It seems as if there’s a software application to appease just about any business pain point these days. However, some software solutions are clearly superior to others. When it comes to talent management, you can chalk talent management software up as one of the most useful applications around.
What is Talent Management Software?
The purpose of talent management software is to allow managers to oversee a variety of areas of their business at once. There is generally a suite of tools within the larger software, with different tools focusing on things like performance, compensation, content, recruitment, and retention.
'Each category of software covers a specific portion of the broad talent management spectrum,' industry expert Brian Sharp explains. 'Traditionally, human resources departments fulfil the role of data administration and number crunchers in a one-dimensional way. The introduction of talent management software and rise of big data has allowed HR departments to play a pivotal role in employee retention and engagement.'
And while talent management software has been around for a while, there’s never been a better time to invest. The competition in this industry has kicked into high gear and this has led to better product offerings, more innovation, and lower prices. There are at least seven or eight good options now, which should allow you to compare and choose one that fits your company well.
Four Specific Benefits
If the idea of talent management software intrigues you, then you may want to know about some of the specific benefits and how they could positively impact your organization.
1. Better Hiring Processes
Before your company is ever able to cultivate and groom employees, you have to get them on the payroll. Talent management software assists in helping you hire the right candidates for the job by providing features related to candidate research, sourcing, and communication. It totally changes the game and gives you a chance of hiring the best talent before your competitors even know it exists.
2. Enhanced Performance Visibility
Talent management doesn’t end with hiring. In order to maximize your investment, you have to monitor their performance and help them grow. Talent management software gives you increased visibility into their performance and provides metrics by which you can measure their progress.
3. Employee Connectivity
Monitoring your employees is one thing, but listening to them and collecting genuine feedback is another. Thankfully, talent management software bridges this divide and allows for more bottom-up communications. This flow of information enables you to establish a better HR environment.
4. Superior HR Analytics
'Analytics are needed to measure what's working and what's not, reallocate resources to top performing methods and achieve a closed loop cycle to the talent management process,' expert Dave Foxall notes. Knowing this, talent management software developers have placed an emphasis on the integration of source analytics that allows organizations to better understand candidates and employees.
Is Talent Management Software Right for You?
'Talent management software can offer value in ways which we have previously not imagined,' Sharp points out. 'It empowers managers to make smarter decisions, hire better employees and retain the best talent that the company has to offer.'
In a day and age where employee turnover is high and top talent is difficult to come by, talent management software could mean the difference between maximizing your staff and having minimal control over management practises.
While talent management software may not be right for every business, it’s becoming more intuitive and cost effective – which is making it a more practical solution for many.
Sit down with your team and discuss whether or not an investment in talent management software could benefit your organization.