Companies have traditionally invested both time and money into attracting new talent to their organizations, but have often been less successful at retaining valuable employees. Over the past 20 years, organizations have begun to invest in the idea of Human Capital Management (HCM). One part of HCM is talent management, which focuses on filling vacant or new positions with savvy people, and on developing the potential and skills of existing employees. Software tools are critical to effective talent management. Since Enterprise Resource Planning (ERP) systems are already being used to manage corporate resources, they are an ideal platform for managing human resources. This white paper, explains the process of defining and using competency models to jumpstart talent management initiatives as part of an HCM strategy, and how software tools can automate these processes.
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