Cornerstone OnDemand aims to harness India’s growing workforce with expansion, acquisitions
Firm intends to further collaborate with Indian companies, academia, and the government to equip the workforce with skills needed for the evolving digital economy
- Oct 5, 2023,
- Updated Oct 5, 2023 1:45 PM IST
Cornerstone OnDemand, a global provider of cloud-based talent management and learning experience solutions, aims to expand and leverage the Indian market, recognising the country’s potential as a rapidly growing economy with a substantial workforce.
The firm has already partnered with the NSE Knowledge Hub to promote financial literacy in India. US-based Cornerstone has said that it intends to further collaborate with Indian companies, academia, and the government to equip the workforce with the skills needed for the evolving digital economy.
“India's growing economy attracts global attention, thanks to its vast workforce and strong GDP growth. To tap into this potential, efficient market exploration is essential. Collaborative efforts are crucial for preparing the workforce to meet the demands of a rapidly advancing digital economy, and we are willing to collaborate with the government and corporations for these needs,” said Nishchae Suri, Managing Director, Cornerstone OnDemand in India.
The NSE Knowledge Hub engages a user base of 190,000, combining both B2B and B2C segments. Over 53,000 individuals have benefited from financial literacy learning, encompassing B2B and B2C content completions. This feat is strengthened by collaborations with domestic organisations such as the State Bank of India, Yes Securities, and ICICI Securities, as well as international institutions like Deakin University, the New York Institute of Finance (NYIF), and Grant Thornton. Together, they offer an extensive array of over 150 courses, all aimed at enhancing financial literacy for end users.
With a substantial part of its global workforce located in India, Cornerstone has set aggressive growth targets. "We have plans to continue making acquisitions in India to enhance our product offerings and expand our customer base both geographically and across industries," said Suri.
The firm further plans to empower India's talent landscape by providing advanced technology and talent mobility solutions tailored to the unique challenges and opportunities in the Indian market. As learning and upskilling are now imperative for both corporate success and individual advancement, Cornerstone is also evaluating more opportunities in the Indian market.
Cornerstone OnDemand in October 2022 announced India as one of its strategic high-growth markets. In the same year, the firm acquired SumTotal, a provider of learning and human capital management software-as-a-service (SaaS) for customers in highly regulated and complex industries, and EdCast, an AI-Powered Learning Experience Platform (LXP) and Knowledge Cloud for Unified Discovery, Knowledge Management, and Personalized Learning.
“We have an acquisitive nature. We constantly seek opportunities that enhance our capabilities in two key aspects. Firstly, in terms of product sophistication, and secondly, by expanding our ability to serve a broader customer base. While geographical or industry penetration could be considered, any acquisition we pursue must ultimately align with our core strategic proposition,” said Suri.
Cornerstone OnDemand this month released the 2023 Talent Health Index, a comprehensive report on global talent programs. It involved surveying 701 business leaders and 1,453 employees across regions in North America, Europe, the Middle East, Africa, and Asia Pacific in spring 2023. The report highlighted a significant skill development gap, with 41% of employees lacking resources for skill development. Many seek more learning content (65%), coaching and mentoring (62%), and career guidance (59%).
Most organisations are at the administrative maturity level, needing improvement, especially in automation and learning strategies. Adoption of emerging talent innovations is slow, with only 37% using learner-centric tools and over 60% not leveraging AI technology. The skills-confidence gap between employers and employees remains at 29%. High-Performing Organisations (HPOs) achieved higher Talent Health Index scores, with employees reporting more confidence in talent development initiatives, resulting in a smaller 6% skills confidence gap compared to the average organization.
“Currently, there is a significant emphasis on upskilling talent in India, with over 80% of organisations implementing structured learning and development programs. A notable 38% of industry leaders prioritise enhancing talent outcomes through comprehensive, future-proof upskilling efforts,” said Suri.
“Tailored talent development and retention strategies must be crafted by companies to navigate uncertain and complex situations successfully,” he said.
Also Read: Costa Coffee ties up with PVR INOX for sale of its hot & cold coffees
Cornerstone OnDemand, a global provider of cloud-based talent management and learning experience solutions, aims to expand and leverage the Indian market, recognising the country’s potential as a rapidly growing economy with a substantial workforce.
The firm has already partnered with the NSE Knowledge Hub to promote financial literacy in India. US-based Cornerstone has said that it intends to further collaborate with Indian companies, academia, and the government to equip the workforce with the skills needed for the evolving digital economy.
“India's growing economy attracts global attention, thanks to its vast workforce and strong GDP growth. To tap into this potential, efficient market exploration is essential. Collaborative efforts are crucial for preparing the workforce to meet the demands of a rapidly advancing digital economy, and we are willing to collaborate with the government and corporations for these needs,” said Nishchae Suri, Managing Director, Cornerstone OnDemand in India.
The NSE Knowledge Hub engages a user base of 190,000, combining both B2B and B2C segments. Over 53,000 individuals have benefited from financial literacy learning, encompassing B2B and B2C content completions. This feat is strengthened by collaborations with domestic organisations such as the State Bank of India, Yes Securities, and ICICI Securities, as well as international institutions like Deakin University, the New York Institute of Finance (NYIF), and Grant Thornton. Together, they offer an extensive array of over 150 courses, all aimed at enhancing financial literacy for end users.
With a substantial part of its global workforce located in India, Cornerstone has set aggressive growth targets. "We have plans to continue making acquisitions in India to enhance our product offerings and expand our customer base both geographically and across industries," said Suri.
The firm further plans to empower India's talent landscape by providing advanced technology and talent mobility solutions tailored to the unique challenges and opportunities in the Indian market. As learning and upskilling are now imperative for both corporate success and individual advancement, Cornerstone is also evaluating more opportunities in the Indian market.
Cornerstone OnDemand in October 2022 announced India as one of its strategic high-growth markets. In the same year, the firm acquired SumTotal, a provider of learning and human capital management software-as-a-service (SaaS) for customers in highly regulated and complex industries, and EdCast, an AI-Powered Learning Experience Platform (LXP) and Knowledge Cloud for Unified Discovery, Knowledge Management, and Personalized Learning.
“We have an acquisitive nature. We constantly seek opportunities that enhance our capabilities in two key aspects. Firstly, in terms of product sophistication, and secondly, by expanding our ability to serve a broader customer base. While geographical or industry penetration could be considered, any acquisition we pursue must ultimately align with our core strategic proposition,” said Suri.
Cornerstone OnDemand this month released the 2023 Talent Health Index, a comprehensive report on global talent programs. It involved surveying 701 business leaders and 1,453 employees across regions in North America, Europe, the Middle East, Africa, and Asia Pacific in spring 2023. The report highlighted a significant skill development gap, with 41% of employees lacking resources for skill development. Many seek more learning content (65%), coaching and mentoring (62%), and career guidance (59%).
Most organisations are at the administrative maturity level, needing improvement, especially in automation and learning strategies. Adoption of emerging talent innovations is slow, with only 37% using learner-centric tools and over 60% not leveraging AI technology. The skills-confidence gap between employers and employees remains at 29%. High-Performing Organisations (HPOs) achieved higher Talent Health Index scores, with employees reporting more confidence in talent development initiatives, resulting in a smaller 6% skills confidence gap compared to the average organization.
“Currently, there is a significant emphasis on upskilling talent in India, with over 80% of organisations implementing structured learning and development programs. A notable 38% of industry leaders prioritise enhancing talent outcomes through comprehensive, future-proof upskilling efforts,” said Suri.
“Tailored talent development and retention strategies must be crafted by companies to navigate uncertain and complex situations successfully,” he said.
Also Read: Costa Coffee ties up with PVR INOX for sale of its hot & cold coffees