“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.
Talent management platforms can be segmented on the basis of employee sizes and revenues of the company into small businesses, medium-sized businesses and large enterprises. They’re able to provide customized solutions designed on the localized needs, cultures, languages and workforce dynamics.
A Guide to Talent Management Software
The most primary elements of talent management suites form a continuum of activities and processes, revolving around the most important resource in any organization: its people. Having the right talent management system can be essential for helping people and their process grow. Plus, by streamlining the processes such as recruiting, acquiring and retaining new hires, HR managers and employers can stay better organized and communicate more effectively – with easy access to any candidate or employee information with a touch of a button.
By doing this, talent management systems can also smooth this information across HR, payroll, and benefits administration. 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.
Why do you need a talent management system?
With the current market becoming highly competitive for quality workers, otherwise known as the “war for talent,” companies are considering HR capital a top priority, and since companies are only as successful as the people within them, it’s important to attract, hire and retain quality candidates and top performers. Implementing a strong and efficient talent management system can help with attracting and retaining top talent as well as making a bottom-line impact on productivity. Today, some of the most successful companies are focused on enabling HR professionals to harness this resource to its fullest
Improve Hiring Techniques: A better, more educated and engaged workforce is most often times more productive and achieves greater results. Its for this reason you want to make sure you’re looking at only the best of the best when hiring new employees. Talent management software provides a number of ways to enhance sourcing and recruiting. For instance, the talent management system can help you recruit those really talented individuals by integrating asks such as posting job descriptions, tracking applicants and making it easy to manage job offers, resumes, etc. Ultimately, a talent management system streamlines your hiring process, giving you more time to focus on the candidates themselves instead of worrying about keeping track of their information.
Easily Develop Employees: Once you have retained top talent within your organization, it’s extremely important to keep them in order to build leaders for tomorrow. According to a study by Go2HR, 40 percent of employees who receive poor training leave their job positions within the first year. Organizations that fail to retain their top talent risk themselves to losing their competitive advantage. As such, employee growth within any career must be taken care of, and a talent management system can do just that. A good talent management system should include options for employee learning and development (L&D) to enable employees to take courses, develop skills and other basic training. Having a talent management system in place to capture all of this data allow you to easily analyze, monitor and report on which employees need more developing.
Access to Accurate Data Leading to Smarter Business Decisions: Integrated talent management systems have the ability to align core HR processes throughout the HR lifecycle, from recruitment, to benefits management, ongoing performance assessments, and so forth. Talent management systems allow for data sharing/connecting across the entire organization, giving you an end-to-end view of employee information. In turn, this enables you more opportunities to make better-informed, strategic business decisions with all the information you’d ever need.
Improve Cultural Connections and Employee Engagement: In some instances, motivating and engaging employees go beyond just having a solid talent managemnet system in place. Meeting with your employees frequently for performance reviews, appraisals, whatever it may be, can give management an opportunity to create a true understanding of the company’s goals. When employees understand the culture, values and goals of the organization – they realize their connection to the development of the company and can find ways in order to help it’s growth while being valued for it. However, a talent management system can help employees feel engaged by empowering employees and managers to interact with the employee’s professional career progression and encourages them to invest in the organization by aligning their daily work with business goals – all while focusing on their personal goals too. Employee profiles stored within talent management systems being when resumes are sourced and continues through the employees time at the company. This also allows you to maintain long-term relationships with top performers and could even lead to reduced turnover.
Retain Top Talent: Losing your top talent to competitors is something every organization should be on the lookout for, as replacing them can be very costly. A CAP study found that it cost 20 percent of annual salary to replace mid-level positions – this is something managers, CEOs and other C-suite executives definitely want to avoid. Luckily, with all of the employee information hosted on one talent management platform, you can track employee performance, review goals, skills and career aspirations to make sure your employees are engaged, happy, and on the right path.
Selecting the right Talent Management Solution
With all that being said, the process of searching, evaluating, purchasing, and deploying a talent management solution is not as simple as it once was. There’s no such thing as a one-size-fits-all approach when it comes to talent management software. Solutions today come in a variety of different flavors, each features a particular set of capabilities, strengths, and drawbacks. Choosing the right vendor and solution is a complicated process—one that requires in-depth research and often comes down to more than just the solution and its technical capabilities.
Here at Solutions Review, it’s our job to help simplify that process. To that end, we’ve created a variety of buyer resources and articles to speed the evaluation of enterprise technology solutions. In our Talent Management Buyer’s Guide, we offer readers a full talent management technology market overview. This includes company and product profiles and best use cases for the top-24 providers, ten questions for prospective talent management software buyers, and our bottom line analysis.
Looking for more? Download our Talent Management Buyers Guide for free to compare the top-24 products available on the market with full page vendor profiles, key capabilities, a talent management market overview, our bottom line analysis, and questions for prospective buyers.