October 16, 2018 / mcacao
Thanks to technology, Talent Management processes of companies worldwide can greatly improve through software solutions.
Employees are one of the most valuable assets in any company. After all, the company’s output and performance largely depends on the quality of work they provide. This is why employers are investing more in talent management—and with good reason.
A company with quality talent management processes has an edge over its competitors. Talent management aims to hire, retain, and make sure that the workforce is aligned with the company’s objectives and goals. However, this doesn’t come without challenges. In fact, a survey by Deloitte in 2015 showed that employee engagement, as well as culture issues, continue to rise to the top of the list of difficulties that companies all over the world experience.
As more and more businesses zero in on human capital, it may be the perfect time to think about investing in Talent Management software solutions. Not only can they help in information management, they can also contribute to the overall dynamics and productivity of the organization.
So what can a Talent Management software do exactly?
Imagine your company needs a candidate for a specific position. Using the software, you can quickly access all the resumes and information collected from past applicants. Need an existing employee to fill up a higher position? No worries—data on employees of the company are also integrated in the software, ready anytime you need it! This is also a big step when it comes to streamlining the hiring process of the company.
Evaluations and reviews are common and talent management software solutions can help with making this process easier. In fact, a lot of companies that invested in this software started with the performance management modules among others. This is according to an estimate by IT firm Gartner in 2013.
So how does it work? The software prompts employees to complete required forms which are then submitted, via the system, to the respective managers. Having consistent rating systems are fair and will be a great source of data as well. The software can also share the results with those involved to help them improve and be even better assets.
Can you believe that a lot of businesses still use spreadsheets to monitor their finances and payrolls? This is not a drill!
Not only is this a security risk, it also reeks of inconsistency and inaccuracy. There are a lot of factors that influence compensation—attendance, performance, bonuses, to name a few. With the software, all this data can be correlated with one another, resulting to objective, fair, and accurate compensation plans for each and every employee.
The software can help select training modules best suited to employees based on the recorded skills and competencies. It can even help evaluate the effectiveness of the training, as well as identify gaps for future modules.
Competency mapping is also one of the most in-demand features of the software. It acts as an inventory of employees’ skills and competencies that are aligned with the company’s goals. There are also modules that help determine career paths and succession plans.
Witness how internal relationships are strengthened through continuous feedback. More companies are starting to integrate feedback mechanisms into the software to allow employees to give and receive comments from people they work with. The system can also analyze the feedback and provide insights and recommendations to help improve relationships among company personnel.
Trends in the corporate world continue to move towards digitalization and a company aiming to be on top should not be left behind.
A fully integrated Talent Management software solution does not only provide efficiency in data gathering and generation. It provides solutions for productivity, innovation, and better decision-making within the company. By accepting and embracing the use of this software, the key to unleashing the workforce’s full potential is now also in your hands.