Industry Convergence and Transformation: The Evolution and Importance of Talent Intelligence

Josh Bersin discusses challenges in economy and workforce, emphasizing need for talent intelligence and upskilling. Industry Convergence and Transformation is key challenge faced by businesses. Adaptability and continuous learning crucial. Importance of re-skilling and using talent intelligence platforms in HR. Role of data in talent mobility, skills assessment, and career development. Evolution and importance of talent intelligence in understanding company data and people. Analytics and strategic planning in HR highlighted.

00:00:00 Josh Bersin discusses the challenges in the current economy and workforce, emphasizing the need for talent intelligence and upskilling. He highlights the decoupling of resumes and credentials from job requirements and the importance of fit to the work.

🔑 The job market is highly competitive, with a high quit rate and difficulty in hiring.

💼 Companies are facing challenges in managing workforce issues such as burnout, pessimism, and low employee mental health.

📈 The workforce is experiencing economic growth, low unemployment, and inflation, despite overall pessimism.

00:06:41 Industry Convergence and Transformation is the key challenge faced by businesses today. Automation has not eliminated jobs, but rather created more high-value roles. Adaptability and continuous learning are crucial in this ever-changing landscape.

🌍 The convergence of industries is transforming the business landscape worldwide.

🤖 Automation is eliminating routine work and creating a demand for high-value skills in various industries.

📚 Continuous learning and reskilling are crucial in adapting to the changing business environment.

00:13:22 Josh Bersin discusses the importance of re-skilling and using talent intelligence platforms in HR. He highlights the role of data in talent mobility, skills assessment, and career development. Eightfold is praised as a leading talent marketplace system.

🔑 Re-skilling is about making intelligent decisions to drive company growth and letting technology provide the necessary knowledge and skills.

🌍 The talent marketplace concept is a groundbreaking idea in the HR tech market, allowing employees to assess their skills and find new opportunities.

💡 The skills infrastructure, also known as the talent intelligence platform, has multiple applications, including learning, recruiting, and pay.

00:20:02 Discover the transformation happening in the banking industry and how talent intelligence can help align HR functions. Understand job clusters and accelerating/decelerating skills in different industries.

🔑 The speaker discusses the importance of data analysis in understanding industry transformations.

💼 The banking industry is going through significant changes, including blockchain, fintech, and credit card disruptions.

🔍 Using talent intelligence, job roles and skills in the banking and fintech industries are analyzed and compared.

00:26:43 In the opening keynote of Cultivate'22, Josh Bersin discusses the importance of talent management and skills in the context of industry convergence and transformation. He highlights the need for an open skills platform and a talent intelligence system that goes beyond recruiting and training. The convergence of technology and the changing business world has made this possible.

🔑 The importance of integrating different departments within an organization to understand skills and career paths.

🌐 The need for an open skills platform that incorporates data from various sources, including external ones.

💼 The role of job architecture in aligning and connecting similar job roles within an organization.

00:33:23 The Cultivate'22 Day 2 Opening Keynote by Josh Bersin explores the evolution and importance of talent intelligence in understanding company data and people. It discusses the role of talent intelligence in recruiting, training, retention, and organizational design.

🌟 The evolution of people analytics and its importance in understanding company data and employee feedback.

💡 The role of talent intelligence in analyzing workforce data, economic data, and labor market data to make informed hiring decisions and identify skills gaps.

🚀 The four domains of talent intelligence: recruiting, training and development, retention, and organizational redesign.

00:40:05 Cultivate'22 Day 2 Opening Keynote: Industry Convergence and Transformation by Josh Bersin. The importance of analytics and strategic planning in HR, illustrated through a case study of a company facing labor unions.

✨ Creating an analytics and planning function within HR can help organizations address issues and make informed decisions.

🔍 Collaboration and sharing of information between different HR analytics teams is crucial for maximizing the insights gained.

🚀 To implement an analytics function within HR, organizations should start with a project in an underperforming area, focus on future talent gaps, or plan for transformation.

Summary of a video "Cultivate'22 Day 2 Opening Keynote: Industry Convergence and Transformation by Josh Bersin" by Eightfold on YouTube.

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