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Talent management is a hot topic within the Human Resources (HR) software market. This software category refers to two primary functions: the acquisition of new hires and development of employees. There are more than 100 different software solutions available to improve your processes of interviewing, hiring, onboarding, and retaining employees. Learning management is also increasingly being considered as part of this application category. With the HR market in constant evolution, we thought this guide would help you make better, more informed buying decisions.
Here’s what we’ll cover:
What Is Talent Management Software?
Why Do Companies Buy Talent Management Software?
What Type of Buyer Are You?
Market Trends You Should Understand
The Vendor Landscape
Benefits & Potential Issues
Talent management software is the trump card when it comes to successful acquisition, development, and retention within an organization. That’s because with the right system, hiring managers can easily track applicants, stay organized throughout the interview process, and minimize the paper trail when onboarding new hires.
The top platforms also help modernize and streamline the performance review processes. Employees and managers can track individual performance goals and accomplishments throughout the year, making the review process a collaborative effort with measurable success.
With the evolution of cloud computing, complex processes have been revolutionized by engaging and involving a broader set of employees and managers. Cloud computing, or Software as a Service (SaaS), gives users the ability to tap into resources from anywhere there is Internet access. These web-hosted, feature-rich solutions enable candidates to view and apply for your open positions online, answering specific questions and submitting important documents without flooding email in-boxes. Hiring managers can quickly access key information and identify their best applicants, minimizing time spent filtering through countless emails.
Core functionality includes:
Resume import function
Real-time performance documentation
Key document tracking
Over the years, we’ve spoken to hundreds of companies considering the purchase of talent management software. As a point of reference, we thought it would be helpful to provide potential buyers with an overview of past clients’ main application requests, as well as reasons for purchasing this type of software.
The number one application requested by companies searching for talent management software was performance review, while applicant tracking and recruiting came in second.
Almost half of the buyers we spoke with were looking to automate and / or improve their efficiency or effectiveness with the purchase of a new talent management system.
Also interesting to note, the sizes of businesses seeking talent management software spanned a wide range. It seems that talent management is a concern for companies of all sizes.
However, the type of talent management system you purchase will most likely be dependent on the number of employees you currently have, and the type of software you currently employ. As such, it is important to note that there are several different types of buyers.
Before you purchase a system, it is important to assess what kind of buyer you are. We believe that the majority of buyers fall into one of these categories:
|These types of buyers...||Should evaluate these systems...|
|Integrated suite buyers||Sage Abra HRMS, Lawson HCM, ADP, PeopleSoft|
|Best-of-breed buyers||Halogen, Taleo, Plateau|
|Cost-conscious buyers||iCIMS Talent Platform, aQayo, AcquireTM|
These trends should be considered as you research talent management solutions.
Modernizing the approach a company takes to attracting and retaining talent makes it easier to keep employees motivated and engaged. Furthermore, by streamlining the processes for acquiring and retaining talent, employers can stay better organized and communicate more effectively. With candidate and employee information available at their fingertips, managers and HR professionals can quickly accomplish routine tasks to focus on more strategic initiatives. And employees that have a sense of their value within an organization are far less likely to leave than those who don’t. Having the right talent management tools is important to taking your people processes to the next level.
This market continues to see a lot of growth and activity. There are a few specific topics of conversation you should know about :