Talent Management Software: What You Need to Know
In today’s highly competitive workplace, the question isn’t, “Should I use talent management software?” It’s, “Which talent management system makes the most sense for me?”
Like most everything else, all options are not created equal.
Here are some tips to help L&D and HR teams find the right talent management solution(s):
Review current talent management platforms and processes
The first step in evaluating any human capital management (HCM) software is to take a look on the inside (of your organization). Start by determining what’s working and not working with your current talent management processes and platforms, then make a list of must-haves and nice-to-haves for new software alternatives. At the very least, you should have a running list of organizational goals for the many aspects of talent management, so you can help determine how software will help you manage and achieve objectives regarding:
- Recruitment and onboarding
- Performance management
- Succession planning
- Learning and development
- Compensation management
Compare talent management software providers
From all-in-one platforms to point solutions (software that is focused on one particular need) like learning management systems (LMSs), there are hundreds of talent management software providers out there, each with their own strengths and weaknesses. When evaluating options, be sure to consider:
- Ease of use - more companies are looking to simplify the work environment, and HCM solutions can play a large role in either achieving that goal or making things more complex. Look for intuitive design and the absence of unnecessary bells and whistles.
- Cost - of course, price should weigh heavily in the decision, but the price tag on the solution doesn’t include costs associated with lost time due to complicated software.
- Reporting - are the right data points being made available? And if so, are they easy to view and analyze in ways that help identify trends and inform business decisions?
- Customer support - initial training should be a given, but what happens next? Look for providers that have dedicated customer support for your account, and proven speed when it comes to resolving issues and answering questions, as these never arise at a good time.
- Continuous innovation - will companies have to pay for upgrades post-sale, or will the platform constantly evolve with the industry and automatically pass those innovations on to current customers?
Look beyond the product bundle
Will an all-in-one solution give you what you need, or would best-of-breed point solutions for components under the HCM umbrella, like performance management, make more sense for the organization?
According to Gartner 2017, by 2030, companies that have invested in a cloud-deployed HCM suite for HR and talent management will still need to outsource 20 percent of their HCM requirements via point solutions. So it may not be realistic to expect one platform to handle everything on your list of requirements.