“These functional components align with the key human capital management (HCM) processes of plan to source, acquire to onboard, perform to reward & assess to develop. The talent management market is boosted by functionality to improve workforce engagement & collaboration, as well as to provide greater analysis and even predictive insights to improve decision making around workforce actions. It supports a variety of capabilities and are typically composed of four or more of the stated applications: workforce planning, recruiting, onboarding, performance and goal management, learning management, career, succession planning, & compensation management,” Gartner adds.
The main purpose of TMS is to help companies and organizations manage their current employees, some solutions encompass the hiring phase, and go as far as tracking employees as they prepare to leave a company. However, some of these phases of the employee lifecycle often have their own, dedicated software tools that stand alone. In fact, many organizations still rely on a series of separate tools to manage their workforce; one for recruiting, another for training, and so on.
The problem here is that those separate tools don’t ‘talk’ to each other or produce actionable data for C-suite executives because each program is a siloed application. Implementing a unified talent management system, or an integrated talent management suite, is the perfect way to combat this issue.
So, how will it help with recruitment?
Hiring the wrong person can be a very costly for enterprises, on the flipside, missing out on key candidates is another potential hazard. Luckily, an integrated TMS includes recruitment functions that manage a database of applicants so that you can coordinate recruitment efforts. Resumes, cover letters, notes, etc can all be stored digitally for easy storage and simplified management. Not only will this help you manage people-data, it can streamline the hiring process and ensure companies are interviewing the best possible candidates.
What’s more, advances in talent management tech platforms can help hiring teams expand traditional search methods to identify younger workers that they otherwise wouldn’t have access to. For instance, social media, blockchain technology, and big data analytics can build localized talent pools which can then reduce the length and complexity of the hiring process. Some applications included in an integrated talent management system go a step further and provide teams with a top-down platform to review and discuss all applicants and their statuses from one location.
Why wouldn’t I just implement a recruiting platform?
Sure, you could implement recruiting software – but why skip all the other amazing features that come with an integrated TMS? Recruiting platforms streamline the entire candidate search and hiring process to make it easier for organizations to add employees, but talent management suites encompass all the talent management, HR systems and other all-in-one HR tools that attempt at doing it all.
These systems are built to track and manage the recruitment, professional development, performance and lifecycle of employees and potential candidates. TMS platforms enable the automation of all the processes within the talent management realm and simplify workflows for HR and the company as a whole.
Looking for more? Download our talent management buyers guide and check out the top-24 products available in the market with full page vendor profiles, key capabilities and questions to ask yourself and the vendor before purchasing a talent management solution. For those just starting the talent management software search process, this is truly the best resource to help get you going.