Best Talent Management System (TMS)
Talent management is important for organizations. Aligning human resource with the overall business strategy is a critical element for the success of a company.
This integration has become even more important in the wake of changing workforce demographics, globalization, and talent shortages.
Managing the key human resource requirements should be a critical part of your overall business strategy. HR departments can have an easier time managing key talent using talent management software.
In this article, we will explain what talent management is and discuss some of the talent management software that can help you to manage your employees effectively.
What Is Talent Management?
Talent management is a part of human resource management. The term refers to meeting the required human capital needs of an organization.
This process involves a series of tasks that can be grouped into the following five categories:
- Planning: Creating a workforce plan by identifying the positions to be filled and developing key roles and job descriptions accordingly.
- Attracting: Using traditional and digital media to attract prospects for different positions.
- Selecting: Hiring the best person after conducting written tests and interviews.
- HR Development: Developing skills to match positions through orientation programs, continuous training, counseling, coaching, etc.
- Retaining: Creating incentives to retain employees.
A talent manager needs to focus on different areas such as creating employee-friendly policies and becoming the best place to work for in the region. The manager needs to focus on the roles of the employees and create a succession plan.
Talent management activities form a part of the strategic workforce planning. A talent manager needs to visualize the organizational requirements and create a process that results in the most productive workforce.
In short, talent management is the process of utilizing the human resource to create business value. The process makes it possible for companies to achieve the above average performance targets.
Key Components of Talent Management
Talent management is the process of hiring and managing employees to ensure that an organization’s needs are met.
The activity involves certain key components that impact the effectiveness of the process:
Definition of Vision, Mission, and Values – The foremost component of talent management software is the development of a strategic framework that prioritizes different tasks. The component helps in prioritizing different programs. It involves focusing on factors that will tie the organizational goals with human resource management goals.
Creating a Roadmap for Attracting and Retaining Talent – The second main component of talent management is creating a tactical plan for having the right mix of people in the workforce. The skills, diversity, and competencies of the team are focused on to ensure innovation and high work performance.
Assessment of Talent Gap – Assessing the talent gap is another key component of talent management. A talent manager should be able to identify an organization’s HR needs and what must be done to meet them.
Creating a Talent Succession Plan – A talent succession plan should be based on the vision, values, and goals of an organization. The succession plan should take account of the capabilities that are required to meet the demands of the job.
Measure the Perception of Workforce – Talent management is about making sure that the employees are happy with the policies and tasks. For this, it’s important that a talent manager gets feedback from employees.
The perception assessment should be taken to make sure that employees are satisfied with the work and feel a part of the workforce. This is important to realize the return on the most important investment of a company – human resources.
Employee Motivation Plan – Based on the employee assessment, a talent manager needs to create an employee motivation plan. The motivation plan should include tasks that can make the employees feel committed and motivated to work for the company. Higher employee motivation leads to improved productivity and reduced turnover.
Creating Successful Profiles – Companies should use employee profiles to better manage the employees. A large number of companies have defined competency models. The competency models should be present for all levels of the organization.
Also known as the success profiles, competency models help in managing talents. They clarify the traits that are associated with the success or failure in a job. Moreover, the models include personal attributes such as the desire to excel, career advancement, and discipline.
The model also consists of knowledge and experience that can help to improve job performance.
A Focus on Workplace Diversity – Talent management should also be based on workplace diversity. A talent manager needs to create an all-inclusive strategy where everyone has an equal chance to excel in the field irrespective of race, color, gender, and religion.
What is the Purpose of Talent Management?
The aim of talent management is to capture the right talent for a given position. The activity aims at identifying different challenges in terms of managing employees.
Talent management is all about attracting the best talent for the organization. The objective of talent management is to provide opportunities for employees to excel in their career. Here are some of the other goals of a talent management process.
- Ensuring employee engagement and motivation.
- Retaining top talent
- Best business performance
- Client satisfaction due to efficient customer service.
What is Talent Management Software?
Talent managers can make use of technology for improved outcome. Talent management software refers to an integrated suite that focuses on different components of managing human resource management.
Using a talent management system, talent managers will save time and effort in managing employees. The system automates certain processes. The software can be used to streamline different processes from the time that the employees are selected to the time they retire.
With a good talent management system, talent managers will be able to keep a track of employees within the organization. They can use the software to track data at different points of the employee life cycle.
Talent managers can sift through the information that is available in the talent management system. They can develop employee training programs and create succession plans.
Talent management software can be used by the human resource manager to track and ensure that every employee has the right skills. By using talent management software, talent managers can identify and remove obstacles that hinder employee development.
Suggested reading =>> Best HR Software for businesses
The software can also allow greater synergy between HR managers, departmental managers, and supervisors.
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What You Will Learn:
- Top Talent Management Software Systems (Pricing and Reviews)
Top Talent Management Software Systems (Pricing and Reviews)
Enlisted below are the most popular Talent Management Software that is available in the market.
Comparison Table of Talent Management Software
|Talent Management Software||Best For||Price||Suitable for Business Size|
|monday.com||Employee management and tracking the talent pipeline.||It starts at $8/user/month for annual billing.||Small to large businesses.|
|iCIMS Talent Acquisition||Recruitment, on-boarding, and applicant tracking.||Contact to get a quote.||Small and medium size business.|
|Oracle HCM Cloud||AI-based recruitment and selection.||$8 per employee per month.||Medium size business.|
|TalentSoft||Recruiting, sourcing international talent, and internal employee development.||Contact to get a quote.||Small size business.|
|Zoho Recruit||An integrated solution for applicant tracking and hiring.||Free for single recruiter; Standard $25 per user per month; Enterprise $50 per user per month.||Small size business.|
|IBM Talent Management||An enterprise looking for a comprehensive talent management solution.||$5,000 per month.||Large size business.|
Let’s review each software in detail.
monday.com provides employee management software that has functionalities to track your talent pipeline and engage employees. It provides visibility into employees’ day-to-day performance. It helps you with managing the performance review process. Employees can submit their vacation requests and will get a notification on approval.
Recruiting pipeline will help you to manage & optimize your employees recruiting processes. It will streamline internal planning & coordination with hiring managers. You will be able to easily track the candidate’s record.
- Recruiting pipeline
- Onboarding Process
- Employee wellbeing
- Leave requests
- Performance reviews
Best for employee management and tracking the talent pipeline.
#2) Talent Soft
TalentSoft is a great talent management application that helps to meet the different needs of the talent manager. The software features components for managing different talent management components such as recruiting, performance, compensation, training, and workforce planning.
The software is particularly suitable for managing international employees. It can also scale up or down based on the needs of the organization.
- Online talent management
- Cloud, Web, SaaS deployment
- Learning Management System
- Compensation Management
- Performance Tracking
- Recruitment Management
- Succession Planning
Multilingual support – Over 25 languages are supported.
Best for Recruiting, sourcing international talent, and internal employee development.
#3) iCIMS Talent Acquisition
iCIMA Talent Acquisition is an intuitive and flexible solution for talent management. The software comes with a range of features that make it a complete solution for hiring and managing employees. It features career site search, social media distribution, and even career site search engine optimization.
It comes with features and tools that can help recruiters to efficiently perform their tasks. Highlights of the employee management software include Mobile and AI engagement, candidate relationship management, application tracking, offer management, and employees onboarding solution.
- Interview management
- Internal human resource management
- Background screening
- Employee assessment
- Job Requisition
- Jobs board integration
- Social media integration
Best for: Recruitment, on-boarding, and applicant tracking.
#4) ADP Workforce
ADP Workforce has a lot of interesting features that help talent managers to better manage employees. The software makes use of AI to find out data based on location. The real-time accurate information allows managers to make timely decisions.
Talent management module features posting on a custom career site or social networks. The software can also automate the process of managing compensation. It consists of customizable workflows and built-in templates. Talent managers can create compensation strategies and allocate bonuses and raises based on merit.
- Payroll and tax management.
- HR management
- Time and labor tracking
- Recruiting, performance management, compensation management.
- Benefits management – Affordable Care Act (ACA), COBRA, etc.
Best for: HR Management, payroll, talent management.
Website: ADP Workforce
#5) Oracle HCM Cloud
Price: Talent Management Module – $8 per month per employee with a minimum of 1000 employees.
HCM is another flexible tool for managing employees. The software facilitates talent review and succession planning. Using the software helps in performance management, workforce compensation, goal management, and career development.
The talent management software boasts of machine learning (ML) and artificial intelligence (AI) functionality. Virtual reality and digital assistants help talent managers to simplify the task of managing employees within the organization.
- Workforce rewards
- Workforce management
- Competition tab
- Attendance management
- Employee self-service
Best for: AI-based recruitment and selection
Website: Oracle HCM Cloud
#6) Zoho Recruit
Price: Free for a single recruiter; Standard $25 per user per month; Enterprise $50 per user per month.
Zoho Recruit is a full workflow solution for recruiters.
The software boasts of features that help talent managers to organize, monitor, and streamline the hiring process. It compiles hiring data including interviews, resumes, and notes. The information is presented in a single place that makes it easy for managing data related to employees.
It can integrate with different apps such as Outlook, Zoho CRM, Google Apps, and others.
- Candidate database
- Candidate Matching
- Advanced Search
- Resume parser
- Post to job sites
Best for: An integrated solution for applicant tracking and hiring.
Website: Zoho Recruit
UltiPro is a comprehensive talent management solution. It comes with unique predictive analytics tools that let talent managers identify top performers. The managers can chart professional growth and create plans for employee retention and across the workforce.
- Position management
- System administration
- Compensation management
- Career development
- Predictive analytics tools
- Performance management
- Succession management
Best for: Managing the complete talent management lifecycle.
#8) Saba TMS
Saba is a comprehensive talent management package. It helps talent managers to assess requirements and fill skill gaps. Key highlights of the software include talent dashboards, candidate assessment, talent benchmarking, KPI management, and career planning.
Using the software can also help in budgeting for employee compensation. The budget module handles automated workflows, multi-currency, and multi-national employees.
- Learning and development
- Performance management
- Employee engagement insights.
- Recruitment planning
- Compensation management
- Succession planning
- Strategic workflow modeling.
Best for: Real-time performance monitoring and employee engagement.
#9) Cornerstone OnDemand
Cornerstone OnDemand is a flexible talent management software with integrated cloud-based performance management. The software has different components for recruitment, employee development, and human resource task management. This talent management app is great for all industries and sizes.
- Recruiting module
- Learning module
- Performance module
- Social integration
- Succession Plan
Best for: Employee life cycle management
Paylocity is a good talent management solution that is suitable for small business owners. It can easily integrate with different third-party apps.
- Applicant tracking
- Compensation management
- Performance journaling
- Online surveys to recruit talent
Best for: Payroll and HR management of small businesses.
#11) IBM Talent Management
Price: $5,000 per month.
IBM Talent Management software is best for large companies that want a comprehensive talent management solution. There are many different modules for each of the talent management.
IBM Watson AI-Powered recruitment helps organizations to improve the efficiency of recruitment assessment and selection. The software also includes a module for talent development and management. You can fast track employee development with AI-based assessment modules.
- Employee life-cycle management
- Applicant tracking
- Recruitment management
- AI-powered talent management
Best for: Enterprise looking for a comprehensive talent management solution.
Website: IBM Talent Management
Talent managers can streamline the process of recruitment managing employees using technology. The large enterprises should use IBM Talent Management or Oracle HCM Cloud.
Small and mid-sized companies can select TalentSoft, Zoho Recruit, and iCIMS Talent Acquisition. Saba offers a comprehensive talent management solution.
While selecting talent management software, make sure that you compare the price and features. In the end, the selection will depend on the needs of the business and the budget.