October labor market insights: TalentNeuron acquisition of HRForecast and personnel innovations
Christian Vetter ????
Global Director Strategic Workforce Planning & Managing Director HRForecast
In October, labor markets across India, Germany, and Canada highlighted the challenges and solutions shaping today's workforce. The global narrative is clear: skills gaps, economic demands, and the need for adaptable policies are redefining the future of work. Let's explore these developments and how they echo broader labor market trends.
India's skills gap: Will youth unlock economic potential through upskilling?
India’s Finance Minister Nirmala Sitharaman highlighted a critical skills gap. With half the population under 30, India is set for a demographic boom, yet practical, tech-driven skills remain in short supply. A $24 billion investment in skill-building is in the works, but bridging this gap requires collaboration across sectors.
See our insights on how universities can better prepare students for the labor market.
Germany's call for higher salaries and strategic hiring
Chancellor Olaf Scholz has called for higher salaries and strategic hiring to counteract Germany’s shrinking workforce. With over half a million positions unfilled, immigration reform aims to attract talent, but more is needed. HRForecast suggests a value-based hiring strategy to connect the right talent with high-impact roles. Scholz’s initiative isn’t just about wages — it’s about reigniting Germany’s domestic economy.
Canada's labor market strength
In a surprising turn, Canada’s unemployment rate dipped to 6.5% thanks to a surge in private-sector jobs. This trend supports a careful balance between job growth and inflation. Canada’s approach shows how governments can maintain workforce resilience in uncertain economic times.
These are just a few highlights of the October uproar on the labor market, which blossomed into huge changes and achievements for us!
TalentNeuron and HRForecast's merger sets a new wave of strategic platform consolidation
At the end of October, we reported that TalentNeuron, a Leeds Equity portfolio company, acquired HRForecast, marking a pivotal moment in the HR tech industry. This acquisition combined HRForecast’s cutting-edge workforce analytics and strategic planning capabilities with TalentNeuron's deep market intelligence, creating a global powerhouse that will drive innovative HR solutions. The merger sets a new benchmark in talent analytics, providing companies with even greater insights and tools to manage the labor market with precision and foresight.
"TalentNeuron processes vast amounts of data to deliver actionable insights for workforce planning, skills analysis, location optimization, DEI initiatives, and sourcing strategies. The recent acquisition of HRForecast, a leading provider of strategic workforce planning and skills management software, has further strengthened TalentNeuron’s position as a market leader. This combination creates the industry’s most comprehensive software and dataset for strategic workforce planning." - mentioned Michael Rochelle on Brandon Hall Group
How AI is transforming workforce management for automotive suppliers
On October 10, HRForecast and 罗兰贝格 hosted an insightful webinar, "The Impact of AI on the Automotive Supplier Workforce." The webinar reviewed the growing workforce management framework in the automotive supplier sector amidst new technologies and AI. As the industry faces unprecedented cost pressures and technological shifts, the event aimed to equip suppliers with sustainable strategies for achieving people excellence.
This discussion is timely, especially considering recent trends in the global market. For instance, the auto transport sector is closely watched amid economic shifts, as highlighted in the Wall Street Journal's recent roundup. These pressures also resonate with broader manufacturing sectors, such as France's continued factory output decline, underscoring the need for innovative responses to labor and production challenges.
?? Did you miss it? Don’t worry. Register for the next webinar on AI in manufacturing (Nov 27, 1:00-1:45 pm CET) to get the latest insights.
The webinar will cover:
Strategic skills development achievements of the HRForecast team
In October, the HRForecast team traveled across Europe, speaking with clients and industry leaders to explore practical approaches to workforce transformation. A remarkable story from the packaging industry showed how a cash-for-skills deal led to retention and upskilling of workers, turning potential redundancies into opportunities for growth and stability. We are excited to apply this thinking to our strategic partnership with the VW Group. The HRForecast team has also built a skills-based strategy with the VW Academy, supporting over 670,000 employees to build today's essential skills and prepare for tomorrow.
Live from Disney World, Orlando!
Our journey also took us to a magical new chapter! At the Gartner ReimagineHR Conference in Orlando, our team — including Florian Fleischmann , Julie Peck , and David Wilkins from HRForecast and TalentNeuron — unveiled an advanced end-to-end strategic workforce planning solution that's already sparking excitement in the HR community.
With the theme "The place where magic happens," this event set the stage for a groundbreaking approach. Highlights included a ready-to-go skills architecture powered by market data, streamlined employee skills profiles, and AI-driven reskilling and skills-matching insights.
领英推荐
HRForecast, IGBCE, and BAVC partnership: Future sustainability skills for the chemical industry
In April 2024, HRForecast joined Industriegewerkschaft IGBCE , and Bundesarbeitgeberverband Chemie (BAVC) to explore the Future Skills Report Chemistry 2.0 findings. In October 2024, we launched updates about chemistry skills and professions that will be in demand in the future. This AI-driven analysis of over 450,000 job postings emphasized the growing need for sustainability-focused skills in Germany's chemical and pharmaceutical industries. Together with BASF representatives and industry experts, HRForecast discussed critical questions, including:
Review the entire report here: https://future-skills-chemie.de
October blog posts roundup
This month, HRForecast explores HR's biggest fears, from employee turnover to learning difficulties, with fresh data and solutions to keep your team resilient. We've also shared strategies for adapting to Gen Z's unique values, helping you attract, engage, and retain this new generation of talent. See more below.
Zombie employees & vampire competitors: HRF solutions to banish your business phobias
HR phobias keeping you up at night? You're not alone! From high turnover to the anxiety of keeping training effective, this blog post explores the most haunting fears that HR teams face today. With retention challenges topping the list in 2024, we've pulled together some eye-opening statistics and real-world solutions to help your team stay ahead.
Ready to face your HR fears? Get insights on strategic moves by top companies to retain talent, improve training, and manage automation.
Generation Z in the workforce: Challenges, expectations, and strategies for success?
Generation Z brings fresh perspectives to the workplace, prioritizing values like DEI, work-life balance, and tech-friendly environments. Yet many employers face difficulties adjusting to their needs. With 6 in 10 companies reporting challenges in managing Gen Z hires, there's room for improvement in recruitment and engagement practices.
Curious about bridging this gap? This blog post covers essential insights and strategies for attracting, retaining, and empowering Gen Z talent to build a resilient, future-ready workforce.
?? Which HR fear resonates with you? Share these insights with peers facing similar challenges!
Join us for more events in November
Besides our engaging webinar with Roland Berger, we'd like to invite you to two other events that will include workforce planning and HR analytics discussion:
SWP Conference 2024 - London (November 19)
At the SWP Conference 2024 in London, we'll be among the industry leaders, and we will explore insightful sessions on people analytics, workforce strategies, and innovative planning tools. This event is perfect for HR professionals and decision-makers looking to elevate their workforce strategies.
DGFP HR Data Summit 2024 (November 27)
On November 27, we'll join specialists in HR data analytics at the DGFP HR Data Summit 2024. This summit is a must-attend event for those looking to delve into data-driven HR innovation and learn from leading experts in the field.
Future-proofed is a monthly dose of insights on people analytics, the future of work, and data-driven HR to help smart HR leaders stay ahead of the curve. Follow me on LinkedIn for the latest insights, and start future-proofing your organization today.