Talent varies based on the organizations that seek it. Some companies value IT sophistication; others, management skills. Some place premium on math or language or science proficiency; yet others lean toward the arts.
Managing talent in the corporate setting is an entire function in an organization that recognizes the superiority and importance of human capital to the overall goals.This goes way beyond the normal human resources function of payroll and benefits.
To enable companies to perform this all-too important task effectively, there are talent management software available. Talent management software is defined as that set of solutions that enable a company to attract and maintain the kind of human capital it needs to achieve its objectives.
Managing talent has many aspects.
First, there is recruitment. The organization has specific goals and requirements, and an idea of what kind of people they want to be on the team. Unfortunately, they do not just come immediately applying to you offices. Chances are, they are employed somewhere else or are just getting out of school. How do you make a shoutout and make sure that they become interested in becoming part of the organization?
Onboarding is next. When you’ve made the decision to hire certain people, believing that they are a good fit to the organization, they don’t come on board immediately. They have to undergo certain processes — documentation, training and the like — before Day One.
Learning is making sure these new hires are equipped with the training most suited to their roles in the company. A good talent management software will be able to identify in which areas employees need to brush up on.
And then, goals are identified. There are certain expectations of a “talent” in terms of output and overall contribution to the organization. These expectations are contained in targets and indicators. His or her performance against these indicators are measured. Performance is also assessed from various fronts and from many points of view. The talent management system software will always be able to give an objective evaluation of how well an employee is doing, based on these different metrics under different perspectives.
Compensation, of course, is crucial to attracting and keeping talent. The best talent management softwares are those which provide a standard by which to determine, and adjust if necessary, the compensation of employees depending on their compensation histories, level of responsibility and accountability, role in the company, qualifications and specializations.
Finally, the issue of leadership succession is crucial to the sustainability of any company. Managing talent does not only consider the present; more importantly, it ponders the future, and how the movements and realignments of talent will affect the viability and growth of the organization in the long term. Will the current talent pool be able to take the organization to the next level, next generation, or at least help it realise its vision over a fixed time period? What happens and how can the company cope when sudden changes, such as unplanned departures, illnesses or accidents, even death, disrupt operations?
Talent management software is costly — no doubt about about that. But those are just pesos (or dollars) and cents. The best talent management system/ software will help your organization find and keep gems, and you can’t just place a price tag on those.