Companies are accustomed to paying competitive wages and good benefits to attract talented managers and professionals. Yet many businesses pay relatively little attention to creating the best circumstances for individuals to perform at their best. It's time to change that. It's time to become a proactive HR professional instead of a reactive done, using information about your people.
Turning workforce data into actionable insight
Do you know which parts of the business are performing well, who was recently promoted, who received a pay raise, and who constantly exceeds expectations? Having the answers to these questions will help you directly impact your company's bottom line, and accurately assess the performance of employees.
HR and employee analytics can help you decide where to invest, identify the top talent, determine what employees need to perform, and what they value. Workforce analytics also provide a way of monitoring the results of any measure you take.
Your talent management strategy must allow for social feedback, regular check-ins and more. It should also link performance to goals, learning, and peer recognition.
By consolidating information about the performance of your employees with other information (like your company's approach to recruitment), you can make vital employee decisions based on the right workforce information. Then, you can ensure the success of your talent management strategy.
What is a talent management system?
A talent management system is a type of business software that human resources or people professionals use to manage recruitment, performance, learning and development and compensation. It should increase the productivity, performance and engagement of employees within a business.
Elements of talent management system
The elements of a talent management system are:
- An ability to identify, manage and retain your most productive employees worldwide.
- Tools for creating and managing talent plans for each employee, while tracking their progress.
- Tools and skill matrices for preparing people management forecasts and evaluations.
- A management view of multiple successors, level of readiness and development plans.
Sage Business Cloud People is an example of a talent management system.