Cornerstone Reveals Vision for the New World of Work
May 12 2020 - 4:01PM
Business Wire
Following its acquisition of Saba Software,
Cornerstone announces a new strategic vision and accelerated
innovation plans to help organizations thrive through change
Cornerstone OnDemand, Inc. (NASDAQ: CSOD), 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.
Additional Information
- 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
About Cornerstone
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200512005760/en/
Media Contact: Deaira Irons Cornerstone
dirons@csod.com
Cornerstone OnDemand (NASDAQ:CSOD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Cornerstone OnDemand (NASDAQ:CSOD)
Historical Stock Chart
From Sep 2023 to Sep 2024