About Talent Management Software
Talent management software can help companies run their businesses more effectively by making sure they have the right employees working on projects that best utilize their skills. It includes a variety of tools that companies can use to make sure they attract the right talent and track their employee from the day they join the company.
What is Talent Management Software?
Talent management solutions provide a comprehensive suite of tools that help companies to take a more strategic approach to the way they select, manage, and retain their employees. With talent management, businesses can better attract top candidates, develop the skills of new hires, assimilate employees into the corporate culture, and continuously expand the abilities of workers in all roles to ensure optimum job performance and possible advancement.
Talent Management Software Improves Morale and Retention
Talent management software helps companies promote a more worker-friendly culture where employees are nurtured and supported in order to fully leverage their key competencies for the greater good. As a result, they can help minimize on-the-job frustration and boost morale, which will in turn lead to lower attrition and greater loyalty.
Talent Management Software Improves Productivity
Nothing increases operational efficiency more than employees who are all working at full capacity. With talent management software, organizations can gain in-depth insight into where their employees’ strengths and weaknesses lie so that their tasks and responsibilities can be effectively matched to their specific skills and capabilities.
Reduce Costs With Talent Management Software
Because talent management software aims to guide employees through potential advancement, it makes it easier for companies to promote from within. This in turn eliminates the time and expenses associated with external job searches.
Does My Company Need Talent Management Software?
Many factors contribute to the success of each individual employee. Their skills, work histories, educational background, and personalities all impact their ability to execute their jobs at optimum levels. Without talent management software in place, the strengths of many workers may go untapped and their full potential may never be realized. On the other hand, talent management software helps companies to identify the unique abilities of each employee, so those talents can be applied most effectively to increase both individual and company-wide performance.
In fact the leading industry analyst firm Aberdeen Group has stated that “by implementing tools and processes that enable organizations to identify and understand the core competencies of top performing workers, and by leveraging that data and knowledge across pre- and post- hire elements of human capital management, companies will make better hiring decisions, enable workers to pursue desired career paths, and improve business operational performance.”
Key Features of Talent Management Software
Talent management software brings together a variety of critical human resources and supervisory functions through features and capabilities such as:
- Recruitment, to ensure that the right people are solicited, enticed, and hired into the organization.
- Retention, to develop programs that keep employees – especially good ones – happy and loyal.
- Training, to promote ongoing learning and skills enhancement at all levels of the organization.
- Performance management, to help identify areas in need of improvement and develop plans to address them.
Talent management solutions also offer functionality that enables:
- Creation of a more employee-centric culture that maximizes morale and motivation.
- More effective workforce planning, so organizational charts and employee roles evolve in alignment with company goals and objectives.
- Identification of future leaders, so programs can be implemented to help them grow into higher positions within the business.
What to Look for When Choosing Talent Management Software
Talent management should not be viewed as a stand-alone discipline, so the talent management solution you choose must work well with the systems that support other, closely related processes, such as human capital management applications.
Ease of Use
Talent management can be highly complex and multi-faceted, and while the activities that support it may be complicated, a talent management software system should not be. This is particularly important since HR staff – the primary users of talent management systems – are usually not necessarily technically savvy. So, the solution you select must be intuitive and user-friendly.
Many of the more advanced talent management solutions come complete with pre-structured workflows that enable the implementation and enforcement of best practices. This is particularly useful for companies who are new to the concept of talent management, or who have existing talent management processes in place that have proven to be ineffective.