London (UK), November 2023 - Fosway Group, one of Europe's renowned HR industry analysts, has released its latest 9-Grid™ for Talent and People Success. The research shows that the market is resilient and forward looking, while still focused on continued AI-related innovation across both suites and specialists, as well as experiencing an ongoing trend of consolidation.
"Investing in talent and people success continues to be an important strategic priority despite stresses in the economy. Creating a high-performing workplace that is great place to work, with skilled, energised, and focused teams, is a necessity and not a fashion accessory," commented David Perring, Chief Insights Officer at Fosway Group and Lead Analyst on the 2023 9-Grid™ for Talent and People Success."
This year's research builds on last year's trend for adoption of more talent empowering processes. Key focus areas for 2023 include workforce optimisation and employee experience, as well as a prioritisation of skills and competencies, and of course, the rapid adoption and rollout of AI.
The 2023 Fosway 9-Grid™ for Talent and People Success incorporates both Talent Suites and Specialists. Talent and People Success Suites provide a range of talent functionality, from talent acquisition through to development, performance, and employee wellbeing. Specialists provide a more focused set of functionalities within Talent and People Success - for example, focusing on specific topics such as skills, talent mobility, or employee listening.
Fosway research into talent and people success this year shows that usability also continues to be a huge driver of HR buying decisions. According to this year's Fosway HR Realities research, only one in three HR leaders believes their company’s systems are fit for the modern workforce. HR teams want change, but can the vendors in this space deliver the game-changing experience their clients and their workforce so badly need?
This year's analysis does indeed show that the shift from talent management to people success is still continuing. Employees and employers alike are demanding more from their talent solutions. Vendors are responding, with Specialists and Suites offering solutions that are increasingly more people focused.
"The changing economic climate is putting even more pressure on companies to upskill and reorganise their workforce to adapt faster and perform better. Maximising the success of employees is critical as well as energising, developing, and retaining them," said David Wilson, CEO, Fosway Group. "This focus on people success is in turn driving new and innovative approaches to talent and skills, as well as how work is managed and optimised. AI will only accelerate these trends further and faster, automating the ability to build more personalised experiences and pathways for employees to develop and perform at higher levels."
Fosway's CEO, David Wilson, and Chief Insights Officer, David Perring, will take questions in a live online “Ask the Analyst” session, 29 November 2023.