Silicon Valley exec predicts HR tech trends for new year
Despite massive layoffs throughout the technology industry, particularly in California, recruiting remains a top priority for HR leaders.
And they’ll continue to rely upon HR tech for meeting their hiring needs, according to Danny Wen, co-founder and managing director at Quarry Ventures, as well as head of strategic partnerships at Findem, a tech firm in Silicon Valley.
“Given the liquidity that was injected into the markets, there was a lot of demand for hiring in the last two years,” Wen told HRD. “So, a lot of companies and organizations overhired. Going forward, the focus will be more on understanding the health of your funnels. It's really about having a 360-degree view into how you know talent is really performing right and where you can plug the gaps internally.”
In order to fill those gaps, HR leaders have been sourcing talent from traditionally untapped pools, such as people with disabilities and those formerly incarcerated. It’s part of companies’ commitment to increase diversity, equity and inclusion (DEI) throughout their organization.
However, Wen suggests those commitments need improvement. “There's been a lot of talk and a lot of companies preaching, but there's a lack of accountability and actions taken,” Wen says. “Going forward, there needs to be more solutions for that. People analytics and data are going to be crucial for the next couple years and the HR space has to evolve to catch up to other industries and verticals.”
“It needs to be analogous to sales and marketing in terms of being able to forecast,” Wen continues. “For example, you want to make sure you meet your capacity plans. When you overhire, you're going to have to cut people and that's just bad for morale, for the company and for productivity.”
Wen gives more HR tech predictions for 2023 in the latest episode of HRD America Talk.