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Have you decided to use talent management software for your business? Then you have taken the first step toward a more streamlined, efficiently running human resources department.
What talent management software will do for your company is practically limitless. For example, it will help you find, onboard, train, and retain the best and brightest staff. In short, it can help you to grow your business exponentially.
After you have made the decision to use this software, the next step is to select one of several talent management software vendors. How do you do that? Research, of course. But how will you know you’ve chosen a strong program?
High-quality talent management software shares similar traits. Knowing what to look for, such as these shared traits, will hopefully guide you in your research. Here are five key elements to check for:
Applicant Tracking System
Talent management software vendors understand that businesses must sift through countless applications to find one person best suited for any given role. With that in mind, an applicant tracking system allows you to manage the recruitment process electronically. It also helps you with posting on job search sites. It can also help you to manage resumes, search for candidates, and track applicants.
Additionally, high-quality talent management software vendors make sourcing, screening, and recruiting the best employees easier. This lowers the cost of recruiting and supports retention.
Performance Management
Performance management can significantly develop employees’ skills. This is why the top talent management software vendors work hard to perfect systems that can track performance with ease. Performance management fosters a work environment in which employees reach and demonstrate their full potential. It also enables you to track, measure, and evaluate your employees’ performance.
Some talent management software vendors allow employees to set and/or track personalized goals. This allows them to take ownership of their career path. They can monitor their own performance and hold themselves accountable to their own standards or to standards set by management.
Professional Development
Professional development involves training employees. Training keeps them current on the latest trends and technologies that will affect them on the job. It is also an opportunity to impart new knowledge to employees who wish to advance in your company. It gives employees chances to develop their leadership skills and prepare for more responsibilities. As such, most top talent management vendors emphasize the perks of professional development and how their services can help.
You can use talent management software to implement continuous learning and growth opportunities for employees. This will allow them to complete their current jobs more efficiently and advance professionally within the company.
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Learning Management
Learning management is an extension of professional development. That is, it deals with training. Additionally, it ranks those interested in advancing to leadership positions within the company. It’s also known as succession planning. A talent management system can keep track of employees you have identified as having leadership potential. It can manage and update their profiles and assign appropriate learning tasks for them.
Compensation Management
A compensation management component helps map out salaries, pay rates, bonuses, and commissions based on performance metrics. At its most basic, it’s a great way of keeping track of who gets paid what and when. Some compensation management programs can manage direct deposits and paychecks.
One of the most notable benefits of a compensation management tool is that it encourages managers to watch for high-performing individuals to reward them for their hard work. This ultimately helps with employee retention, as it shows employees that managers appreciate exceptional work.
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Look for These Basic Features in Talent Management Software
Talent management software vendors offer many useful features. While there are several components that are nice to have, these are the five basic must-haves.
When choosing a talent management vendor, look for programs that include an applicant tracking system, performance management, professional development, learning management, and compensation management.
A strong applicant tracking system organizes the hiring process, making it run smoothly and more efficiently both for the employer and for applicants. Keep these five features and their benefits in mind to help you choose the best talent management software vendor for your needs.
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