As part of Oracle Fusion Cloud Human Capital Management (HCM), the Oracle Dynamic Skills is aimed at providing companies employee insights that would enable them to fix skills gaps and cultivate emerging talents. Powered by artificial intelligence (AI), the new capabilities provide business leaders with an always up-to-date view of their employees’ skills to help attract, develop, and grow the right talent.
With different technologies emerging, employees now are expected to either upskill or find new skills to navigate the constantly changing landscape.
“The shelf life of skills is shrinking and the fight for talent is becoming more competitive every day,” said Yvette Cameron, senior vice president of global product strategy, Oracle Cloud HCM. “Businesses need better insights into the skills of their workforce if they want to compete in today’s rapidly changing climate. With Oracle Cloud HCM, our customers can gain a better understanding of the skills across their workforce, where to focus development efforts, and what new opportunities can be created for the employee and the organization.”
According to Oracle, the Oracle Dynamic Skills maintains an “always-accurate” record of skills data within the organization, including job titles, employee capabilities, experience, and strength of skills. A complete view of this data helps HR leaders foster career development, more effectively plan, make better hires, and develop a highly skilled workforce.
To make it always accurate record, the new solution updates the database as needed which enables the human resource department of companies to keep track of where the workforce is at in terms of skills adoption. This is enabled by Skills Nexus, which takes publicly available data on skills, qualifications, and occupations from around the world and combines it with similar information from within the organization and uses AI to make it easy for organizations to assign skills to roles.
From the available data, HR can use the Skills Advisor, which, again using AI recommends what skills employees should learn, what skills organizations should hire for in specific roles, and which candidates have the right skills for open positions. This gives opportunities to employees who are suited or ready for leadership roles and which in the workforce is suited for certain job positions.
Pivot or perish. Employees are now expected to update themselves by acquiring new skills especially in IT. The Skills Center is a personalized portal for employees to update their skills, find new roles, and engage in learning resources. By making it easy for employees to track progress toward career goals and take action to further professional development, Skill Center helps organizations increase employee engagement and the skills of their workforce.
“Coming out of the pandemic, the talent economy is in a really interesting place. Many people took time during lockdown to reevaluate their career choices and consider new opportunities for growth. This is putting pressure on organizations and HR leaders to double down on both recruitment and retention. But regardless, the foundation of their strategies should be centered around one thing: skills,” said Lisa Rowan, research vice president, HR software & services research at IDC. “Skills are at the core of understanding your talent. Oracle’s new Dynamic Skills offering is designed to help organizations take a more proactive approach to skills, truly harness the power of skills within their workforce, and motivate existing talent to achieve more in their careers.”