Talent management is a term that is being widely talked about in today’s workplace, but many businesses are unaware of what it exactly means. Some of them think it is about how you handle only your best and brightest employee. Others believe it applies only to hiring the best. It includes both of these, and much more. Talent Management software is an integrated system that is mainly used by HR professionals to control employees as a competitive advantage. This software deals mostly with employee development, redeployment and primarily retaining of the best talents. The quality of the company is determined by the kind of employees that are hired, but this does not stop here. The company has to strive to retain and nurture these talents otherwise the company will end up losing their best ones.
Importance of Talent Management Software
It is your organisation’s overall plan to recruit, retain, and develop all of your employees. This includes everyone from your top salespeople down to your part-time receptionist. It accepts that every person is vital to the success of your company. But the question is do you actually have the right plan in place so that your talent and organisation can thrive? Here are four best ways TMS can benefit your organisation.
- Improve Hiring Techniques
A smart, educated and engaged workforce is more productive and can achieves more significant results. It is for this reason you need to make sure you’re looking at only the best when hiring new employees. Talent management software provide various number of ways to increase sourcing and recruiting. For instance, the talent management system can help you recruit those talented individuals by combining tasks such as posting job descriptions, tracking applicants and making it easy to manage job offers, resumes, etc. Mainly, a talent management system streamlines your hiring process, giving you more time to focus on the candidates themselves instead of bothering about keeping track of their information.
- Develop Employees with ease
Once you have retained top talent within your company, it is essential to develop them to build the leaders for tomorrow. According to a detailed study by Go2HR, 40 per cent of the employees who receive inadequate training leave their job positions within the first year. Companies that fail to retain their top talent jeopardise themselves to lose their competitive advantage. As such, employee growth within any career must be taken care of, and a talent management software can do that. A good talent management software should include options for employee learning and development (L&D) to allow employees to take up courses, grow skills and other essential training. Mainly having a talent management system in place to apprehend all of this data which will enable you to quickly analyse, monitor and identify employees who need more development.
- Improve Cultural Connections and Employee Engagement
Having a meeting with your employees frequently for performance reviews, appraisals, can give management an opportunity to create an achieve an accurate grasp of the company’s goals. When employees understand the culture, values and objectives of the company– they realise their connection to the evolution of the company and can find ways to help it’s growth while being valued for it. However, a talent management software can help employees feel engaged by empowering employees and managers to interact with the employee’s professional career progression and encourages them to invest their time in the company by aligning their daily work with the business objective.
- Retain Top Talent
Losing your top talent to competitors is something every company should be aware and careful about, as replacing them can be very costly. A recent study found that it cost 20 per cent of annual salary to replace mid-level positions – this is something managers, CEOs would mainly want to avoid. Luckily, with all of the employee details hosted on one talent management platform, you can track employee performance, review goals, skills and career aspirations to make sure that your employees are engaged, happy, and on the right path.
Features for choosing the best Talent Management software
Most of the organisations before going in for software would want to be sure of what are the features that are available. Here is a list of the must-have features you should expect to see when examining any talent management solution.
- Employee Lifecycle Management
The employee lifecycle starts since the time an employee starts working at your organisation. When they are new and still learning the lay of the land, they’re in the onboarding stage. Then, as they grow and gain experience in their job role, they move into employee development. Finally, when they are ready to move on from the company, the employee enters the termination or transitional phase.There are different stages at a employee level which completes the life cycle.
- Compensation Management
Are different employees at the same level getting different home amounts of money? Depending on the size of your organisation, this can be difficult to keep track of. How are you supposed to stay on top of who gets paid what and when? Compensation management helps you track all these metrics and makes sure your employees are being compensated fairly and on time.
- Benefits Management
This goes hand-in-hand with compensation management, but instead of tracking compensation, benefits management thoroughly tracks the perks and benefits an employee receives outside of their salary or their wage. This can be anything from time off to a health care package, as long as it is not directly related to payroll.
Investing in an integrated Talent Management System will enable you to be able to incline towards being more strategic, more informed and free up time to focus on the talent you have hired or is going to hire. Darwinbox is your one-stop solution for the right software.
To know more on this, you can schedule your demo with Darwinbox.