Cornerstone OnDemand, Inc. (CSOD) - Get Report, a global leader in people development solutions, today announced a multi-year strategic vision to help companies adapt to a new world of work that requires continuous people development and rapid organizational agility.
Over the past few months, the global COVID-19 pandemic has required businesses across industries to pivot on a dime. Whether converting their entire workforces to remote work, or manufacturing completely new products to address new needs, having the ability to change course quickly is becoming a fundamental measure of lasting viability. Even after this crisis comes to an end, the world will be forever changed, and business volatility - which has been increasing for decades - will become the new normal.
"The emergence of this new world of work is proof that companies must be more agile than ever to succeed," said Adam Miller, founder and CEO, Cornerstone. "The winners of tomorrow will be the companies that are 'unbound,' those that aren't confined by yesterday's conventions and are ready to adapt to changing environments. And at the heart of an unbound business is continuous people development."
At Cornerstone, we are committed to helping companies navigate this new world of work. Over the past 20 years, we've honed our software and applied our expertise to help companies quickly adapt and continuously develop their people with the right skills and the right training. Following our recent acquisition of Saba Software, we are now in an even stronger position to help our clients transition to this new reality. Together, we support nearly 7,000 clients worldwide. This expanded reach, combined with an enhanced R&D team that is 60% larger, will enable us to accelerate innovation in three strategic areas that will help companies transform into resilient businesses.
Innovation Initiative #1: Learning is the Accelerator
Learning is the adaptability accelerator. In fact, Cornerstone People Research Lab data shows that training has skyrocketed in the last few weeks as companies help their employees adapt to this new normal, including a spike in courses about stress management and working from home. This shows that rather than using learning only to meet compliance requirements, businesses will need to provide employees with more holistic learning to address all aspects of work life. To do that, workplace learning will need to be:
- Ubiquitous: Available on any device, and, most importantly, delivered in the flow of work in the systems and tools where work is already happening.
- Hyper-Personalized:Remove the time and energy it takes for employees to seek out learning by presenting relevant trainings that are contextualized based on their skills, experience, aspirations and preferences.
- A Business Enabler:For businesses to adapt quickly and at scale, they need to promote real learning - the kind that sticks with you - which requires repetition, reinforcement and nurture.
Cornerstone has begun to make significant steps in this strategic direction by providing people with the most modern, relevant learning content available through our subscription service offering, Cornerstone Content Anytime, and partnering with world-class content providers, including VR training developer, Talespin.
Innovation Initiative #2: AI-based Personalized Coaching
One of the top reasons people with high potential choose to leave a company is because they don't have the opportunity to learn and grow. And, according to a trend report from Mercer Consulting, they want to feel a sense of purpose more than ever. To address these evolving and key motivators for employees, organizations will need to re-examine how they support their workforce in these two areas:
- Transform managers into coaches:Organizations will need to provide their managers with tools to better understand their individual employees, not just the roles they fill. Holistic information, such as deep skills profiles, interests, personal and professional aspirations and their emotional well-being, will equip managers to have more meaningful, data-driven conversations and enable personalized career navigation.
- Supplement employee guidance with AI-powered digital coaching tools:Managers can't coach alone. Organizations will need to provide digital coaching tools that guide career growth, suggest personalized development experiences and help employees identify when they are off track for early course correction. For example, intelligent chatbots will do everything from suggesting a new training, to an upcoming project the employee might be interested in, to a role suited to their skills.
Delivering against this vision, Cornerstone recently launched Cornerstone Careers, a new product solution focused on helping employees to connect with their managers and navigate their careers. Cornerstone Careers includes Check-Ins and Capabilities, and we'll be adding more features in the coming months, including Career Center, to help employees navigate their careers in a fully personalized way.
Innovation Initiative #3: Holistic People Data for Better People Decisions
With technology has come an explosion of data and analytics. And for years, organizations have been striving to extract insights and important business value from people data. However, yesterday's data sets fell short of giving organizations a holistic, meaningful understanding of their people, such as employees' capabilities, strengths, experiences, aspirations, mood, learning preferences and well-being. We believe having access to more holistic people data will benefit companies in two ways:
- Enable organizations to make better business decisions:A comprehensive data set will allow companies to dynamically develop and deploy the right people to projects, roles and key investments, and assemble teams with the optimal mix of employees, candidates, contractors and freelancers.
- Improve their employees' well-being, engagement, and retention: Employees and their managers will be able to use this data in development conversations, enabling a hyper-personalized approach to growth instead of one-size fits all.
Earlier this year, we took a big step in the area by acquiring Clustree, a French technology company that developed an industry-leading, AI-powered skills engine and extensive skills ontology to help organizations match their employees' skills with specific job roles. We are in the process of integrating this technology across Cornerstone product solutions, and we'll have more to share soon.
The emergence of this new world of work comes at a pivotal time for Cornerstone. With our recent acquisition of Saba, we believe the company is in an even better position to help clients transition to this new reality. We are committed to accelerating these strategic innovation initiatives with the intent of helping companies address these sudden new challenges, create new opportunities and transform into resilient unbound businesses.
- To learn more about Cornerstone's multi-year innovation vision, read Adam Miller's blog post on the Cornerstone ReWork blog here: https://www.cornerstoneondemand.com/rework/business-unbound-vision-and-new-strategies-new-world-work
- To learn about Cornerstone's Unbound resources to help organizations survive and thrive through what's next, visit: https://hr.cornerstoneondemand.com/unbound
Cornerstone is a premier people development company. We believe people can achieve anything when they have the right development and growth opportunities. We offer organizations the technology, content, expertise and specialized focus to help them realize the potential of their people. Featuring comprehensive recruiting, personalized learning, modern training content, development-driven performance management and holistic employee data management and insights, Cornerstone's people development solutions are used by approximately 7,000 clients of all sizes, spanning more than 75 million users across over 180 countries and 50+ languages. Learn more at www.cornerstoneondemand.com.
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