Cornerstone OnDemand [NASDAQ: CSOD]: Talent Discovery Warriors

Adam Miller, President and CEO , Cornerstone OnDemandAdam Miller, President and CEO Many corporate organizations around the world believe in what Bossidy said, and the case was not different with Canon, a leader in the camera market. This is precisely why the expectations were high when Canon began the hunt for a Software-as-a-Service (SaaS) based talent management solution, which can meet their requirements for hiring and developing people. After reviewing an entire range of vendors, the search ended at Santa Monica, CA-based Cornerstone OnDemand, a company that is redefining the concept of talent management through cloud.

Unifying the Entire Organization

“Canon needed a unified solution that would ensure the consistency of the learning and performance management experience for every employee,” says Adam Miller, President and CEO of Cornerstone OnDemand. Patrizia Seifert, talent and resourcing director EMEA at Canon Europe explains why they zeroed in on Cornerstone OnDemand (NASDAQ:CSOD). “One of the most compelling value propositions was that Cornerstone enabled the integration of our entire talent management process. It eliminated the need of multiple systems to manage the employee lifecycle.” Seifert adds, “Cornerstone was also flexible enough to adapt to our needs and fully support the employee led approach we have towards talent management.”

Like what happens in Canon, retention and management of talent go hand-in-hand within global enterprises. An employee’s lifecycle in an organization begins with recruitment and onboarding which transitions to peer connections and learning. Then come performance, compensation and succession. Cornerstone OnDemand’s Unified Talent Management platform brings every single phase of this employee lifecycle under one platform.

Having recognized this facet, Cornerstone OnDemand makes it a point to practice what they preach. For instance, the company has put a twist on the traditional “bring your kid to work” idea, and instead invites employees to bring their parents to the office to better understand what their children do all day. The company also offers employees a sabbatical after seven years along with tuition reimbursement for a job-relevant degree after they have completed three years at the company.

Welcoming the Right Candidates Aboard

Creating a talent pool starts with talent acquisition. Cornerstone Recruiting refines the talent acquisition process with nimble and coherent recruiting. The solution enables organizations to identify better candidates in shorter time-frames with well-placed processes ranging from collaborative hiring capabilities, applicant management and social sourcing to employee referrals without the need to switch between systems. Candidates, on the other hand, get a hassle-free recruitment process from the employer’s career site to the offer letter.

Over the last 15 years, we have been singularly focused on building the most robust, organically built talent management suite in the industry

With Cornerstone Recruiting, employers can provide candidates on-the-go access to job search where in they can apply for jobs via mobile. Also, the valuable data emerging out of the recruitment process can be utilized in other talent management tools such as Learning, Performance, Onboarding and more.

After recruitment, a well-executed onboarding program has the potential to engage and educate a new joinee to take the organization forward. Cornerstone Onboarding helps organizations to engage the new hires with social tools, training and goal-setting programs after the recruitment process. With Onboarding, users can avoid time consuming manual processes by automating the process from routing forms to tracking. This enables the company’s clients to invest more time on strategy instead of the piling paperwork. Cornerstone Onboarding is unified with other talent management solutions such as Learning and Connect wherein organizations can seamlessly assign learning and enable networking for new hires via Cornerstone Connect.

Nurturing Leaders of Tomorrow

The challenge of aligning talent management strategies to a client’s organizational goals laid the foundation to the development of Cornerstone Connect. It is a social collaboration software solution that brings employees, customers, and partners closer to each other and to critical resources. The solution empowers users with the ability to share knowledge and innovations across the entire organization. “Employees can create a community, that will help in contributing and finishing projects sooner with unified collaboration tools, social feedback capabilities and task management,” says Miller. As Cornerstone Connect is built on the same platform as the company’s other talent management tools, organizations can unify networking and collaboration throughout the entire employee lifecycle.

Connecting peers is followed by learning—a precise reason behind the conception of Cornerstone Learning. This component enables companies to report, track and deliver on the myriad learning opportunities available in today’s age. The solution delivers targeted and structured formal training to employees, provides access to collaborative tools that engage learners, and enable peer-to-peer knowledge capture and sharing to extend the impact of learning. From videos to virtual sessions, users can seamlessly unify employee development with performance, compensation, and succession.

Performance Management and building Bench Strength

No talent management strategy is complete without performance management. Using Cornerstone Performance, users can align employee goals with organizational strategy and deliver ongoing feedback. This solution is of particular significance as it unifies performance management with learning, compensation, and succession in one system.
“One of the major factors in performance management is identifying and subsequently addressing gaps in skill and competency among employees,” observes Miller. “This is critical as the use performance data can be used to accentuate development, merit initiatives, and leadership planning.” Through Cornerstone Performance, organizations can easily identify employee competencies and skill gaps using 180- and 360-degree feedback from one intuitive application. Cornerstone Succession, on the other hand, empowers organizations to proactively address workforce issues and increase organizational longevity using learning, performance, and succession information stored in one unified system. The solution ensures that users do not have to cobble together training records, reviews, and compensation data from separate platforms.

"One of the major factors in performance management is identifying and subsequently addressing gaps in skill and competency among employees"

For instance, Hyatt, the international hotel operator uses Cornerstone’s unified talent management solution in its corporate office and hotel locations in North and South America. “We created a career resume and preferences option which allowed employees to share their ideas and set goals for their respective career growth,” says Randy Goldberg, Vice President of talent at Hyatt. “We’ve since seen a boost in employee movement between Hyatt brands and hotels in North America. There’s a better understanding of the opportunities, and people feel they have even more options from a career standpoint.”

"While our mission to help people realize their potential has not changed, we believe what clients want and need out of talent management solutions is changing"

Rounding off the company’s unified talent management platform is Cornerstone Compensation. The solution enables clients to avoid the need to integrate separate platforms and separate sources of employee data. Organizations can develop clearer insights into rewards and performance to conduct a total compensation analysis. With critical employee performance and market data, business leaders gain the ability to make better informed decisions about the allocation of base pay, bonus, and equity awards. Managers and executives can drive a pay-for-performance culture, automate compensation planning, and improve transparency from one location, with a single database.

“Over the last 15 years, we have been singularly focused on building the most robust, organically built talent management suite in the industry. While our mission is to help people realize their potential, we believe the need of talent management solutions is changing. Cornerstone’s clients don’t just want robust application functionality to manage their people. They are increasingly demanding more flexibility and extensibility for their investments,” says Miller. “With the launch of our unified talent management platform, we now have the unmatched ability to deliver development tools and services that put the power of cloud based talent management in the hands of our clients,” he concludes.
- Vineet Nair
    April 27, 2016