Talent Management Information Technology

Talent management software is technology that human resource management professionals use to manage employees as a competitive advantage. Talent management can refer to a standalone application from a niche vendor that specifically addresses one part of the process, such as a learning management system. Or the HR technology can be an integrated suite of software applications aimed at the entire employee lifecycle.

In the latter sense, talent management software is often referred to as a talent management system and automates certain processes from the time potential employees apply to when they are hired until they retire. Talent management systems typically contain applications that fall into the broad functional areas, referred to as pillars. In recent years, cloud-based talent management software has become the prevailing norm.

Pillars of talent management

Traditionally, there were four pillars or modules of talent management applications, but in recent years, a number of experts and vendors refer to five pillars of talent management. Regardless of the number and names, talent management systems include applications that fall into one of these following broad functional areas. The names and number of pillars change depending on the talent management systems vendor, but the concepts remain the same:

• Recruitment and onboarding
• Learning and development
• Performance management
• Compensation management
• Succession planning

Talent Management System is designed to keep track of talent within an organization. Talent is classified as valuable members of personnel and prospective employment candidates who have applied for open positions. If you plan on working the expanding field of TMS, you will need to learn how to navigate through a TMS system and how to utilize the system as you scope out, qualify and hire talent. The best TMS used today by mid-sized and large corporations will keep track of data at many different points in the employee life cycle. The data that the system compiles can then be used for strategic professionals for several different purposes that benefit the organization.

Data can be used by professionals who work in the Human Resources department in a number of different ways. You have to consider how organizing company data and running specific reports can help you do your job in HR before you reject the efficiency of any type of program. If you work in HRM, you can integrate your TMS system and your application tracking system so that you can easily sift through applications and organize them. This helps you efficiently identify quality applicants or place others on a wait list for future job postings.

Another benefit of a quality TMS system is that other departmental managers can enter data and rate an employee’s progress. This helps HR assess the employee’s performance to see if they are candidates for a raise or a promotion. By having this system in place, you can retain those who are an asset and discipline those who have not been committed to their job. If there is room for improvement, managers and HR professionals can provide their employees with training materials so that employees can further their skills. By keeping track of the talent in these software systems, only the best applicants are chosen and only the best employees are retained. This eliminates costs and reduces the time it takes to manage human capital.

Assessing an organization’s human capital to ensure that everyone has the right skills is very important. By using a TMS, organizations can eliminate hindering talent gaps that might exist to create a skilled workforce. Today, HR is all about strategy. Using specific metrics and data to assess the quality of the workforce is extremely important for recruitment, training and even incentive purposes. By working as a team, HR managers, supervisors and departmental managers can all work together to make better organizational talent decisions. With answers to the question, “What is a Talent Management System?,” you can build your understanding and show employers why you are a good candidate.

In adverse economic conditions, many companies feel the need to cut expenses. This should be the ideal environment to execute a talent management system as a means of optimizing the performance of each employee and the organization. Selection offers are large return on investments. Job analysis and assessment validation help enhance the predictive power of selection tools. Data points such as cost-per-placement or average time to recruit are critical in predictive analytics for talent management. These evaluation methods use historical data to provide insight. However, within many companies the concept of human capital management has just begun to develop. With more companies in the process of deepening their global footprints, more questions have been asked about new strategies and products, but very few on the kind of leadership structure that will bring them success in their globalization process. “In fact, only 5 percent of organizations say they have a clear talent management strategy and operational programs in place today.” The impact of globalization on talent management practices is specifically covered in several recent books.