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Top 5 Reasons Why Your Company Needs a Talent Management Solution

Why Your Company Needs a Talent Management Solution

Why Your Company Needs a Talent Management Solution

Many people view talent management as the system that takes over once an employee has been hired. However, most vendors provide talent management as an integrated suite, composed of software that manages everything from hiring and onboarding, all the way through to offboarding.

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If you find your organization or HR department struggling to keep up with competitors or find it difficult to track your employees lifecycle, it may be time to implement a talent management solution. Here are five more reasons why your company needs a talent management system.

Employee Lifecycle Support

Talent management encompasses the entire employee lifecycle, from when they are hired to when employees retire and everything in between. Talent management usually begins with marketing and posting of jobs and the attraction of candidates. This continues through the recruiting process before onboarding. Once hired, employees will at some point during the annual performance and compensation cycles be part of goal setting.

Career development and training are processes that vary by organization. For businesses in regulated industries, like manufacturing, training may be part of the job from day one. In other industries, it may be done as needed or as a very occasional part of the employee’s career. In some cass, training may ramp up when an employee begins being introduced into high-performance programs or is considered as a successor for key roles on the organization. Add a talent management suite, and all of these processes can be handled by the software, making the lives of managers or CEO’s much easier.

Simplified Recruiting and Onboarding

Recruiting and onboarding involve the processes of acquiring talent and successfully onboarding them into the organization.  A talent management system begins accumulating data the moment a potential candidate submits their resume to be reviewed for a position.

You can imagine the extensive coordination and documentation involved in just this first phase of the employee lifecycle and an ATS, part of a larger talent management system, handles that. An ATS manages everything related to the recruiting and hiring of new employees including position control, interview scheduling, offer management and applicant engagement, just to name a few.

Once hired, they must now be onboarded into your other systems using, aptly named, Onboarding Software. Onboarding software is always used to collect information for the purposes of setting up payroll and is involved in a talent management suite. It also provides cross-boarding (internal transfers) and offboarding (termination) functions as well.

Easy Learning and Development

Learning and development (L&D) processes are focused on training, education and personal development. These processes focus on compliance training, developing the workforce and providing career paths and career development opportunities for employees. By developing employees, organizations can become more efficient and productive, as well as increase employee satisfaction and retention.

This aspect of the employee lifecycle is handled by Learning Management Software (LMS) included in a talent management suite. Dependent on the industry this could involve housing video training modules, searchable training course catalouges, or using functional interactives. Employees can use the LMS to structure course curriculum and store content on external platforms, plus sign off on completed courses or programs.

Automated Performance Management

Performance management is the process by which an organization involves its employees, as individuals and members of a group, in improving organizational effectiveness in the accomplishment of agency mission and goals. Performance, in general, does two things. First,  it helps defines the goals that managers and employees need to aim for during the appraisal period.

Second, it enables organizations to measure and appraise the employee’s’ year-on-year performances, to help identify top performers and engage in dialogue to foster continual growth and behavior. By implementing a talent management software suite, employee progress is automatically recorded and kept track of in real-time.

Combines Siloed HR Applications

One of the challenges faced by many organizations is having multiple software programs running their talent management systems — or, in some cases, multiple spreadsheets. Implementing a talent management system to replace multiple, disparate systems and processes provides several benefits.

The main benefit is that, because all processes are involved in the same platform, the data is in the same place, creating a single source of truth. Talent management suites standardize data and processes, plus execute a talent management strategy across an entire organization. Reports and analytics are consolidated, allowing version control to be much much smoother.

Talent management tools provide a number of ways to enhance sourcing and recruiting, performance and people development, as well as retention and engagement. With all the steps and processes involved in the employee lifecycle, who wouldn’t think of implementing a talent management system?

Looking for more? Download our talent management buyers guide and check out the top talent management / HR tech solutions, along with one page vendor profiles, plus key capabilities to look for in a solution and 10 questions to ask yourself and the vendor before purchasing.

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Download Link to Talent Management Buyer's Guide

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