While HR Tech and Work Tech solutions have been fast gaining ground over the last couple of years, however, the pace of change and the way several trends came roaring together dramatically in 2020 was unheard of. Over the last one and half years, technologies have been playing a crucial role in keeping organizations and employees functional. And these technologies and disruptive digital innovations may have a long-lasting impact beyond the pandemic.
But what are the top drivers that organizations factor in to invest in work tech? How are they tackling the adoption challenge and making sure their investments are giving them returns? What are some of the areas which will see high adoption of worktech technologies?
To answer these and more questions, we spoke to Ashutosh Garg, CEO and Co-Founder of eightfold.ai, which offers an AI-powered talent intelligence platform that is helping transform how enterprises manage talent. The startup also recently raised a $220Mn Series E funding round, led by SoftBank’s Vision Fund 2.
Here are the excerpts from the interview.
The HR landscape is undergoing a drastic shift. Next-gen technologies that helped facilitate ‘work’ in remote mode have gone from being something of an experiment to essential for survival. What are some of the shifts that you foresee in the near future?
Work is increasingly global. It wasn’t that long ago that if you needed a finance person, you’d be looking in New York, or Silicon Valley for tech people. But skills concentrations aren’t as relevant anymore, and that has put every open position into a global marketplace.
What are some of the top drivers organizations factor in to invest in work tech?
Your company is your people. Having a platform in place that identifies potential skills or best fits for new roles only adds more value to your organization -- if you can ensure you have a worker who is continuing to grow their skills and career, they are exponentially more valuable than a static employee.
In a workplace that no longer functions on human interaction, the only way HR personnel can ensure employees have a smooth experience is through the adoption of tech tools. What are some of the areas which will see high adoption of worktech technologies?
The most important HR breakthrough is going to be about hiring for potential. Selecting a candidate who is not just the right fit for the job description as it currently sits, but what the role is going to look like in five years, and if they have the skills to grow alongside it. Finding those fits will be a key differentiator for the most successful companies in the world.
What are some of the challenges that will be faced by organizations and employers alike when it comes to adoption and how can they make mitigate those challenges?
The biggest challenge will be overcoming existing biases and mindsets. There are so many poor assumptions about remote work environments or how employees can interact with each other. The reality is that if you have identified and hired the correct people, they will be passionate about their role and naturally build to success together.
What does the future landscape of talent intelligence platforms like eightfold.ai look in the hybrid world?
In a hybrid world, it is more important than ever to get a complete perspective on who you are hiring, promoting, and managing. You simply have more options than ever before. That unfortunately means it is much more likely to make the wrong decision - this can be corrected by having all the most relevant data.