The skills crisis is real and employers are grappling with how to resolve it.
But could the solution be inside their existing employee base?
Hitch will help companies match employee skills with projects.
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The ‘Great Resignation’ is not just causing a talent crisis, it has also worsened the skills crisis.
Businesses are grappling with huge skills gaps, particularly in the realm of digital, and they are desperate to find a solution.
One answer that is being discussed is talent marketplaces which employers use to find the right skills that they need for certain projects from within their current talent pool. This is a net positive in the ‘Great Resignation’ given career development is a leading cause of the talent crisis, and talent marketplaces are a new way to develop and upskill employees.
HR tech giant ServiceNow is embracing this approach to support its clients with the skills crisis, and therefore has bought Hitch. This comes hot on the heels of acquisitions of Geekobrain, Loom and LightStep over the past two years.
Hitch is an artificial intelligence (AI) skills mapping and intelligence company with the tagline ‘unleash the talent inside’. It is headquartered in Seattle and was founded in 2017 by Kelley Steven-Waiss – she now acts as its founder and executive chairman.
Steven-Waiss and Hitch CEO Heather Jerrehian will remain with ServiceNow as a result of the acquisition, which is expected to close in the second quarter of 2022.
Inside the deal
As a result of the acquisition, Hitch’s AI skills insights will be integrated into the Now platform. This means users will be able to match talent to projects within the flow of work.
Hitch will add a new layer of sophistication to support users in tying learning and development to workforce planning.
Talking about the deal, ServiceNow vice-president and general manager of HR service delivery Gretchen Alarcon commented: “If skills are the new currency for business, insight into these skills is critical to driving talent retention and adapting to evolving business needs.
“But skills management has historically been siloed, with numerous point solutions and fragmented processes that don’t work together.
“With Hitch, ServiceNow will streamline skills intelligence on a single platform to help business leaders match employees with meaningful work.”
Hitch CEO Jerrehian added: “AI-powered skills intelligence is the foundation for the future of work.
“Joining forces with ServiceNow allows us to scale our skills and talent mobility solutions across a global ecosystem of business leaders, managers, and employees.
“Together we will make work more meaningful and purpose-driven for employees and deliver better business outcomes for companies.”
Will other HR behemoths follow suit and provide solutions to the skills crisis?
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