About this episode
Full disclosure: This episode was recorded before our break. In the normal world, not much would have changed in 5 months. But in the new reality of Generative AI- changes have occurred since we recorded this episode. They do not make the research discussed any less valuable, because the trends were identified- but the execution of them is ever evolving.More full disclosure: There are two sets of show notes presented below, one created by me and one created by Chat GPT. I have no shame in using GPT to help me with the show notes. It is super interesting to show what I came up with vs. what it came up with.My notes:In this episode we welcome Stacia Sherman Garr co-founder of Red Thread Research.In our discussion Stacia and I accomplish two things:We share our perspectives on doing quality vendor/market research, evaluation and classification and doing it wellStacia relays the results of her research into the current state of the people analytics software technology market and the vendors who define it.Our discussion begins with level setting to define exactly what people analytics software technology is, and is not. This includes the reality that this technology is not really focused directly on talent acquisition. Stacia defines people analytics technology as follows:"People analytics is the collection, understanding, and eventually application of people data. It's designed to improve what's happening with the people themselves and to improve business outcomes. So it's really all data that has to do something with people and with an intention of making people's lives better and making the business better"??.Our discussion into research delves into how to do good research into a specific market, looking both at the vendors themselves and the macro trends. We acknowledge how difficult it is, but also how important it is to those who provide and consume the technology.Finally, Stacia reveals the major trends in the market and the impact of Covid and advances in generative have had and how they are shaping the future of the market. Covid changed things by introducing mass scale remote work and the increased need for monitoring analytics. AI has created so much change so fast, that Stacia has created an entirely new study to track it.Trends identified include:The size of the people analytics software market has grown rapidly- but is leveling offPrices are droppingThere is a push to more of a SaaS model where implementation and services are handled by 3rd party consulting firms. There is generally lower satisfaction amongst users of the products. Part of this is because the use cases have expanded but the products were not prepared for this.AI demands entirely new levels of supportMulti-source people analytics software platforms are the biggest new trend. For instance surveillance and wearables are becoming more in focus- and these can create major trust is
