When you search for Talent Management Software (TMS), there are a plethora of options. Sometimes too many, so the process of choosing the right one can quickly get overwhelming. Some are offered via the cloud, other are on-premise. Some solutions are priced per user, others are a one-time fee. With so many options available today, how are you supposed to filter between all the choices in order to get one right for you and your business?
Don’t worry, we’re here to help. Below are some of the most frequently asked questions (FAQ’s) about talent management software to help you in the selection process. We’ve also created a variety of buyer resources and articles to speed the evaluation of HR tech solutions. In our Talent Management Buyer’s Guide, we offer readers a full TMS market overview. This includes company and product profiles and best use cases for the top-24 providers, ten questions for prospective HR tech buyers, and our bottom line analysis.
What is TMS?
Talent Management Software is designed to help businesses find, hire, and train high quality employees. Essentially, talent management products enable businesses to manage their talent pools for the duration of their life with the company. Most talent management suites include seven core modules; recruiting and ATS, onboarding, performance management, compensation management, learning management, and succession planning. This set of talent management capabilities are regarded as one of the ‘strategic’ functions of human resource (HR) management.
One thing buyers should consider when looking for talent management software is the scope of the solution they need. Larger HR suites that include talent management capabilities may be more advantageous for midsize companies and enterprises that will likely need an integrated HR system. On the other hand, smaller companies and quickly growing businesses may not need all the additional functionality that comes with HR Management / HCM suite options and could be better served by an individual talent management solution. Reviews can help you figure out which solution will work best for your company.
What are some common TMS features?
As mentioned above, most talent management suites include seven core modules; recruiting and ATS, onboarding, performance management, compensation management, learning management, and succession planning. In this article, we divulge deeper into some of the must-have features for talent management solutions – read it here.
How much does TMS cost?
All TMS pricing depends on user size and feature sets. Most vendors require a call, during which they provide an individualized quote. Prices could range anywhere from $5 per user, per month to hundreds of dollars per user, per month. We suggest doing some research or reaching out to the software provider and asking before buying anything. Software review sites such as Capterra, SoftwareAdvice, or G2Crowd usually have info regarding prices, so those websites would be a good place to start.
Are there free TMS options available?
As mentioned previously, it all depends on user size, features and the software provider. But to answer this question directly, yes, there are free HR tech options available today.
What are the benefits of using TMS?
These systems enable the automation of all the processes within the talent management realm and simplify workflows for HR and the company as a whole. 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.
Implementing talent management software will streamline HR operations and the integration with core HR software or Human Capital Management (HCM) suites that provides a suite of functions for payroll, benefits, time and attendance, etc. Read this article for five more benefits your organization will experience by implementing a talent management system.
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 before purchasing. For those just starting the talent management software search process, this is truly the best resource to help get you going.