The skills value approach that will shape HR in 2024

Hello, fellow subscribers!??

Welcome to the first HRForecast newsletter of the year, where we explore the dynamic intersection of skills assessment and HR. We share insights into how quantifying the value of skills impacts pay, learning and development, and recruiting strategies, offering insights from industry experts and in-depth analysis. Join us as we also explore the latest trends in HR, from comprehensive programming skills assessments to the evolving role of IT in HR, providing valuable guidance for organizations navigating the complex landscape of today’s workforce. More on that below!

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Exploring skill value in salaries, learning & development, and recruiting??

Companies often have a generic software developer role in their job architecture, affecting salaries for new and existing employees. To understand how skill value affects market salaries, we analyzed the role, resulting in a skill pyramid with three levels showing significant salary differences based on skills, experience, and location. For example, a basic VBA programmer earns around €41K a year, while an expert Python developer with MLOps knowledge can earn up to €117K.?

HRForecast skill value solutions for skills and jobs??

In the past year and a half, we’ve calculated skill values for approximately 43,000 skills and 6,000 jobs, revealing fascinating insights such as:? ?

• The R programming language is valued at €61,000.?
• The Python programming language is valued at €86,000.? ?

These values are assessed not only for each skill but also according to proficiency level, and they’re updated monthly. How do you see skill value impacting your approach to HR management??

Podcasts you should check out?

At the end of 2023, we shared interesting insights about how HR can improve business many times over with the help of smart technologies and a well-thought-out strategy.?

The future of IT in HR??

In a recent podcast discussion with Developer Akademie , Christian Vetter ???? , CEO and co-founder of HRForecast , delved into the evolution of HR IT in 2024. The conversation illuminates the most sought-after programmers today, offering in-depth insights into the job market for software developers. Access the extensive data analysis and market predictions for a comprehensive understanding of trends and demands at the intersection of IT and HR.

Skill shift and the decentralization of quality management?

The world is changing rapidly, yet quality remains essential. What skills do those in the quality sector need today? And what impact do they have on quality-related job profiles?

Andreas Heinz , Head of Product Management at Deutsche Gesellschaft für Qualit?t (DGQ) , and Julius B?hr , Head of Solutions Consulting at HRForecast , recently discussed these and other questions with Hinrich Stoldt. This podcast episode focuses on a study conducted by HRForecast on behalf of DGQ, in which we examined the requirement profiles of over 47,000 quality-focused jobs. You’ll find insights into the study’s methodology and relevant and sometimes surprising results. One thing is certain: Quality management is no longer just the task of a single department; it spreads across the entire value chain.

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January blog posts roundup??

We explored various HR and business development topics in January 2024, from the synergistic integration of talent management and strategic workforce planning (crucial for building a responsive and adaptable workforce) to the intricate strategies essential for startup expansion and operational growth. Get valuable insights into enhancing workforce planning in global expansion, harnessing the power of HR technology, and implementing effective diversity and inclusion strategies in the modern business landscape.

Does integrating talent management with strategic workforce planning pay off???

Check out the role of talent management (TM) and strategic workforce planning (SWP) in organizational success. See how the integration of TM and SWP leads to a productive, sustainable workforce capable of adapting to economic and industry changes and the importance of combining talent management and strategic workforce planning to achieve sustainable organizational growth and success in a dynamic business environment.

Key strategies for startup expansion and operational growth?

Focus on challenges and strategies for startups aiming to expand globally:?

• Startup survival rates. Statistics show that 63% of tech startups struggle to survive, with 25% closing in the first year. Notably, 75% of venture-backed FinTech startups fail, often due to team-related issues.??
• Importance of market analysis. What’s the value of in-depth market research? The article linked above references Philip Kotler’s insights on consumer behavior. Startups should understand their target audience, market demand, and competitive landscape, using tools like labor market analysis for location decisions.??
• Financial prudence. Highlighting the downfall of Beepi due to poor financial mismanagement, the article stresses the importance of meticulous financial evaluation and planning for sustainable growth.??
• Scalability and technological infrastructure. Evaluating and upgrading operational systems and technological infrastructure is crucial for handling increased demand and operational complexity during expansion.??

Empathy meets innovation: The HRForecast journey to revolutionizing HR?

See what Christian Vetter ???? and Florian Fleischmann , co-founders of HRForecast , think about the critical role and positioning of people analytics within organizations. We recently published an interview in which they emphasize that people analytics extends beyond traditional HR, acting as a crucial link between HR and broader business operations, with its primary role being predictive forecasting and strategic business planning. Check out the importance of situating people analytics within HR technology and strategy transformation rather than controlling IT to maximize its effectiveness and alignment with the organizational strategy.

The discussion also covers the significant impact of AI in HR services, especially in recruitment and shared services, while cautioning against over-reliance on AI due to potential biases. Find more insights in the interview.

Inclusive hiring insights and HR tech solutions?

It’s essential to build a diverse and inclusive workforce. HR technology solutions can aid in achieving these goals. Our recent research emphasizes that diversity, equity, and inclusion (DEI) are more than just buzzwords but are essential components of a successful organizational structure. Learn more about inclusive hiring insights and HR tech solutions.

Inclusive hiring practices and strategies for success?

Here’s part two of our inclusive hiring series. Here, we discuss why some diversity and inclusion (D&I) hiring efforts fail and offer strategies to make these initiatives more effective. To succeed, organizations should implement truly inclusive hiring practices.

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?? Thank you for joining us on this journey of knowledge and innovation. We hope these insights empower you to create a thriving work environment and drive your organization’s success. Stay tuned for more exciting updates from HRForecast!