Talent Management Software (TMS) is a technology tool used by HR professionals to manage employees within an organization. Closely related to HR software, Gartner Inc., defines TMS as an integrated set of applications that support an organization’s need to plan, attract, develop, reward, engage and retain talent. Such applications include workforce planning, talent acquisition & onboarding, performance appraisal/assessment, goal management, learning management, competency management, career development, succession management & compensation management.
As TMS encompasses all the talent management suites, integrated HR systems and other all-in-one HR tools that attempt at doing it all, these systems are integrated software solutions built to track and manage the recruitment, professional development and performance of employees and potential candidates. Talent management platforms enable the automation of all the processes within the talent management realm and simplify workflows for HR and the company as a whole.
A talent management solution can also smooth the flow of information across HR, payroll, and benefits administration. This sharing of data can enable your business to better innovate and your employees to better perform. It doesn’t only help HR administrative needs however, talent management is a business strategy, so the software simplifies business processes and allows room for improvement in the top talent in the company.
Below are four things you should consider before purchasing a TMS.
A Broad Range of Tools
Today’s talent management systems encompass many different functions and tools. It is a broad subject, everything from hiring to onboarding to performance reviews fall under the umbrella of talent management, but those topics only crack the surface. According to TrustRadius, talent management systems feature components ranging from performance management to compensation planning, goal alignment, recruitment, and performance management. In order to do a thorough and accurate talent management system comparison, you’ll first need to identify which specific functions you’re looking for. We’ve provided you with the must-have features and nice-to-have features here.
Questions to Ask Your Provider
While you’re in the processes of looking for a talent management solution to purchase, it’s critical to ask your software vendor questions in order to know all about the software or system you’re about to implement into your business/organization. People want to make sure that the talent management system they buy will support their organizations for years to come. We have put together a list of questions to ask you talent management software vendor before purchasing here.
TMS is Not What It Once Was
A recent Forbes article notes that in the early 2000s, HR management solutions primarily consisted of tools. Now, however, HR software is more focused on integrated talent management. According to an ERE article, an integrated talent management function has several distinguishing characteristics:
- Talent Strategy and Workforce Plan Are Tied to Corporate Strategy: An integrated function is meant to help the business meet the human capital needs of the corporate strategy. As a result, an explicit talent strategy and workforce plan are key to ensuring that talent management activities are aligned with the business. Workforce planning also allows an integrated function to rapidly adjust to changing business needs.
- Talent Management Processes Are Aligned to the Talent Strategy: The talent strategy and workforce plan should drive all talent management activities. In an integrated function, the talent strategy and workforce plan are the puppet-master, and the talent management processes are the marionettes.
- Technology Enablement for Talent Management: In some cases, the sharing of data across processes in Talent Management can be achieved without technology support, through cross-functional participation in meetings, or paper and email communication. However, technology support is critical to ensure these interfaces are scalable as a company grows.
- Change Management as a Foundation: The journey to integrated talent management is transformational, not incremental. A detailed and pervasive change management effort is absolutely essential to ensure that your business is able to follow your lead on that journey.
Today’s talent management solutions are offered as cloud-based platforms and streamlined for comprehensive talent management support and ease of use across the organization.
Key Capabilities to Consider
Even if employees are very good at their jobs, ongoing training will be needed to help them stay on top of the latest marketplace trends, techniques, technologies, and other factors that will impact their day-to-day activities. Additionally, those staff members that demonstrate leadership qualities, or those with a desire to get ahead in the organization, will want educational opportunities that will help them expand their skills and prepare them to take on additional responsibilities. A talent management solution should help businesses promote ongoing learning at all levels of the business, giving employees the chance to perform their jobs better and advance further in the organization.
Recruitment / Applicant Tracking System (ATS)
Your talent management solution should assist with recruiting or talent acquisition, as this is considered a key component of talent management. A recruitment module or an Applicant Tracking Systems (ATS) can help with job requisition management, social media publishing, job search site posting, resume management, candidate searches, applicant tracking, task creation and delegation, plus so much more.
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.