Now more than ever, companies struggle to attract and retain top talent. To respond to the talent shortage, a majority of companies are updating or plan to update their talent sourcing strategies. Is your company among them? What steps are you taking to ensure your organization is in the best position to compete? A cloud Human Capital Management (HCM) solution can help you attract and retain the top talent you seek. Here’s how.
Keeping it together
Traditional HRMS applications lack talent acquisition and management functionality. As a result, many companies own several separate products to handle various operational tasks, such as benefits management, basic recordkeeping, and payroll. Several years ago, software vendors began to incorporate talent acquisition and talent management functionality in their products – leading to the name shift from HRMS to HCM.
Integration is the key to efficiency – and HCM is all about integration. Bringing all people management tasks, including recruiting, under one HCM roof eliminates data silos and the duplicate data entry required to maintain them. In addition to generating efficiencies for your staff, an integrated solution speeds and simplifies the entire onboarding process by seamlessly transitioning an applicant to an employee, and triggering onboarding tasks including learning, training, and open enrollment. The result is a more engaging, less stressful onboarding experience for both you and your employees.
For many midsized enterprises, growth means global expansion, and global expansion greatly complicates human resource management. With both local and global (glocal) personnel, companies must ensure their compliance with a myriad of rules and regulations relating to talent acquisition and talent management.
With the right cloud HCM solution, designed for multinational organizations, you can centralize people data into a single solution – accessible from anywhere – supporting and promoting both your local and global recruiting efforts.
Cloud HCM makes it possible to laser target your recruiting efforts so that you can attract, screen, hire, engage, and retain the ideal candidates.
First, HCM helps you cast your recruiting net across multi-channel sources including: internal team members, employee referrals, talent pools, regional job boards, and social networks. Next, HCM provides built-it screening tools so you can focus your efforts on the applicants most likely to succeed. And, once you’ve built a recruiting database, use the HCM’s data-driven analytics tools to identify your sources of best performing talent so that ongoing recruiting efforts are even more successful.
Cloud HCM is emerging as a robust tool that growing, global enterprises can leverage to locate, attract, hire, and retain top talent in an increasingly competitive environment.