Psych Tech @ Work The People Analytics Software Market: Anyone Can Make A List. It Takes Expertise to Give it Life! - With Stacia Sherman Garr
Nov 21, 2023
42:21
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 well
Stacia 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 off
Prices are dropping
There 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 support
Multi-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 issues amongst employees.
Here is what GPT came up with when I fed it the transcript of our interview:
Episode Title: "Navigating the Evolving Landscape of People Analytics Technology"
Host: Dr. Charles Handler
Guest: Stacia Garr, Co-founder of Red Thread Research
Episode Overview:
In this enlightening episode of "Science 4-Hire," host Dr. Charles Handler engages in a thought-provoking discussion with Stacia Garr, co-founder of Red Thread Research. They delve deep into the realm of People Analytics Software, shedding light on its current trends, ethical considerations, and its impact on the HR industry.
Key Discussion Points:
Introduction to People Analytics: Stacia Garr clarifies the term "people analytics" and its significance over "talent analytics," emphasizing its inclusive and comprehensive nature.
The Evolving Market of People Analytics Software: Exploration of how the field has expanded and adapted, especially in response to the COVID-19 pandemic and the shift towards remote work.
Vendor Landscape and Research: Discussion on the various categories of vendors in the people analytics space, the growth of the market, and insights from Red Thread Research's latest study on people analytics technology.
Ethical Considerations and AI Integration: An examination of the ethical aspects of people analytics, the role of AI, and how these technologies are shaping organizational strategies.
Trends and Future Projections: Insight into current trends in the market, including the growing demand for people analytics solutions across different organizational roles and the importance of ethical considerations in technology deployment.
Practical Applications and Benefits: Conversations on how organizations can effectively leverage people analytics for improved business outcomes and employee experiences.
Call to Action:
Listeners are encouraged to explore more about the cutting-edge research and insights offered by Red Thread Research. For those interested in deepening their understanding of people analytics and its practical applications in HR, visiting Red Thread Research's website is highly recommended.
This structure provides a comprehensive overview of the episode, highlighting key points and encouraging listeners to engage further with the topic.
.
You
can you focus on including more of the results of her research as relayed in our discussion?
ChatGPT
Based on the transcript of the "Science 4-Hire" podcast featuring Stacia Garr, here are the show notes focusing on the results of her research as discussed in the episode:
Show Notes for "Science 4-Hire: The Future of People Analytics - Insights from Stacia Garr's Research"
Episode Title: "Exploring the Evolving World of People Analytics Software with Stacia Garr"
Host: Dr. Charles Handler
Guest: Stacia Garr, Co-founder of Red Thread Research
Episode Overview:
In this episode, Dr. Charles Handler engages with Stacia Garr to explore the latest trends and insights in people analytics Software. The discussion is centered around Garr's comprehensive research in this field, particularly her study which has evolved since its inception in 2019.
Key Insights from Stacia Garr's Research:
People Analytics Technology Study: Garr's research, now in its fourth iteration, initially began in 2019 and offers a unique perspective on the changes and developments in people analytics technology since the onset of the COVID-19 pandemic.
Target Audience and Market Growth: The study targets both people analytics practitioners and HR professionals. A significant growth in the vendor landscape was noted, expanding from about 50 in 2019 to 150 vendors, reflecting a rapidly evolving market.
Market Trends and Customer Satisfaction: The research revealed that the fastest-growing market segment is the 'employee experience and voice' category, driven largely by the shift to remote work during the pandemic. However, overall satisfaction with people analytics technology has declined, with multi source analysis platforms receiving the highest Net Promoter Scores among customers.
Shift in Use Cases for People Analytics Tech: A notable shift in the use cases for people analytics technology has been observed, extending beyond HR practitioners to include leaders, managers, and employees across organizations. This broader application is necessary for informed decision-making around talent decisions.
Impact of Vendor Focus on User Satisfaction: Vendors that focused on making their technology accessible to managers and employees tended to have higher customer satisfaction scores, as indicated by Net Promoter Scores.
The Central Message of Data Accessibility: Garr emphasizes that data about people should be made accessible to individuals across an organization, not just confined to the HR function. This approach can enhance both individual lives and overall business outcomes.
AI and Ethical Considerations: The future of people analytics technology is closely tied to the development and integration of AI. Garr's ongoing research is examining AI sophistication among vendors and its ethical implications, highlighting the need for balance between technological advancements and ethical considerations.
Invitation to Engage with Red Thread Research: For those interested in cutting-edge developments in organizational behavior, people, talent, and data, Garr invites listeners to explore Red Thread Research. The platform offers a community for interaction and access to high-quality research.
Call to Action:
Listeners are encouraged to delve deeper into these insights and join the conversation about the future of people analytics by visiting Red Thread Research's website and becoming part of their membership community.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit charleshandler.substack.com
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 well
Stacia 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 off
Prices are dropping
There 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 support
Multi-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 issues amongst employees.
Here is what GPT came up with when I fed it the transcript of our interview:
Episode Title: "Navigating the Evolving Landscape of People Analytics Technology"
Host: Dr. Charles Handler
Guest: Stacia Garr, Co-founder of Red Thread Research
Episode Overview:
In this enlightening episode of "Science 4-Hire," host Dr. Charles Handler engages in a thought-provoking discussion with Stacia Garr, co-founder of Red Thread Research. They delve deep into the realm of People Analytics Software, shedding light on its current trends, ethical considerations, and its impact on the HR industry.
Key Discussion Points:
Introduction to People Analytics: Stacia Garr clarifies the term "people analytics" and its significance over "talent analytics," emphasizing its inclusive and comprehensive nature.
The Evolving Market of People Analytics Software: Exploration of how the field has expanded and adapted, especially in response to the COVID-19 pandemic and the shift towards remote work.
Vendor Landscape and Research: Discussion on the various categories of vendors in the people analytics space, the growth of the market, and insights from Red Thread Research's latest study on people analytics technology.
Ethical Considerations and AI Integration: An examination of the ethical aspects of people analytics, the role of AI, and how these technologies are shaping organizational strategies.
Trends and Future Projections: Insight into current trends in the market, including the growing demand for people analytics solutions across different organizational roles and the importance of ethical considerations in technology deployment.
Practical Applications and Benefits: Conversations on how organizations can effectively leverage people analytics for improved business outcomes and employee experiences.
Call to Action:
Listeners are encouraged to explore more about the cutting-edge research and insights offered by Red Thread Research. For those interested in deepening their understanding of people analytics and its practical applications in HR, visiting Red Thread Research's website is highly recommended.
This structure provides a comprehensive overview of the episode, highlighting key points and encouraging listeners to engage further with the topic.
.
You
can you focus on including more of the results of her research as relayed in our discussion?
ChatGPT
Based on the transcript of the "Science 4-Hire" podcast featuring Stacia Garr, here are the show notes focusing on the results of her research as discussed in the episode:
Show Notes for "Science 4-Hire: The Future of People Analytics - Insights from Stacia Garr's Research"
Episode Title: "Exploring the Evolving World of People Analytics Software with Stacia Garr"
Host: Dr. Charles Handler
Guest: Stacia Garr, Co-founder of Red Thread Research
Episode Overview:
In this episode, Dr. Charles Handler engages with Stacia Garr to explore the latest trends and insights in people analytics Software. The discussion is centered around Garr's comprehensive research in this field, particularly her study which has evolved since its inception in 2019.
Key Insights from Stacia Garr's Research:
People Analytics Technology Study: Garr's research, now in its fourth iteration, initially began in 2019 and offers a unique perspective on the changes and developments in people analytics technology since the onset of the COVID-19 pandemic.
Target Audience and Market Growth: The study targets both people analytics practitioners and HR professionals. A significant growth in the vendor landscape was noted, expanding from about 50 in 2019 to 150 vendors, reflecting a rapidly evolving market.
Market Trends and Customer Satisfaction: The research revealed that the fastest-growing market segment is the 'employee experience and voice' category, driven largely by the shift to remote work during the pandemic. However, overall satisfaction with people analytics technology has declined, with multi source analysis platforms receiving the highest Net Promoter Scores among customers.
Shift in Use Cases for People Analytics Tech: A notable shift in the use cases for people analytics technology has been observed, extending beyond HR practitioners to include leaders, managers, and employees across organizations. This broader application is necessary for informed decision-making around talent decisions.
Impact of Vendor Focus on User Satisfaction: Vendors that focused on making their technology accessible to managers and employees tended to have higher customer satisfaction scores, as indicated by Net Promoter Scores.
The Central Message of Data Accessibility: Garr emphasizes that data about people should be made accessible to individuals across an organization, not just confined to the HR function. This approach can enhance both individual lives and overall business outcomes.
AI and Ethical Considerations: The future of people analytics technology is closely tied to the development and integration of AI. Garr's ongoing research is examining AI sophistication among vendors and its ethical implications, highlighting the need for balance between technological advancements and ethical considerations.
Invitation to Engage with Red Thread Research: For those interested in cutting-edge developments in organizational behavior, people, talent, and data, Garr invites listeners to explore Red Thread Research. The platform offers a community for interaction and access to high-quality research.
Call to Action:
Listeners are encouraged to delve deeper into these insights and join the conversation about the future of people analytics by visiting Red Thread Research's website and becoming part of their membership community.
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit charleshandler.substack.com