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Every company wants to maximize the return on their talent. Labor is typically the single largest expense in an organization, but for good reason. The people truly make a difference and can be the deciding factor in whether a company gets phased out or rises to new levels of growth and prosperity.
Human resources information systems (HRIS) and other types of HR software have been increasingly adopted as companies have discovered how this technology assists with managing information and automating mundane record-keeping tasks. Talent management software falls into the array of HR software solutions now being offered but focuses more on certain aspects of HR management than other types of software.
What Is a Talent Management System?
The talent management system definition describes software that allows companies to manage their employees. Talent management systems are designed to take care of four major facets of human resources: recruitment, performance management, training, and compensation. Talent management system vendors may offer all-in-one suites that contain modules for each facet or may offer separate stand-alone systems that can be purchased and integrated as needed.
In some cases, a talent management system may be part of larger systems containing more features and functionality, as well.
What Are the Benefits of Using HR Talent Management Software?
Keeping track of talent can help management to make strategic decisions regarding hiring, promotions, discipline, training, scheduling, and many other important daily tasks. By employing talent management systems, managers can see at a glance what – and who – is working. In short, talent management systems take the theoretical aspects of HR management and apply them in a way that produces real results within the organization.
Better Hiring Decisions
Talent management systems aren’t only about the talent that your company already has. The right talent management software can manage talent from the applicant tracking process through onboarding and employee development. You can use the software to ensure that you’re hiring the talent that is the best fit for your company’s talent needs.
Improved Onboarding
The onboarding process is your new employees’ first impression of your company. A talent management system can help smooth that process. The software should already have data about the new staff member during the recruiting process. Any additional paperwork that must be filled out can be automated to streamline onboarding and get the new employee started more quickly.
Employee Development
A talent management system should also help you manage the employees you already have. The software should include features for employee learning, training, and development. The system can track what skills an employee already has. The system can then offer employees additional courses, training, and even certifications that can help them develop professionally. Managers can see in the system what skills would be useful for an employee and assign training accordingly.
Lower Turnover
Employees are much more likely to stay with a company that offers them opportunities to improve their skills. Using a talent management system can help your company not only develop employees’ skills but in doing so show them that they’re valued. You can more easily show employees that the company is invested in their careers. This, in turn, will keep employees with your company, lowering your overall turnover.
Improved Employee Engagement
More engaged employees are more productive employees. On top of that, their work is typically of higher quality. Employees can, through a talent management system, become more invested in their own careers. The system can help both managers and employees align skills and goals with those of the company.
Accurate Data
Using software to manage your talent can help ensure data accuracy across the board. A talent management system can connect with other systems you may already have. This allows for data input into your TMS to be shared with those other systems. By avoiding the manual entry of data into multiple systems, you can help ensure accuracy across all of your HR processes, not just in talent management.
How to Select a Talent Management System
If you’ve decided that a talent management system is right for your company, it’s important that you select the solution that fits your needs and works with your company culture. Talent management system offerings are generally very similar, so having a plan during the research phase of your search can make a difference.
Determine Your Company’s Needs
Before you get started on the software search process, it’s important to decide exactly what features your company is looking for. Research ahead of time what features and tools come standard with talent management software. Are there any features that are must-haves for your company? Which features would be nice to have, even if they’re not absolute must-haves? Knowing what your company needs out of the system will help guide your search.
Find the Right Vendor
Once you have an idea of what your company needs, you can start your search for the right vendor. There are several methods HR professionals use to find the right vendor. These methods can include asking their network, researching online, and using a vendor match company.
Rely on a Vendor Match Company
Vendor matching companies work with a number of different vendors, so they know the inside scoop on what is being offered. A vendor matching company will review your needs and use their experience to determine the talent management system vendor that will best meet those needs. This can save time and help match you with systems that you may not have discovered otherwise.
Request a Demo
A demo is a chance for you and some of your key stakeholders to see what the system looks like and to get some hands-on experience with using it. You can also ask questions of the vendor representative on the spot. Demos tend to be highly informative and can be a deciding factor in whether a system is bypassed or is moved on to later stages of the selection process.
Be Aware of Third-Party Relationships
Some vendors flaunt features that are available in theory but must be handled by third parties – with additional fees. One common example is training modules, which may link to third-party sites for the actual training videos and quizzes. Before purchasing a system, make sure that you know exactly what is included so that you’re not surprised with extra fees later.
Is your company looking for a talent management system? We can help you find the HRIS software that will best suit your needs. Visit our HR software match page to start your search today.
