Acquisition will add enhanced skills inventories, on-the-job development experiences, and career mobility to industry-leading learning experience platform.
Employee turnover due to lack of future career opportunities costs the typical large organization $49 million per year.
PLEASANTON, Calif., Dec. 11, 2019 (GLOBE NEWSWIRE) — Degreed, the workforce upskilling platform for one-in-three Fortune 50 companies, has acquired Adepto, a Total Talent platform that provides visibility and access to the skill-sets of current, past, and potential workers. The combination will accelerate Degreed’s global expansion, and add enhanced skills inventories, on-the-job development experiences, and career mobility to the company’s learning experience platform. Terms were not disclosed.
Adepto enables organizations to build private Total Talent networks that intelligently match internal and external workers to project, gig, and job opportunities that fit their skills and career goals. It also provides business leaders with easy-to-use tools to track and access the skill-sets and interests of their entire pool of available talent — current and past employees, as well as contractors, freelancers, consultants, and potential new hires.
Founded in 2013, Adepto has grown by 150% a year for three straight years. It now has more than 40 people, and offices in London, UK, Brisbane, Australia, and New York, USA. Clients include innovative, blue-chip companies like Atos, Capita, and Cisco, as well as public sector employers such as the Queensland Government. Adepto also partners with many of the world’s leading recruitment process outsourcing and managed staffing providers (RPOs and MSPs).
Adepto’s technology will give Degreed’s customers the most complete learning experience platform on the market, with formal, informal, social, user generated, and now on-the-job development opportunities — all available through one simple, intuitive app. It will also provide deeper insights into the supply and demand for skills in their businesses.
“Our clients and users want more than just an engaging learning experience,” said Degreed CEO, Chris McCarthy. “They want to continuously align their capabilities to new growth opportunities. To do that, they need real-time insights about the skills, experiences, and interests of all their workers — not spotty data from performance reviews or inferences from HCM systems. They also need a way to fluidly connect people to the right roles.”
Adepto makes it faster and simpler for business leaders and team managers to sense and respond to shifting demand for skills by integrating data from HCM, applicant tracking, vendor management, ERP, and other systems where work gets managed. In addition to enabling organizational flexibility and cost efficiencies, it is also used to boost worker engagement and retention by making career mobility opportunities more transparent and accessible.
Internal mobility is a big, unmet need in many organizations despite the widespread use of talent management and HCM systems. According to Gartner research, employee turnover due to lack of career growth opportunities costs the typical large organization $49 million per year. Adepto enables internal mobility by giving workers visibility into in-demand skills along with access to relevant project, gig, and job opportunities across their organizations.
“Adepto will enable Degreed’s customers to unlock a more complete inventory of available skill-sets,” noted Degreed’s Chief Experience Officer, Kat Kennedy. “That data is invaluable for benchmarking capabilities and optimizing investments in upskilling and reskilling. But it can also help to augment or inform crucial business processes like workforce planning, talent acquisition, and performance management.”
While data about workers’ skills is increasingly valuable, it is still difficult to get from traditional HR systems. According to Brandon Hall Group research, more than 45% of talent leaders say their organization does not have the right technology to assess and track the skills of their workforce. And almost 60% are looking for better technology to assess and monitor skill development.
Like Degreed, Adepto tracks people’s skills more effectively by giving users lifelong ownership of their profiles, which can be used across multiple organizations, along with control over how their personal data is used. It also leverages powerful, built-in incentives — access to career development opportunities. One of the Big Four professional services firms, for example, expanded its visibility into the skills and experiences of their talent pool by more than 400% using Adepto.
“Adepto and Degreed coming together will empower businesses to meet market demands more efficiently,” said Adepto Founder and CEO, Chris Milligan. “We have always worked with organizations to better mobilize their Total Talent. Now, with Degreed’s LXP and skills measurement capabilities, we can also provide customers with end-to-end solutions for upskilling and transforming their workforces — cost effectively and at scale.”
To find out more about Degreed, Adepto, and our plans for the future, read the blog posts on the Degreed and Adepto web sites, or get in touch with your Degreed or Adepto representative.