Many organizations have increasingly come to recognize the benefits a robust recruitment system can bring to their hiring strategy and processes. However, fewer companies appreciate how good talent management system can help raise their success rate in recruiting and retaining the very best employees on the market. Modern talent management strategies help them to stay one step ahead in a very competitive market for talent.
What is the purpose of a talent management system?
There’s no question that recruiting and retaining the most talented employees for your business can be one of the most crucial factors in achieving organizational goals. But trying to achieve this while working with complex databases, paper CVs, or massive spreadsheets can prove a real barrier to your effectiveness in this area.
The purpose of a talent management system is to integrate all of the key areas of the talent management function, from recruitment and onboarding, to performance and learning management, and subsequent career development and succession planning activities.
Integrating these areas enables your business to have a holistic approach to identifying individuals in your company who have the potential and desire to progress to other roles or responsibilities in the future. Thus, it allows you to plan concrete initiatives to support them in gaining the skills and experience they need to succeed.
But the purpose of talent management software extends beyond this. Many human resources (HR) professionals and leadership teams also value the potential improvements in employee experience, motivation, and retention that can occur through managing people more proactively with a talent management system.
Employees that feel valued and invested in by the company are significantly more likely to give a higher level of discretionary effort, stay longer with the organization, and even refer and recommend other like-minded individuals to work for them. All of these factors can contribute greatly toward organizational success in terms of people resources.
Top 5 talent management systems
While there are many talent management systems on the market, all offering a unique mix of features and functionality, it can sometimes be overwhelming when deciding where to start. Here’s our pick of the very best talent management software on the market right now.
1. Kissflow HR Cloud
Kissflow HR Cloud is talent management software with a range of innovative yet easy-to-use features to enable your organization to attract and recruit the very best talent. Smart, automated job publishing and real-time social collaboration allow the recruitment process to be as effective as possible and enable the creation of high-quality candidate talent pools for future recruitment needs.
Kissflow HR Cloud’s performance management feature works intuitively to track, evaluate, and compare employee performance to seamlessly create succession plans to address future resource requirements ahead of time.
2. Workday HCM
This talent management system has a configurable recruitment and onboarding module. It is aimed at adding maximum automation to new hire processes and the ability to build talent pools quickly and seamlessly.
It also offers a series of innovative pulse surveys and other analytics to enable your HR teams and line managers to drill down into the performance and potential of current staff by evaluating skills and career aspirations. This allows you to create meaningful succession plans and career development initiatives.
3. ADP Workforce Now
ADP Workforce Now is intuitive and comprehensive talent management software that is well suited to organizations of all sizes due to its scalable functionality. It offers advanced performance management tools such as multi-rater feedback and cascading performance goals.
Its automated, proactive insights of your employee makeup help businesses identify turnover probability or areas of risk relating to their succession plan and talent pools. ADP Workforce Now offers free demos with customized pricing to new customers.
BambooHR offers users a solid talent management module as part of its cloud-based HR management system. It is perfectly suited to small- or medium-sized businesses.
Further, it integrates all of the important features of a good talent management system, such as insightful performance management workflows, visual employee performance comparison tools, and excellent reporting functionality.
Prices are dependent upon the number of users and type of functionality needed, and a free trial is offered so that you can assess whether the system meets your needs.
This well regarded and award-winning, cloud-based talent software has a range of great resources to support your business in planning and managing its talent activities.
Features include the ability to create flexible, personalized succession plans, analyze employee and team performance across teams, and target and asses both high and low performance and to gather employee feedback continuously. A free demo is not offered, but you can contact UltiPro directly for a customized quote.
Must-have features to look for when investing in a talent management system
There are a number of ways that a talent management system can help you retain and drive the top talent in your organization. For example, talent management software allows you to streamline and improve your existing performance and processes so that your employees feel valued and well rewarded.
You can also create employee satisfaction surveys and easily analyze satisfaction results to ensure that, as a responsible and caring employer, you are aware of the views of your staff. In doing so, you can take decisive, well-informed steps to make improvements in the workplace to enhance staff morale and enthusiasm.
It is also important to keep your top talent engaged by ensuring they have appropriate opportunities for promotion or can stretch their skills and abilities by participating in new tasks and projects.
Automation through a talent management system can help you identify the top performers in your business as per their annual performance review rating and feedback. Following this, you can create a succession plan so that you can put in place the necessary interventions to nurture your top talent and create a clearly defined pathway for their future roles in the organization.
Therefore, it is important to invest in a talent management system that offers the following features, as a minimum:
- Employee lifecycle management, enabling you to track the performance, career progression, and skills strengths and gaps of all employees.
- Succession planning, to create a robust yet flexible plan regarding how to meet both current and future recruitment challenges proactively.
- Performance management, to evaluate and compare the performance of employees across the organization to identify strengths, training needs, and opportunities for progression.
Talent acquisition, enabling you to create clear strategies for a pipeline of external talent to support and complement internal progression for future job vacancies.
Shop around for the best talent management system to meet your organizational needs
There’s little doubt that hiring and retaining the best talent in the market can have discernible benefits for your business, keeping your brand successful and ensuring that you stay ahead of the competition.
Using a proven and effective talent management system has the potential to significantly improve the effectiveness of your existing HR processes. In turn, this allows you to proactively work toward targeting your organization’s future talent and recruitment challenges.