Top 5 Things We Learned at HR Tech 2023
by Chris Bond | October 19, 2023 11:00 AM |
HR Tech 2023 has concluded, and it's clear that the HR and L&D landscape is undergoing a rapid transformation. This year's event stood out as one of the most captivating in recent memory, with several key themes emerging consistently throughout our interactions. In this comprehensive summary, we will delve into the five major themes that defined the event and explore their implications for the future of HR and L&D.
#1 - AI Takes Center Stage
At HR Tech 2023, one thing was abundantly clear—AI was the star of the show. If your name or product didn't have "AI" in it, you risked missing out on the most significant conversations in the industry. The integration of AI into HR technology has reached a tipping point, and its transformative influence was evident throughout the event. AI is reshaping HR and L&D in several ways.
- Generative AI for Recruiting: AI is streamlining the recruiting process, making it more efficient and user-friendly. This technology automates repetitive tasks, reduces errors, and enhances the overall experience for both candidates and hiring teams.
- AI-Powered Career Development: AI algorithms are becoming personal career advisors, offering tailored recommendations for career growth and skill development. This empowers employees to take control of their career development and aligns their growth with organizational objectives.
- AI-Driven Skills Focus: AI is playing a pivotal role in driving the skills-focused agenda. It helps organizations identify skill gaps, match employees with relevant learning opportunities, and continuously adapt to changing skill demands.
Several companies showcased intriguing AI plans at HR Tech 2023, including Vizier, Cornerstone EdCast, Degreed, Eightfold, and iCIMS. These innovators are at the forefront of AI-driven HR technology, offering solutions that range from HR analytics and workforce planning to enhancing learning experiences and talent acquisition.
#2 - Skills-Based Revolution
A resounding theme at the event was the skills-based revolution. Organizations are increasingly recognizing that skills are the currency of the future. Skills are no longer just lines on a resume; they have become pivotal in every aspect of HR and L&D. Here's how skills are taking center stage.
- Talent Attraction: Skills are now the ultimate magnet for attracting top talent. Job seekers are looking for opportunities to apply and enhance their skillsets, and organizations are showcasing the skills required for a job to make their job postings more appealing.
- Career Pathing and Development: Career development is now guided by skills. Employees seek to acquire a diverse set of skills that open doors to various career opportunities. HR and L&D departments are offering personalized skill development plans to facilitate employee growth.
- Business Strategy: Skills are influencing strategic decisions in boardrooms. Organizations are using skills data to identify gaps in their capabilities and tailor their strategies for growth, innovation, and competitiveness.
While the skills-based revolution promises transformative benefits, it also presents challenges. AI is expected to democratize the skills economy by making it accessible to organizations of all sizes. However, questions about skill portability, alignment, and measuring the impact of skill acquisition remain.
#3 - The Resurgence of the LXP
Contrary to previous predictions of decline, Learning Experience Platforms (LXPs) have made a notable comeback. HR Tech 2023 was a testament to the renewed interest and significance of LXPs in the realm of HR and L&D. LXPs are now evolving to meet the demands of a skills-centric world in the following ways.
- Skills Focus: LXPs are providing curated learning experiences that prioritize skill acquisition and development. These platforms offer skill-specific content to help employees acquire the competencies they need to excel in their roles.
- Efficiency: LXPs are leveraging technology, including AI, to automate and personalize career path recommendations, benefiting both employees and HR and L&D administrators.
- Cost-Effectiveness: LXPs are emerging as cost-effective solutions, offering robust features without hefty price tags. User-friendliness reduces the need for extensive training and support.
Notable LXP innovators at HR Tech 2023 include Cornerstone EdCast, Degreed, 360 Learning, Absorb, and Schoox. These companies are reshaping the LXP landscape with their commitment to delivering skills-focused learning experiences and innovative features.
#4 - The Economic Landscape
The state of the economy is compelling HR and L&D departments to reassess their strategies and priorities. In this economically challenging environment, HR leaders are seeking technology solutions that align with their evolving needs and constraints. The following imperatives are shaping technology choices.
- Lower Costs: Budget-friendly technology solutions are a top priority, given economic constraints. HR and L&D departments seek tools that offer robust functionality without straining their budgets.
- Enhanced Efficiency: Tools that streamline operations, automate tasks, and simplify complex processes are highly sought after. This allows HR and L&D professionals to focus on high-impact activities.
- Drive Engagements: Engagement is now a cross-organizational imperative, and technology platforms that foster collaboration, communication, and participation are seen as vital.
- Maximize Current Investments: Technology solutions must deliver a solid business case, aligning with overarching business goals and talent management strategies.
- Reduce Risk: Risk mitigation, whether related to data security, compliance, or workforce management, is a primary concern. Technology tools that minimize risks are highly valued.
The economic backdrop is reshaping the HR and L&D technology market, with lower-cost providers emerging as formidable competitors and established vendors reevaluating pricing models.
#5 - The Urgent Need for Strategic Transformation
Amidst the evolving landscape of HR and L&D, the need for strategic transformation has never been more critical. HR and L&D organizations are expected to play a more strategic role in business operations. The power of strategy lies in setting a clear vision that goes beyond traditional metrics, focusing on impactful business objectives. The Learning Blueprint methodology offers a comprehensive approach to this transformation, evaluating and optimizing every facet of learning and talent management.
Measuring impact and aligning HR and L&D initiatives with business goals are essential components of this strategic transformation. The goal is to demonstrate how HR and L&D initiatives contribute to the bottom line, driving meaningful business impact.
What Was Missing from HR Tech
While HR Tech 2023 offered valuable insights, there were notable areas where expectations were not met. Here's a recap of what was missing from HR Tech:
- Limited Discussion on Talent Acquisition Technology: Surprisingly, there was limited discussion on talent acquisition technology, leaving a noticeable gap in the event's coverage.
- Absence of SAP: The absence of SAP, a major player in the HR technology space, left attendees without the opportunity to explore their latest offerings.
- Low Attendance in the Expo Hall: The Expo Hall had lower attendance than expected, possibly due to factors like the ongoing pandemic.
- Limited Innovation: While HR Tech events are known for showcasing cutting-edge innovations, there was a sense of limited innovation at HR Tech 2023, possibly due to current economic challenges.
- Evaporation of Performance and Succession Tools: Performance and succession-specific tools appeared to be less prominent, indicating shifting priorities or consolidation within broader HR solutions.
- Focus on Information and Best Practices: Many attendees seemed more interested in seeking information, best practices, and case studies rather than exploring new technology solutions.
HR Tech 2023 may not have witnessed groundbreaking technological breakthroughs, but it highlighted a growing maturity in business operations for some organizations. This maturation process has the potential to separate the successful from the less successful in the future.
The need for innovation and change in HR and L&D technology was evident throughout the event. Collaboration and shared insights emerged as crucial elements in navigating the evolving landscape. The event underscored the potential for positive impact through innovation and collaboration in HR and L&D.
As we conclude our reflections on HR Tech 2023, we extend an invitation to you. Let's continue the conversation and explore how these emerging trends and insights can shape your HR and L&D strategies in the evolving landscape. Whether you are a visionary seeking to drive transformative change or someone looking to do more with less effort, there is a place for you in this exciting journey.
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