Negotiating the minefield of Talent Management Systems

The world of HR systems has become more complex in recent years as organisations continue to invest in various technologies; with Applicant Tracking Systems (ATS), people data management systems, Learning Management Systems (LMS) and Talent Management Systems (TMS) all supporting the measurement of people data within organisations. Of the three, the Talent Management Systems market is one of the fastest growing segments of HR systems and it is anticipate that the talent management software market will continue to increase at a significant annual rate over the next 5 years.

Multiple factors have contributed to this:

• More and more companies are using Talent Management Systems to attract and acquire the very best candidates, as well as retain existing talent while identifying future leaders. This enables them to ensure they are getting the best out of their talent while ensuring the organisation is as cost effective and productive as possible.
• We have seen a shift from on premise to cloud based talent management software. By doing so companies are benefiting from cost savings – you pay for what you need, as well as a reduced time to benefit ratios. The software application is already installed and configured, as well as being accessible via familiar web browsers and cloud apps often resulting in lower learning curves and higher adoption rates.
• The talent management systems contribute to engaging employees and making them feel valued.

As we all know, it’s often difficult for companies, and specifically HR to keep track of their employee’s career goals or training needs. This can lead to employees feeling undervalued and not recognised for their efforts which often results in employees resigning and businesses being forced to spend time and money to recruit and train new employees. Utilising a Talent Management System allows HR to track an employee’s career from the beginning, while gaining real insight into the extremely valuable workforce data captured throughout the employee lifecycle, thus increasing employee retention by documenting goals and rewarding success.