Harvest the Best Talent with an Effective Talent Management System
Tuesday November 17th, 2015
Estimated time to read: 2 minutes, 15 seconds
As an employer, managing your human capital can be a daunting task. How can you be sure that your employees are paid well for the positions they occupy? How can you track their achievements in a way that produces positive results for the organization and for the employee? Talent Management Systems are definitive methods of tracking internal and potential human talent. Managing talent doesn’t have to be complicated or intimidating. Using the right talent management system can help your company create and achieve meaningful goals for your organization and your people.
Talent Management Systems (TMS) are software programs that help human resource (HR) professionals keep track of employee information. This could include anything related to hiring dates, wages, benefits, and time-off requests, promotions, and more.
An effective TMS will house and analyze this information in order to create meaningful reports about organizational talent. The main functions to look for in an effective TMS include recruiting and onboarding procedures, 360-degree performance reviews, career competencies and skills development opportunities, reporting and analysis, and an intuitive interface that allows employees to use the program with ease.
Recruiting & Onboarding
Talent management begins at the recruiting stage. Recruiting qualified candidates and helping them through the onboarding process is a key feature of a successful TMS. Onboarding is the process in which an individual is officially welcomed into the organization by becoming an employee.
Onboarding involves more than a welcome party. One of the most important components of onboarding is the paperwork that is vital to legal employment and benefits appropriation. Typical onboarding tasks include collecting an employee’s personal information, emergency contacts, tax information, direct deposit account information and benefits allocation. The onboarding process will be the first focus of your TMS.
360-degree Performance Reviews
360-degree performance reviews are employee reviews that are acquired from an employee's direct circle of peers and supervisors. While these performance reviews are confidential, they can provide meaningful insight to an employee’s current performance. 360-degree performance reviews allow employees to receive constructive criticism that provides opportunities for growth and improvement regardless of their title or status.
Key attributes to consider when looking at a 360-degree performance review system are anonymity and constructive feedback. A 360-degree performance review is only beneficial when the individual receiving the review can gain meaningful insights to his or her personal and professional development within the organization. Anonymity of reviews and feedback is vital because it protects the individual who is providing the information from any negative kickback from the employee being reviewed.
Employing qualified talent requires more than providing competitive wages and benefits packages. Career development is an important aspect of any TMS because it allows existing employees to expand their skills and knowledge while continuing to grow with your organization.
Without an effective career development function, employees may feel their potential with your organization has grown stagnant. This could lead to employee turnover, and the increased recruiting and training costs that come along with higher turnover rates. Providing your employees with career development opportunities allows for professional growth with your organization. Employees will appreciate the opportunities provided to them, creating a culture of gratitude within the organization.
Reporting & Analysis
A productive TMS will provide performance reports and career analysis trends for your organization. The TMS can provide feedback about career goals, skills analysis for various departments or groups of employees, and wage analysis reports to calculate merit-based pay increases or bonuses.
A TMS that is not user friendly will waste company time. Instead it should provide intuitive and user-friendly processes that allow users to quickly grasp the functions of the system.
When you take advantage of the tools available in a functional TMS, you can save time and create more efficient processes for managing talent. Learn more about the features of iSolved Talent Management here.
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