- Talent management software integrates and streamlines recruitment, training, performance reviews, and other HR processes.
- By automating some processes and simplifying others, talent management software allows HR managers to focus on other initiatives.
- The right talent management software will increase transparency, employee engagement, performance, and retention.
The myriad of processes involved with talent management—from recruitment to offboarding—can be overwhelming. Using talent management software to bring all of those elements together into one central platform can streamline workflows, improve data management, and ease the workload for overburdened HR departments.
Talent management software can also improve the employee experience through self-service options. By making training, documentation, goals, and performance reviews more interactive and transparent, employees are empowered and engaged. At a time when the voluntary quit rate is 25% higher than it was pre-pandemic, over 80% of HR leaders say organizational success depends on a quality employee experience. Talent management has never been more critical to finding and maintaining the right employees.
In this post, we explore the benefits of talent management software and offer tips on choosing the right platform for your organization.
What is Talent Management Software?
Talent management software, also known as a talent management system, is an integrated software platform that supports finding, developing, and retaining talent. While traditional HR software was the domain of HR professionals—focused on transactions, payroll, and basic administration—talent management software is more holistic, involving employees, managers, and team leaders. With this software, organizations can automate some processes and offer self-serve options to employees.
Talent management software is valuable throughout the employee lifecycle for:
- Employee engagement
- Performance reviews
- Rewarding success
- Training and professional development
- Succession planning
A comprehensive talent management system integrates most, if not all, of these core HR processes in a single platform.
The Benefits of Talent Management Software
Implementing the right software will benefit HR professionals, managers, and employees. Here are just a few ways it can help your organization boost performance and meet your goals.
Streamlined processes and workflows
Too often, recruiters, trainers, managers, and team leaders operate in silos, each with their own goals and processes. Integrated talent management software will ensure continuity, keeping all information in one place that can be accessed by those who need it.
Improved data management
Similarly, talent management software can help you bring all employee data into one central location. Create an employee profile for every new hire, which will hold everything from paid time off to performance reviews and training schedules. This will provide a complete view of the employee, year after year. Ideally, every employee should have access to their profile so they can update information and track progress as they wish.
Housing all information in one place reduces errors and allows better data analysis for more informed strategic decisions.
Does your organization fall into the 95% of companies that admit to making a bad hire? Recruiting the wrong people wastes time and money—but talent software can help you find the right candidate by streamlining and speeding up your recruitment process without giving up any critical steps or attention to detail.
Some platforms offer pre-configured workflows to help you reach the right talent, without starting from scratch each time. Create a requisition, post job openings quickly on popular search websites, collect and sort resumes, and guide candidates through the application process automatically. The same platform can also help you evaluate candidates, schedule interviews, communicate with the hiring team, and track and manage job offers.
The best part? You’ll have instant insight into where a candidate is in the hiring process at any time, without making manual updates.
Talent management software saves all information collected through the recruitment and hiring process with the employee’s profile. Plus, new hire forms can be filled out electronically, eliminating stacks of paperwork. In-person time can then be spent introducing the recruit to teams, mentors, and office culture.
Better performance reviews
According to Job Holler, about 63% of companies fail to have regular conversations with their employees about their career growth and goals. That represents a lost opportunity to engage employees, inspire loyalty, and identify issues before they become critical. On the flip side, of those companies that conduct continuous performance check-ins, 90% report a boost in employee engagement.
Developing performance reviews for each employee and making time for regular meetings can be time-consuming. Talent management software can simplify the process. Look for a platform with customizable performance review templates you can use as a starting point. Set goals, track progress, and assign deadlines. Employees can see current and previous reviews,and enter feedback at any time,ensuring a transparent, ongoing process.
Talent management software can help schedule and track training and professional development. New skills or certifications acquired by employees can then be added to their profile. The platform will also enable HR to identify skills gaps and then suggest relevant training to help the employee’s career trajectory.
Improved employee engagement
Companies with highly engaged workforces are 21% more profitable than those with poor employee engagement. That’s not surprising, because engaged employees are happier, more productive, and more likely to stick around.
Offering a self-service portal and giving employees access to their profile, pay slips, professional development opportunities, and performance goals at any time not only boosts transparency,but offers opportunity for interaction and engagement. Empowering employees to track their progress and fill out performance reviews also reduces the HR burden.
What to Look for in a Talent Management Solution
The right talent management software offers significant return on investment by saving time, boosting productivity, and increasing engagement. Factors to consider as you evaluate software options include:
Core functionality. Look for a platform that supports the entire employee lifecycle: recruitment, onboarding, performance management, goal-setting, training, and development.
Agility and flexibility. Your business will evolve, perhaps in ways you don’t expect. Will your talent management system be able to scale up or down? Will you be able to add additional features as you need them? Does the platform update regularly?
Employee self-service. Does the platform allow employees to view and update their profile? Is the employee portal mobile-friendly?
Integration. Does the talent management software operate separately from your other HR tools? Or is it part of a streamlined all-in-one HRIS system?
Support. Talk to vendors about the support they offer through implementation and beyond.
SentricHR for Your Talent Management Needs
Bring recruitment, training, employee goals, performance management, and more together seamlessly using SentricHR’s all-in-one talent management platform. To learn more about how SentricHR can boost employee engagement and company performance, schedule a demo today.