“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.
What’s great about this kind of software tool is that it can be segmented on the basis of employee sizes and revenues of the company into small businesses, medium-sized businesses and large enterprises. It is able to provide customized solutions considering the localized needs, cultures, languages and workforce dynamics. This kind of flexibility gives organizations a competitive advantage and allows for increased business profitability.
Talent Management as a Suite
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. 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.
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 find, 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.
Obvious benefits of having a talent management solution are: streamlined HR operations and the integration with core HR software or HCM suites that provides a suite of functions for payroll, benefits, time and attendance, etc. But here are some others you might not have thought of:
- Improved hiring techniques
- Employee lifecycle support
- Development of employees
- Access to accurate data leading to smarter business decisions
- Improved cultural connections
- Employee engagement
- Top talent retained
- Simplified recruiting and onboarding
- Better L&D
- More benefits explained here.
Selecting the right Talent Management Solution
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 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.