A Talent Management System is used by the human resources department. This system or software is used to help recruiters hire and retain employees.
In a nutshell, talent management software – sometimes referred to to as a talent management system – is a powerful tool that helps organisations, both big and small, stay on top of their human capital management goals. These integrated software suites give you the power to assess vital human resource data at a glance; making the business of people management a breeze whilst ensuring that your company’s talent targets are met.
Talent management systems can handle a wide range of HR tasks, bringing together your organisation’s human capital challenges in one easy-to-follow cohesive and strategic package. The breadth of information that these suites can collate is impressive, and their strength lies in their ability to bring long-term talent goals to fruition via strategic assistance in areas such as:
This scope brings new depth to the business of talent management and broadens the reach of standard applicant tracking software. It is vital to remember, however, that both systems can be used interchangeably, bringing further flexibility to the way you can handle your workforce.
The way in which your company uses a talent management system can be as bespoke and individual as your business itself. The integration that our software suites perform allow you to take control of the elements that are most important to your company, without getting bogged down in unnecessary functions that are not relevant to your organisation’s way of working or overall ethos.
Having such detailed and targeted information at your fingertips provides you with the resources you need in order to push your business forward through its most important asset – your staff.
Just some of the benefits of talent management software include:
“We’ve seen significant savings and a ROI of £35,000 this year. With TribePad, we’ve been able to identify which job boards have been most successful, leading to a 25% reduction in costs. TribePad has allowed for the large influx of applications (from hundreds to thousands) to be managed and processed whilst enhancing the candidate experience.”
Skipton Building Society
“Because employing the right people is of critical importance in ensuring our guests receive the very best of luxury service, we felt we needed support. We are sure that using TribePad to help us find and manage our talent will prove to be one of the best recruitment decisions we’ve made.”
“Tribepad has been a great partner for us in North America; we have a very complex business that relies heavily in our ability to manage HR processes with efficiency. In this respect Tribepad has provided us with a great platform, and has gone above and beyond to help us tailor this platform to meet our needs.”
“TribePad was the stand out ATS provider for Pizza Hut with both its innovative platform and usability for both the client and candidate. We are really proud to be working with TribePad and are all excited by this new partnership, which we have no doubt will deliver great candidate success to both businesses.’
“We are starting to see some significant ROI in terms of cost saving, reduction in time to hire and greater engagement”
Making use of an integrated talent management system ultimately means that your business will be making savings across the board when it comes to human capital management. Instead of requiring multiple individuals across your HR department – all of which will be tracking different disparate areas – talent management software allows you to bring all of the processes together, thus lowering cost whilst heightening productivity.
Furthermore, constant recruitment drives – largely caused by poor targeting due to not having a talent acquisition system in place – cost money. By making use of talent acquisition software, you can employ the right people at the right time. This will remove the financial burden of both the recruitment process itself and the cost of bringing multiple new employees on board, some of whom may not be good fits for your company.
Running the numbers on any product or service prior to bringing them into your business is simply best practice, but how do you go about calculating the return that you’ll get from something as complex as talent management? Well, as with so many other elements of business, the first thing to remember is that a ballpark figure is all you can realistically hope to achieve. The second thing is that a ballpark figure is usually good enough!
So, in order to get a handle on your prospective ROI from implementing a talent management software suite, you first have to come up with the cost of your current processes when it comes to talent management. Whether you choose to do this manually or opt for the simpler software route is entirely up to you. But remember, the more accurate your data, the better your estimate will be.
Once you have a figure for your current way of working, it is simply a case of figuring out the potential outlay that your business will be making on the new software suite and then comparing the two. Calculate the difference between the estimate that you have for your old costs and the new costs you will incur to give you the savings that you’ll make. Once you have the difference, you then simply divide that by how much the new method will cost to give you a rough idea of your potential ROI. When you have this figure in place, you will be in a far better position to build a case for moving forward with a new talent management system for your business.
As more and more millennials enter the workforce, so our focus on talent management has to change. The expectations of today’s generation of young workers is far removed from what has gone before, therefore it is vital for businesses to remain progressive and capable of adapting to the changes that lie ahead.
Gone are the days of jobs for life, for example, but there is still a case for careers to be forged within one company – it’s just that the goalposts have moved somewhat over the last decade or so. Nowadays, it is the employees that often hold the cards, so organisations should be mindful of how they interact with their workforce. Engagement is key.
When staff members feel as though they are contributing to the growth of the business as a whole, they will get a greater sense of achievement from their work. This improved engagement can be easily implemented via talent management software as it simplifies the way in which their role within the company can be explained to them. This gives your management team a better opportunity to show them exactly how their efforts are contributing to the company’s overall business strategy.
As our software suites provide such a vast array of applications, including a talent acquisition platform and an online applicant tracking system, the reasons why you should invest in a talent management system are wide and varied. However, there are some key factors that you should consider if you are thinking of making the leap towards a fully integrated talent management software suite. These include: