Building an engaged and productive workforce starts with finding the right people. But according to a recent report from Korn Ferry International, one-third of talent acquisition teams around the world are working without a long-term strategy in place.1 Finding, attracting, and hiring the top talent should be a priority for any company, but without talent management software, it’s easy to let important steps in this process fall by the wayside.
And once you have your recruiting system up and running, you need to develop a retention strategy. Employees these days expect a lot from their bosses. By failing to provide feedback and opportunities for professional development in a way that fits their goals and lifestyles, you run the risk of driving them toward more attractive work environments.
Why your business needs a talent management solution
Caring for your workforce at all stages of their journey will energize your workplace.
Many companies have embraced a talent management solution for finding, hiring and retaining their top talent. What is there to gain from implementing talent management software?
You’ll attract top talent
An effective talent management solution starts when your future employee hits the “apply” button. Talent management software not only helps you hire the right people, it also simplifies the hiring process. With the ability to leverage your company’s network, track applicants, and keep in constant contact with competitive candidates, you’ll be able to seize hot opportunities and establish your company as trustworthy and organized.
You’ll engage and energize your workforce
Once you have the right people, you can get to work on cultivating their talents. Talent management software promotes professional development by spotting star performers, supporting under performers, and providing frequent opportunities for learning and growth. By combining quantitative and qualitative performance data with other information across your company, you can make informed HR decisions that energize your workforce.
Your employees will look forward to performance reviews
Bersin, Deloitte’s talent management research wing, found that only 8% of companies believe that their performance management process is worth the time.2 Performance reviews that come only once a quarter (or year) are ineffective. Employees dread these reviews and struggle to learn from situations that they likely don't remember. An effective talent management solution will include systems that provide constant personalized feedback, helping your employees do their best work.
You’ll have a consolidated, insight-rich system
A recent PWC study found that over 55% of companies work in silos, with each business function making its roadmap for the future.3 Imagine a talent management solution that promotes collaboration––and, in turn, productivity. Talent management software consolidates employee data and identifies employee strengths and weaknesses. With these insights, you can place your talent where they will perform best. As a result, you’ll boost engagement, productivity, and overall employee happiness.