In the world of business, every company wants the best talent on board to help it achieve its goals and stay with it for the long term. Achieving this goal is not a simple task, though, and it requires more than just an adequately-staffed HR team.
This is why talent managers need a talent management system. Recruitment and candidate experience are not the only components of managing talent today, and the process also must include recruitment, onboarding, employee engagement, and retention.
What is a talent management system?
A talent management system is an integrated software solution for all aspects of talent management, including the following:
- Recruitment and onboarding: finding and bringing on board the best people
- Learning and development: professional development for teams and individuals
- Compensation: salaries and benefits packages
- Performance management: evaluation of on-the-job performance
- Succession planning: ensuring a position does not fall vacant for too long when someone leaves
Most online talent management systems have modules, each of which represents one of the aforementioned areas. This means a module for recruitment, for performance management, compensation and benefits, and the rest.
How does it differ from a human resources management system?
The difference is one of focus. A human resource management system (HRMS) focuses on administrative tasks and transactional processes. An online talent management system, on the other hand, is an employee-centric solution. It puts the employees – the talent of the company – first in its pursuit of helping HR and companies to reach their goals for the long term.
Does a talent management system offer any benefits?
The top reason for talent managers to put in place a talent management system is to automate and ensure optimal delivery of all talent management processes in the company. The entire gamut of processes is a big task to manage in mid- and large-sized organizations, where manual tracking of individual candidates and their situations is difficult. This is where a talent management system is of great help to HR.
Specific benefits are explained below:
- Easy access to data: huge quantities of data come to the HR department, and its storage and accessibility are often troublesome. A talent management system aligns core HR processes and facilitates the analysis of employee data.
- Higher employee retention: the system covers all aspects of the situation of an employee in the organization, and helps to boost employee engagement and thus retention.
- Better employee experience: the system improves the employee experience by allowing access to all details on past performance and future career plans, as well as facilitating smooth onboarding.
- Improved hiring: it optimizes the selection process by reducing the time spent on tedious tasks and allowing for a better candidate experience by building a good relationship with him or her.
- Proper learning and development: this is a high priority for many workers, and a good talent management system can suggest courses and modules improve skills as per particular employee requirements.
What is the best way to choose a talent management system?
Given the advantages of a good online talent management system, the choice of the right system is extremely important. The following tips are useful:
- Aligned with organizational needs: the system must fit the needs of the organization, which includes present requirements as well as those foreseen a few years later. The former matters to avoid features not required, while the latter is important due to the hassle of migrating to new systems in the future.
- Comprehensive: the system must cover the entire set of activities talent managers are tasked with – from recruitment to succession planning and performance management. This avoids the need to procure add-on modules or apps at later stages.
- Simple to use: the talent management system must be easy to comprehend and make for good user experience. It should be supported with comprehensive databases, documentation, FAQs, tutorials, and other useful resources.
- Should integrate with related apps: given the diverse aspects of talent management, the system must combine well with job boards, email marketing software suites, CRM, payroll, and other solutions. This can be important if the system misses out on some desirable inbuilt features.
- Must have a mobile app: the system should have a mobile app version with comprehensive functionalities beyond merely viewing data.
- Cloud-based: companies need an online talent management system that is based in the cloud. This is important to allow access from any location and on any device, which is especially important for remote work.
- Security: such systems house data from employees and application, and is often of a highly sensitive nature. This data is critical, as is the need to keep it safe and out of bounds for unauthorized persons.
- Well-established: the vendor and the app must have a proven track record and a somewhat foreseeable future plan, to avoid having to switch over to a new system if this one is withdrawn from the market.
- Take a demo: before making a final choice, it is important to take a demonstration to see how it actually works and to get answers to any unresolved queries.