The human resource department in the modern workplace faces lots of challenges while fulfilling its daily KRAs. However, as industry experts would say there are three major challenges that the modern HR professional faces and will face in the coming 10 years.
The challenges included –
- Retaining and rewarding the top talent, which about 59% of HR professionals felt was the major challenge
- Developing the next generation of corporate leaders, which approximately 52% of executives believed was the major challenge
- Creating a corporate culture that attracts the best employees, about 36% of executives opined that this was the biggest challenge.
And to address these challenges, HR leaders came up with talent management system that could not only address these challenges but also offer viable solutions for the same. But before we go further, let’s understand what is talent management system and how will it help in overcoming the challenges.
To understand more about talent management systems, commonly known as TMS in HR parlance, let’s figure out what it means and entails. So TMS is essentially a set of software applications, which helps qualify candidates, manage talent and at the same time retain employees within an organization.
With the advent of technology, there was an evident shift in talent management paradigms. As the expectations of executives and the roles of the average HR department changed in the modern corporate environment, the need for high-quality and fully integrated TMS grew.
Now you know about the challenges that HR professionals and leaders face; let’s find out how talent management systems can help them in overcoming these challenges.
As mentioned earlier about what talent management systems are and what it does for an organization. HR department in the modern workplace needed a system that will be able to address all their challenges and offer viable solutions to them. Solutions that will also be able to drive organizational growth.
Here’s how –
Talent management systems or TMS is essentially an integrated software suite, which addresses the ‘four pillars’ – again as it is known in HR language – of talent management: recruitment; performance management; learning and development; and last but definitely not the least compensation management.
In the recent past, HR professionals and leaders globally are facing two major challenges including talent acquisition and performance management. And with the war for talent rising at a tremendous speed, it is not surprising that acquiring top talent is the major challenge HR faces today. If this was not enough measuring the performance of top performers, mid-performers and no-show employees has become a difficult task till TMS came along.
The integrated software ensured that each and every performance is measured and there is a proper record so that when the time comes for performance management there is no confusion.
Acquiring talent became a little simpler with TMS in place – as there was no need for manual scourging through the applicants and selecting the right fit for the candidature. In face talent management systems with its software ensured that the applications and resumes are matched as per the job description, qualifications matched and each detail checked and rechecked.
Organizations with Talent management systems in place boast of increased productivity, lack of absenteeism from work, more positively engaged employees who were eager to give their best to their individual jobs and in turn to their organization.
If your organization has online talent management system in place, then you can be assured of these five things –
- Improved hiring techniques
- Quick and easy development of employees
- Smarter business decisions as accurate data becomes accessible
- Better cultural connections and employee engagement
- Improved talent retention
So if you are an HR professional dealing with all the challenges mentioned in this article then you know how useful is talent management system for your organization.