FAQ: How Does a Talent Management System Help the HR Department?
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
The human resources department is responsible for a company's talent acquisition and retention. One tool that helps them perform these duties is a talent management system. This software creates a platform for HR professionals to encourage professional development and track employee skills. In this article, we answer frequently asked questions about talent management systems and what they can do for your company's HR department.
What is talent management?
Talent management is a system organizations use to recruit, hire, develop and maintain their employees effectively. This helps them ensure they consider top candidates with the skills needed to succeed in their company. Organizations typically use the following talent management model when acquiring new talent:
Planning: During the planning stage, organizations access the current traits of their employees to help them find out what sorts of individuals they are looking to add.
Attracting: In the attracting stage, companies focus on creating visibility and emphasizing the positive aspects of working with them to help appeal to new talent.
Developing: Organizations also focus on helping their employees grow in their talent and expand their knowledge.
Retaining: Talent management helps create a meaningful place to work that offers training opportunities and enjoyable company cultures.
Transitioning: As employees grow with the company, organizations focus on ways they can promote them from within to another role or department.
What is a talent management system?
A talent management system is software used to keep track of abilities in a company. It includes features to assist employees in reaching their full potential. This integrated software helps human resources (HR) professionals increase productivity and efficiency in an organization through promotion. It's helpful for companies with high staff turnover and for those that want to identify why individuals may not reach certain employee goals. The following are some features that talent management systems often have:
Compensation and reward management
Application tracking system
What does a talent management system do for HR?
A talent management system helps the HR team during the employee retention process to make sure they hire talented and hardworking candidates. This department uses these tools throughout the process of accruing staff members, starting from the initial hiring to the development stages. This system can help HR when focusing on what many professionals call the "four pillars" of talent management success:
Recruiting employees: A talent management system can help HR attract exceptional talent and filter applications to find candidates who meet their company's needs.
Managing work performance: Talent management systems allow HR professionals to track the work performance of employees and see if they meet the company's standards.
Training new employees: HR teams can use talent management systems to provide training for new employees and development opportunities for existing employees.
Providing compensation: A talent management system can help retain employees by providing compensation and incentives, such as rewards for completing certain tasks.
How does a talent management system help a company?
A talent management system can help a company in a variety of ways. Some benefits of using a talent management system include:
Employee retention occurs when companies offer their employees opportunities to improve their skills. When a company uses talent management systems, it demonstrates to their team that they value them and that they want to invest in them. As a result, companies that use this software often experience lower turnover rates.
Read more: Q&A: Why Is Retaining Talent Important?
Improving employee engagement
A talent management system can help employees become invested in their careers. This allows them to become more productive in their role and produce higher-quality results. When a team uses a talent management system, they are better able to match their skills and goals with the company's mission.
Read more: Q&A: What Is Employee Engagement?
Making better hiring decisions
Companies can use talent management systems to help them in the beginning process of employee recruitment. Through tracking applicant talent, they can determine what individuals are qualified to work with their organization. This can help ensure they hire someone that is the best fit for their needs.
Improving the onboarding process
As with other stages of recruitment, a talent management system can help simplify the onboarding process. Since it collects data from new employees during the recruiting process, the HR department can automate any remaining paperwork using the system. This allows a company to streamline and their onboarding process and save time.
Related: How To Onboard Employees
A talent management system allows companies to manage their current employees and over chances for development. This includes offering training, courses and certifications to help their team grow professionally. It also provides a place for feedback so that employees know what they can improve.
Providing accurate data
When using talent management systems, companies can easily store their data and connect with other existing systems. This can help the HR team avoid errors from manual entry and ensure accurate data. It also makes it easy to access, allowing managers to make strategic decisions based on employee information.
Increasing diversity and inclusion
Having a talent management system can help an organization become more diverse and accepting of inclusion in their workplace. This can help employees find a job where they feel accepted. A diverse workforce can be beneficial for companies as well since it stimulates a feeling of belonging and helps inspire creativity.
Related: 20 Benefits of a Diverse Workforce
How can I choose the best talent management system for my company?
When selecting a talent management system for your company, first determine what your company's needs are. Consider what features you're looking for in your software, such as a reward component for employees. You can do this by asking what would help maximize your team's performance.
Next, find a suitable vendor for your company by conducting research online and asking others what they use. Ask questions to find out if certain vendors meet your needs. Also, think about your company's mission, values and culture to find systems that would align with it. It's helpful to request a demo to help you see how the talent management system works before making a long-term commitment.
What are some of the characteristics of a successful talent management system?
Successful talent management systems are evolving and becoming more flexible for organizations to use. It's helpful to look for certain traits when selecting a talent management system for your company. Some characteristics of excellent talent management systems include:
Consistent: A talent management system uses a similar layout for both mobile and web platforms, making it easy for users to locate information.
Accessible: Since talent management systems are on online platforms, team leads can access information from anywhere.
Informed: Talent management systems provide company leaders with the latest information about employees to help them make informed decisions when hiring and promoting individuals.
Intelligent: Due to artificial intelligence, talent management systems are becoming smarter and have the capabilities to offer companies suggestions and informed responses.
Proactive: Talent management systems provide notifications and reminders about upcoming training.
Ongoing: An effective talent management system involves regular feedback and communication between managers and employees.
Explore more articles
- What Is the Sharing Economy?
- How To Switch Tabs on Chrome on Your Computer or Mobile Device
- Inventory Tracking Excel Template: Definition, Benefits and Examples
- How To Password Protect on Excel (With Tips)
- How To View and Convert EPUB Files (With Various Methods and FAQs)
- Remote Training: Tools, Benefits and Best Practices
- What Is a Startup Accelerator? (Plus Benefits and Main Features)
- 4 Kanban Board Samples and Tips for Creating One
- FAQ: Why Do Companies Use Initial Public Offerings?
- A Guide to Disciplined Agile: Definition, Uses and Advantages
- What Is Remanufacturing? Definition, Benefits and Types
- Business Administration Degrees: Part-Time, Full-Time and EMBA