown into the mix.
According to the Bersin HR Technology 2021 report, there were upwards of 22 million jobs sitting open as of December 2020, meaning that 2021 could be a year of exponential hiring where talent acquisition technology thrives. AI, ML, and big data are changing the game by leveraging intelligent algorithms and social sensing tools to smooth the way for supercharged recruitment.
According to recent statistics, as much as 40% of the US workforce does not work full time. Instead, they are contractors, part-time employees, gig workers, or contingent workers.
As such, there has been an explosion of gig and talent networks that help people find gigs and promote their talents. In the enterprise context, the platforms focus on allowing companies to source and manage specific in-demand skills.
It has also meant that businesses have had to buy into software that gives them an overview of this contingent workforce by collecting data.
Josh’s research in the Bersin HR Technology 2021 report shows that 35% of businesses operate as a network of teams rather than static silos. An internal talent marketplace is a great way to help employees find their employment sweet spot through various projects, mentorship opportunities, and stretch assignments.
These platforms are becoming more prevalent in large businesses, helping them be more agile, retain talent, and increase job satisfaction overall.
The performance management space is at a point of convergence. It’s no longer just about implementing complex HR processes; it’s about defining what the notion of performance means within each team and company. As such, performance management tools are becoming more simple, connected, and aligned with company culture.
Innovation and growth in learning technology are enabling the manifestation of an employee experience that includes learning as a part of the flow of work. While this is happening, professional in-company academies are simultaneously being advanced.
Employee well-being has gone from being seen as a health benefit to an integral part of a performance improvement strategy. As such, digital health services and platforms are on the rise. This includes mood trackers, family education offerings, and so much more.
People analytics is one of the fastest-growing sub-domains of the HR profession, and emerging technologies are making the use thereof simpler than ever.
There are countless intersectional data elements about people at work, all of which can be used for real-time analysis at different times. AI and NLS systems make this possible.
We have only brushed the surface of the Bersin HR Technology 2021 report; the purpose of which is to give buyers, vendors, and investors insights into the market.
Read it in full to get all the expert advice and information from industry-leading analyst, educator, and thought-leader, Josh Bersin.
If you would like to know more about EnterpriseAlumni and how an alumni program can work for you, get in touch with the team today.