Every company wants to maximize the return on their talent. Labor is typically the single largest expense in an organization, but for good reason. The people truly make a difference and can be the deciding factor in whether a company gets phased out or rises to new levels of growth and prosperity.
Human resources information systems (HRIS) and other types of HR software have been increasingly adopted as companies have discovered how this technology assists with managing information and automating mundane record keeping tasks. Talent management systems fall into the array of HR software solutions now being offered, but focus more on certain aspects of HR management than other types of software.
What Are Talent Management Systems?
Talent management systems are designed to take care of four major facets of human resources: recruitment, performance management, training, and compensation. Talent management system vendors may offer all-in-one suites that contain modules for each facet, or may offer separate stand alone systems that can be purchased and integrated as needed.
In some cases, talent management systems may be part of larger systems containing more features and functionality, as well.
Benefits of Using Talent Management Systems
Keeping track of talent can help management to make strategic decisions regarding hiring, promotions, discipline, training, scheduling, and many other important daily tasks. By employing talent management systems, managers can see at a glance what – and who – is working. In short, talent management systems take the theoretic aspects of HR management and apply them in a way that produces real results within the organization.
Selecting a Talent Management System
If you’ve decided that a talent management system is right for your company, it’s important that you select the solution that fits your needs and works with your company culture. Talent management system offerings are generally very similar, so having a plan during the research phase of your search can make a difference.
Ask for a Demo
A demo is a chance for you and some of your key stakeholders to see what the system looks like and to get some hands-on experience with using it. You can also ask questions of the vendor representative on the spot. Demos tend to be highly informative and can be a deciding factor in whether a system is bypassed or is moved on to later stages of the selection process.
Be Aware of Third Party Partnerships
Some vendors flaunt features that are available in theory, but must be handled by third parties – with additional fees. One common example is training modules, which may link to third party sites for the actual training videos and quizzes. Before purchasing a system, make sure that you know exactly what is included so that you’re not surprised with extra fees later.
Rely on a Vendor Match Company
Vendor matching companies work with a number of different vendors, so they know the inside scoop on what is being offered. A vendor matching company will review your needs and use their experience to determine the talent management system vendor that will best meet those needs. This can save time and help match you with systems that you may not have discovered otherwise.
Authored by: Dave Rietsema