09 Mar Which Types of Talent Management Services Do You Need in Your Organization?
If you’re like many of today’s managers, you may be considering talent management options. Managers are realizing that talent optimization is critical to business success, according to Josh Bersin. But what exactly does your company need in terms of talent management services?
Today, there are many talent management software options available. Bersin sums it up by saying that collectively this software is used to “manage all the things HR has to do (recruiting, performance management development planning, etc.).” Below, we examine each function of HR software a bit more closely:
- Recruitment: The National Fund for Workforce Solutions estimates that there are 4.8 million individuals entering the workforce each year. HR managers need a way to make hiring processes more efficient. Software solutions with functions such as candidate sourcing, screening, and scoring systems allow you to target and evaluate the best possible talent.
- Compensation: Few aspects of the workplace are as complex as compensation planning. With today’s software solutions, managers can simply the process with automated features such as notifications and advice alerts. Planning tools also help calculate competitive yet equitable salaries that can be customized to fit your organization’s needs.
- Retention: While competitive pay is critical for attracting and retaining talent, it’s not the only factor that will retain employees. In fact, more than 2 million U.S. workers willingly leave their jobs each month even in a down economy, according to Forbes. Talent management services such as stay interview software can help you identify exactly what your best talent needs in terms of resources, company culture, and more in order to stay with your company.
- Performance Management: The Society for Human Resource Management reported survey findings indicating that, on average, managers spend 210 hours per year on activities related to performance reviews. That works out to be about five full weeks spent on performance reviews. Automated software options allow managers to take an ongoing approach to performance management, provide real-time feedback, and make goal achievement more effective by tracking and monitoring progress. Best of all, it saves a great deal of time, so busy managers can continue to drive results without spending hundreds of hours on performance review preparations.
While these tools are critical to simplifying the functions of your HR department, Bersin notes that talent management services are not just for HR – they’re for “the employees, managers, and leaders.” That’s because when you use this software, it’s not just HR that benefits; everyone becomes better aligned, more productive, and thus, better able to achieve improved results, which is a major win for the organization as a whole.
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!