HR Technology Innovation Sept-Oct 2023

HR technology innovation is unstoppable. Workday Rising, Success Connect and HR Tech conference events brought together more than 30,000 customers, partners, and consultants to discuss the latest trends, products and offerings to prepare organizations for Gen AI adoption and impact in the future of work and talent.

Latest reports for Q3 HR technology investment showed a slowdown in terms of funding and acquisitions with significant Y-O-Y decline (58%) with just 66 deals tracked in Q3’23 and (44 deals) vs Q1 2021. However, Q4 Oct started strong with a lot of innovation and acquisitions i.e., Atlassian acquired Loom for $975 million, 365learning acquired eLamp, and Access Group acquired Diversely.

For the last three weeks I spoke with multiple vendors and here are some key highlights:

1. Microsoft is investing heavily in employee experience, performance, learning and communications products. Microsoft Viva as one-stop shop for user experience and enable employee’s moments that matter.
2. Workday, SAP Success Factors, and Oracle and others are deploying and investing heavily in Gen AI to enhance HCM products (employee-centric focus) and built ecosystems of validated responsible AI technology partners to bring innovation from hire to retire.
3. Gen AI copilots/assistants and more AI copilots/assistants to hire faster, enable experience, productivity and performance management. Multiple HR tech vendors working on this capability (use-case focused).
4. Every business transformation involves a talent transformation. This is where systemic HR comes to play to connect business needs and talent data to meet customer demands.
5. Skill intelligence as core capability to turn talent into competitive advantage, anticipate workforce changes and drive business performance and growth by:
   • Identifying future talent and skills needs
   • Assessing talent and skills gaps
   • Developing skills of the workforce
   • Matching talent with internal opportunities
   • Measuring skill progression and
   • Managing talent performance and careers

1. Frontline management technology is on the rise with new services and capabilities to elevate experience, performance and boost productivity. Big investments and new offerings by Microsoft, UKG, ServiceNow, WorkJam and Beekeeper.

The one-pager below showcase the most relevant innovation between Sept and Oct 2023

 If you are HR Tech vendor, please connect with me to learn about your product.

I would like to hear your thoughts. Did I miss anything?