07 Dec Why are HR Solutions so Important for Talent Management?
There was a time when the HR department recruited fresh talent, on-boarded them, calculated their compensation and then waved them goodbye as they separated from the ‘nest’ and went to fend for themselves in the different departments.
But talent management is no longer child’s play. The marketplace is evolving rapidly and specific skill sets have come to define the financial success for many organizations. Add that to the fact that the Baby Boomer generation is exiting, leaving in it’s the wake the value driven Millennials to take over the reins. With this exchange of leadership, HR departments need to focus on the following:
- Recruiting the right people with the right skills for the right positions
- Orienting and nurturing them to give their best
- Appraising them effectively and creating customized development plans that can make the most of their abilities and broaden their horizons
- Engaging them with internally fair and externally competitive compensation
- Conveying to them the full value of their employment package and helping them to make the right decision when it comes to staying or leaving for another opportunity
The continuous guidance and inputs of the HR department is crucial to achieving these goals and cutting down disengagement and turnover.
Best of Breed HR Solutions Make Talent Management More Strategic:
- Recruitment Management Software Solutions: These should be built on the latest recruitment best practices, helping line managers screen, score and select talent that can be an asset to the organization while promoting your employer brand in the process.
- Compensation Planning: Comp can be complicated. Compensation planning platforms automate the process of executing excellent pay strategy to create an ultimate structure that allocates the compensation dollars to reward high performers and motivate overall workforce productivity.
- Performance Management: Performance Management is always a tedious process. The right performance management solution eliminates these problems, helping the process flow smoothly through one page dashboards that document goals and employee performance. They can even offer guiding standards to judge contributions and skills.
- Total Rewards Communication: Total benefit communication shouldn’t be generic or difficult to access. Using the right tools, you can convey the net value of your employment by focusing on segment specific advantages and even calculating the loss that is incurred when an employee voluntarily leaves their position.
Talent management software solutions that tackle different aspects of the process introduce automation of repetitive tasks, offer notices, advice and alerts to inform and guide line managers and improve profitability of a company by a large margin.
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!