16 Sep What Is a Talent Management System?
Employees are your company’s greatest asset and investment, so managing them in a way that encourages engagement, productivity, and loyalty is typically a top priority for employers. Yet, with so many talent management solutions available, it can become overwhelming to know where to start. To simplify matters, we’ll go back to the basics and explore the true answer to the following question: What is a talent management system?
Talent Management Defined
A search for “talent management definition” will yield you all sorts of varied results, which is likely due to the fact that no one can agree on a single phrase that fully encapsulates all that this broad business initiative truly involves. One way to look at it (coined by Development Dimensions International) is to think about both quantity and quality: you need the right number and the right type of talent to meet your current and future business objectives. The processes of ensuring you have the right number and type of professionals is your talent management system.
The Evolution of HR
To further understand why talent management is critical in today’s business landscape, it’s helpful to explore how HR has evolved over the past few decades. According to Josh Bersin, HR was once responsible for business functions such as payroll and benefit. It then evolved to handle recruitment, communications, and total rewards. Today, however, HR’s talent management responsibilities include succession planning, performance management, systems integration, and more.
Achieving Key Talent Objectives
To address today’s top talent concerns, Bersin believes that an organization’s talent management system should aim to:
- Streamline recruitment
- Encourage managers to reinforce workplace culture and values through their practices
- Identify competency gaps and offer resources such as training and development to fill them
- Provide relevant and agile learning opportunities
- Identify and reward high performers
Putting It All Together: The 4 Pillars
There’s no way to simplify talent management across the board so that it can apply seamlessly to every company, as organizational needs vary from one employer to the next. With that said, you can absolutely apply the following four pillars of talent management to your existing strategy:
Doing so will help you recruit and develop talented, committed employees to help you achieve your most significant short and long-term priorities.
HRsoft is a leading provider of strategic talent management software that improves manager effectiveness and business results. Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software. To learn more about our Talent Management Software, click the button below!