Four Ways Talent Management Can Help Your Organization
February 22, 2015
Talent management applications are on the rise! As stated in a previous blog post on motivating employees, the Human Capital Management market is growing rapidly, especially the talent management component, accounting for roughly 35% of the entire HCM solutions revenue by 2018. What does this mean for your organization?
Forrester Research has published a great report that provides details on how HCM solutions, especially talent management applications, are paving the way for higher employee engagement and performance in 2015. Trust me, if you have the opportunity to read the entire report, it is definitely worth it. The report highlights how HR technology encompasses and automates all areas, including recruiting, onboarding, development and monitoring employee performance. This in turn is making processes easier and more refined – allowing for increased engagement because employees are more productive and feel a higher sense of empowerment. How can your organization use these applications to your advantage so your short-term and long-term corporate goals are aligned with your people talent?
- The Right People - Finding the Right Talent – HCM applications allow for you to create and curate your own tools so that you can find the employee who is the “perfect fit”. Many of these applications integrate with social applications and are being used to measure and gauge prospective employees with your own success metrics so that you are able to attract and retain top talent.
- Engagement of Employees & Monitoring – The Huffington Post reported on some eye opening information about employee engagement - disengaged employees cost the US economy more than $500 billion, 75% of the companies in the report believe they are struggling to attract and retain top talent, and more than 84% of companies see their current process for managing employees is not worth the time and energy. Gallup reports from their 2014 study that 31.5% of US workers feel engaged with their jobs and on the global scale this number was a whopping 87% in 2012. Unmotivated employees can easily have a domino effect on the entire organization sucking engagement and profitability out of the company. With talent management applications, you can get both a holistic and detailed view of how your employees are performing and use this information to build out and execute on various engagement strategies and/or programs. The more engaged your employees are, the better the business is run, the happy your customer are the more profitable your organization.
- Performance Monitoring – This correlates to the point above and the fact that talent management applications enable your HR department to really hone in on the details, monitor employee performance across metrics and job role benchmarks, and set up proper performance review processes. This is also true when it comes to setting up proper coaching/mentoring programs, as well as setting up metrics that are aligned with organizational goals. The untapped power of integrating Human Capital and Sales Performance is solutions to have a 360 view of the sales team is invaluable in determining how to recruit, reward, onboard, develop, and scale successful talent.
- Integration with all your Systems - Talk about everything all in one – you do not have to buy a fully loaded application. You can take the best of all solutions and have them on one platform for your organization. Several of these systems integrate with each other so processes are truly automated and there is complete transparency for the entire organization. For example, you are able to measure the job and development performance (Human Capital Management) of your sales team as it relates to their incentives, rewards, territories and quotas (Sales Performance Management).
Talent management applications bring a tremendous amount of benefit to your organization. However, with all the technology vendors out there, how can you determine the best solution for your organizational process and employees? What works the best with your ecosystem of technologies and desired talent strategy? Engage with an advocate so you can educate yourself on what’s available and best aligned to your organization. If you are interested in learning more, please contact us. We would be happy to provide you with a complimentary 30-minute briefing to share our insights on the trends and analysts reports mentioned above. Let us help your define what success means for you HR department, so that you are one step closer to achieving the next level. Success is: happy and engaged employees.
Let us know how you think your organization can benefit from the implementation and deployment of a Human Capital or Talent Management technology solution in the comments below! Don’t forget to follow us on Twitter, LinkedIn, Facebook, and Google Plus to stay up to date on all our latest news and events!