A talent management system will set the framework for you to create strategic alignment, promote collaborative working and efficient communication, and boost employee productivity as your organization grows.
Your business is rapidly expanding and suddenly your small, tight-knit team is not so small anymore. Keeping track of everybody's tasks, motivation and productivity is no longer as easy as turning to the desk next to you, and things start to fall through the cracks. Now's the time to implement an effective talent management system to make sure you're hiring the best talent, keeping everybody aligned, building effective strategic communication and making sure your workforce is engaged.
This article is filled with lots of useful information about Talent Management Systems. If you'd like to jump ahead to a particular section then select from the options below:
What is a Talent Management System and Why it Matters?
Statistics on the use of Talent Management Systems
The Benefits of a Talent Management System to your Organization
PeopleGoal: A Best-In-Class Talent Management System
PeopleGoal's Talent Management System Implementation
New to Talent Management Systems?
Best Online Resources for Talent Management Systems
Popular Talent Management Questions & Answers
Otherwise, enjoy this insightful and comprehensive article all about Talent Management Systems and how they can enable your company to prosper.
What is a Talent Management System and Why it Matters?
Keeping on top of recruitment, performance management, company culture and employee engagement can become a nightmare of paperwork when you want to focus on developing your business. A talent management system gives you the framework to better manage employees. Most importantly it allows you to easily track people data to make sure you're building a thriving organization that you want to work at.
A talent management system (TMS) will help you to keep everybody aligned with cascading objectives, foster personal and professional development through check-ins and recognition, develop deeper working relationships using 360 degree feedback and improve strategic decision making with access to accurate employee data. You'll improve your company culture connection and find areas to boost employee engagement as your team grows and new hires come on board.
As opposed to hiring managers or onboarding a whole new HR department, a cloud-based talent management system can fulfill these requirements in a single neat platform. Through making use of an HR software, you can streamline and automate the various processes that you desire.
Statistics on the use of Talent Management Systems
Organizations that maximize utility by closely aligning performance management with employee and business needs realized a 24% boost in workforce performance
A Gartner study reports that putting greater emphasis on talent management can contribute to a 24% increase in the performance of employees. Additionally, it found that organizations with such systems in place report higher engagement among employees, up to 14% higher.
HR needs to get better at using such analytics to tell a story about what drives long-term value for the company
Gallup research shows that when managers gathered more frequent feedback through talent management systems, team members are 3.2x more likely to state they are motivated to do outstanding work. As reported by Gallup, when gathering and analyzing employee data more frequently, organizations experience a significant improvement in employee engagement, motivation and productivity.
The Benefits of a Talent Management System to your Organization
- Retain top talent: understand what drives and motivates your high performers, and give them the tools they need to manage their own career development long term.
- Effectively plan for the future: make sure that business-critical roles are covered and you have a succession plan in place using feedback, reviews and skills assessments.
- Increase employee engagement: gather regular business feedback and identify areas where you can deliver a healthier, more productive work environment.
- Improve business performance: build strategic data analysis to drive productivity and performance.
- Understand your unique company culture: every business is different, and using analytics to identify what drives your team helps you to develop the company culture that works for you.
- Improve your onboarding process: gather feedback from what works and what doesn't to make sure that you're attracting only the best candidates and getting them up and running straight away.
PeopleGoal: A Best-In-Class Talent Management System
At PeopleGoal we're aware that there is no ‘one size fits all’ when it comes to talent management. We've developed a seamless, easy-to-use and highly configurable platform to meet the individual needs of your organization and create effective paper-less HR processes. We'll help you to track the development areas that really matter to your business, and access all the data you need for strategic decision making.
Engagement Surveys
Measuring base levels of employee engagement is the first step to improving it. Whether you use a full annual engagement survey, regular pulse surveys or just regularly ask employees how they're feeling; reaching out for organizational feedback will help you to measure and track themes in engagement across the business.
Employee Recognition
A fantastic complement to improving employee engagement is our suite of recognition badges. Give a quick thank you to teammates and colleagues who've gone above and beyond, and recognize them publicly on the Timeline. It's a great morale booster and an easy way to encourage a culture of appreciation in your team members, driving the emotional connection of your workforce to your business.
SMART Goals and OKRs
Plan and share strategic organizational objectives to get every employee aligned and engaged with the company mission. Connect departmental, team and individual goals with the company-wide objectives to improve clarity, boost business performance and maximize productivity.
360 Feedback and Social Recognition
Proactively provide, request and track full 360 degree feedback. Whether it's open and transparent, confidential or completely anonymous, you can gather valuable feedback from peers, management and even external parties, at those times when it's most relevant for you.
Conducting Employee Manager 1:1 Meetings
The monthly check-in is one of the best tools you have to encourage employee-manager relationships and boost overall engagement. PeopleGoal allows you to design configurable 1:1 meetings to document all employee-manager discussion points. You can automatically bring through employee objectives to give a status update. You can also provide a template of 1:1 questions to give guidance and address overall performance issues, areas of growth and improvement, upcoming holidays and general employee wellbeing. Such systems designed for a recurring and regular flow of information are especially valuable for any remote team.
Employee Performance Reviews
Evaluate and reflect on individual performance through regular check-ins, bi-monthly/quarterly or annual reviews, with powerful forms that you're able to customize for every area of the business you want to assess.
People Analytics and Reporting
Leverage real-time data and access historic inputs to gain valuable insights and measure key performance indicators. Define custom reports using the data fields on PeopleGoal to track the people analytics that really matters to your business.
If you would like to see more then go ahead and book a demo to see our no-code HR workflow builder in action!
PeopleGoal's Talent Management System Implementation
The most important and valuable aspect of our software is that it is flexible and configurable to your needs and the processes in place in your organization. The typical implementation cycle is 1 to 4 weeks depending on your requirements and company size.
Account configuration and training
Our account managers will work closely with your HR team to configure your PeopleGoal account to your specific requirements. This integrated software will streamline the process of transitioning to the new platform. We will review your requirements and make recommendations to improve your existing process.
PeopleGoal integrates with BambooHR, Workday, MS Azure and ADP. We can utilize our integrations to import your employee data. We will provide training to your hr department and employees. Our aim is to ensure that every user has a comprehensive understanding of our platform and its capability.
New to Talent Management Systems?
Talent management processes can be difficult to modernize or implement for the first time. Our guide to modernizing the performance management process in your organization gives you a clear plan to develop a new performance process or refresh outdated performance management practices.
Best Online Resources for Talent Management Systems
- PeopleGoal - The Essential Guide to Human Resources Management
- CIPD - Workforce Planning Guide
- Bersin - 2020 HR Technology Market Report
Popular Talent Management Questions & Answers
What is a talent management process?
Talent management is the systematic and strategic process of recruiting, managing, assessing, developing, engaging, and retaining employees within an organization. It is also known as Human Capital Management. It is the systematic identification and analysis of an organization's future talent needs associated with its long-term goals and objectives, establishing a clear strategy that ensures that it will achieve these goals. In this sense, talent is defined in a collective sense and refers to the individuals who contribute to organizational success or have the potential to contribute to it in the future.
What are the key components of talent management?
These are the six key areas of talent management:
- Attracting talent
- Identifying talent
- Developing talent
- Engaging talent
- Retaining talent
- Deploying talent
How is talent management measured?
There are many ways to measure talent management, and it all depends on what aspect you want to measure. First of all, implementing a talent management system will have the capability to use people analytics and reporting to leverage real-time data gain valuable insights. Other methods include calculating talent turnover and retention, cost and time to hire, training spend and exit interviews. Finally, engagement surveys are a great way to measure base levels of engagement within your organization, you can use a full annual engagement survey or a regular pulse survey.
What is the objective of talent management?
The main objective of talent management is having the right talent with the right skills in the right roles at the right time. The process involves identifying talent gaps and sourcing and onboarding suitable candidates, developing their skills and capabilities within the organization and effectively engaging and retaining them to achieve the business's long-term goals. It ensures that employees (talent) are aligned to the company vision and strategy, in order to promote organizational growth and build a positive company culture and environment.
How do you manage talent development?
There is a multitude of ways you can manage talent development. Use performance appraisals, 1-1 check-ins, engagement surveys, succession planning, core HR analytics, and learning and development programs to name but a few.
What are the challenges of talent management?
Workplace trends come and go, but the biggest challenge for talent management will always be attracting and retaining the best employees for your organization. What "best" means is not the same for every business. One of the most important ways to address this challenge is to gather accurate and meaningful employee data to define the skills your organization needs. And also to identify just what your business can offer top talent to provide an engaging workplace that encourages a passion for their work.
What is the difference between talent management and talent development?
Talent management covers the recruitment, hiring and retention of top employees, and making sure they're a good fit for your organization. Further to this, talent development takes a future approach; making sure employees aren't just happy in their current role but are actively developing professionally and preparing to take over future roles in your growing business.
What does a talent management system do?
A talent management system should bring together all of your employee touchpoints, focusing on connecting your employee data to allow you to develop a big picture approach to your organizational design. It also reduces the time the HR professionals in your company spend on admin tasks.
Moreover, it provides clarity in how HR manages various aspects of learning management systems and beyond, for example, it can incorporate other functions such as an applicant tracking system.
How is talent developed?
On a basic level, having an encouraging and motivating manager is the foundation for individual development in an organization. Continuous feedback, coaching, and mentoring should form a big part of your performance management strategy. Most importantly you need to be open to the individual requirements of every employee so that you can create programs that encourage autonomy and self-development. As a company encourages better development programs, they will have a better public image which can lead to better talent acquisition. Therefore with the growth of your employees, you will see growth for your company.
How do managers motivate employees?
- Dedicate time to listen to your employees, schedule regular check-ins and one-to-one meetings
- Provide specific and constructive feedback on your employees' performance
- Give your employees a voice and act upon their ideas and concerns
- Involve your workforce in decision making
- Celebrate and recognize success
- Encourage employees to take responsibility
- Favor social recognition across all the levels of your business
- Embody the values and mission of the business in your behavior
Can I get a free trial?
If you would like to explore PeopleGoal further then feel free to get in touch. We are always excited to arrange a free trial, through which you can develop a hands-on experience of the talent management platform. Through attaining a real experience with this HR system, you will question why you never switched sooner.
What is a pulse survey?
A pulse survey is an effective way to quickly measure employee engagement and track progress over time. It is used to measure metrics such as employee productivity, satisfaction, or overall attitude towards the company. Traditionally, pulse surveys are designed to be sent out in a weekly or bi-weekly manner. They often have a higher response rate than more complex or annual surveys, due to their thematic and short nature. Through the use of HR software systems, these surveys can be automatically distributed and the data is collated for analysis.
What is the objective of employee engagement?
Employee engagement becomes increasingly important for organizations that want to retain their best talent and develop a productive workforce. Sufficient levels of employee engagement go hand in hand with high performing staff and an innovative and inclusive company culture.
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