Talent management is an integral part of the hiring process. Whether it’s scheduling interviews on time, or maintaining a constant and transparent stream of communication with the candidates, talent management not only keeps your recruiting strategy in line but also helps build a better employer brand and candidate experience. So, if you are in HR, you must have talent management software in your Tech stack.
Questions You Should Ask Before Choosing an HR Talent Management Software
Before we plunge into the HR talent management software you need in your tech stack, let’s take a step back. Here are a few questions you should ask yourself before tying the knot with a talent management system.
What purpose is the talent management tool accomplishing?
In a survey, 34% of employees said they had to wait upwards of 4 weeks to receive a response from the employer after they had applied. Another study discovered that 90% of hiring managers fail to find skilled talent on time. The point here is that before you move on and decide which tool you should pick, spend some time trying to identify the specific challenges you aim to address and the results you hope to achieve with the tool. Your goal can be anything from reducing attrition rate to increasing candidate experience, lowering hiring costs, or simply minimizing the errors that come your way.
Can the software integrate with your current HR tech stack?
To successfully and optimally execute your day-to-day hiring practices you have to rely on an ecosystem of technology. Therefore, whether it’s screening a candidate, automating interviews, or managing talents, software integration is necessary. Always check if your TMS can effortlessly integrate with your applicant tracking system, screening tool, etc.
Is the HR software in my budget?
Costing is necessary for a prolonged and unhindered use of the software. Where overspending might lead to a short relationship, under-spending might mean not getting the desired features or failing to futureproof your hiring plans. So, considering the cost-effectiveness and overall value of the investment is necessary. HR software is an ongoing expense and you must be able to sustain it. Choose vendors who offer free trials and demos. Learn everything you can about the top TMS you shortlist and then make your final decision.
Is your HR data secure with the TMS?
All HR software is cloud-based and as technology has evolved, so have the threats surrounding it. Given the reliance on cloud services, it's imperative for businesses to conduct a comprehensive cloud security evaluation to ensure their chosen provider adheres to the highest standards of data protection and security. Before you make any investments, check for security, compliance, and data protection measures the vendor is taking.
How Does Talent Management Software Help?
With recent developments in technology, specifically in the HR domain, talent management tools have become more comprehensive. The software includes an array of features and modules designed to store, secure, and monitor employee data. This helps the recruiters be more productive at their job, understand their employees better, and make sound hiring decisions. Some key areas where a TMS systems come in handy, include:
- The right TMS will help the HR department forecast its human capital requirements and assist in ensuring the organization is prepared for future growth and changes.
- TMS also contributes to simplifying the hiring process with automated workflows for on-, off-, and cross-boarding.
- You can also track employee performance, create employee surveys, and conduct compensation management plans, among other activities with a TMS.
- These tools also act as learning management systems, allowing continuous learning opportunities, career development programs, and personalized training paths.
5 Talent Management Systems to Consider Adding to Your Tech Stack
Peoplebox.ai
Peoplebox is a comprehensive platform that offers solutions including KPI tracking, people analytics, employee engagement, performance review, and more. The platform effortlessly integrates with varied communication and HR specific tools to allow easy engagement surveys, and OKR check-ins directly. It has a user-friendly design and dependable customer support.
Key features include:
- Automated goal and project tracking
- Goal-based 360 reviews
- Custom weightage for goals, competencies, and values
- Advanced formulas for final rating calculations
- Creating customized forms
Pricing
- Talent Management - $7
- OKR Platform - $8
- Full Suite - Professional - $12
- Full Suite - Premium - $15
- Enterprise Plan - Talk to sales
2. Paycor
Paycor provides an end-to-end talent management solution with its varied features including talent and workforce management, payroll and benefits administration, and employee engagement and experience management. The Human Capital Management tool streamlines talent sourcing, onboarding, and talent development. This makes it ideal for recruiters who want a comprehensive HR solution in a single tool. Apart from hiring functions, it also helps HRs enhance employee experience with surveys and learning management, among other tools.
Key features include:
- HR and Payroll management
- Workforce management
- Automated talent sourcing
- Expense management
- Scheduling software
Pricing
- 30-day free trial
- Talk to sales
3. Lattice
Lattice as a TMS performs perfectly on several levels including boosting employee satisfaction through engagement, performance management, continued feedback mechanism, and 360-degree performance reviews. The tool is simple to understand and easy to use with a clean and effective interface that certainly looks like it’s designed to boost HR productivity. It also provides varied resources like comprehensive how-to guides, webinars, videos, In-app chat support, and best-practice tips.
Key features include:
Employee records
Workflow management
Cycle management
Benchmarking
Performance reviews
Analytics for DEIB
Pricing
- Performance Management + OKRs & Goals - $11/person/month
- +Engagement - +$4/person/month
- +Grow - +$4/person/month
- +Compensation - +$4/person/month
4. Cegid
Cegid provides a mix of employee engagement, talent management, and talent acquisition solutions to help recruiters and hiring managers hire, collaborate, and manage employees efficiently. Using the co-option app by Cegid, employees can easily refer candidates from their networks, enhanced by a customizable point system for referrals. Further, the tool assists in employee retention with an intuitive internal mobility tool, helping employees discover new career opportunities within the organization. Another highlight is the cross-disciplinary projects option that encourages employees to actively pursue skill development and stay proactive in their career growth.
Key features include:
- Finance Management
- Employee management
- Candidate experience solutions
- HR Analytics
- Job posting & media buying
- ROI calculation
Pricing
Talk to sales
5. ClearCompany
ClearCompany is an ideal talent management tool that improves hiring efficiency by streamlining onboarding and aligning company-wide goals and performance. The platform offers complete sourcing, onboarding, training, and retaining features with custom scoring, weighted sections, and free-form responses. It makes for a go-to software for someone starting out in HR.
Key features include:
- Candidate sourcing
- Automated screening
- Grading
- Interview scheduling
- Building EEO/OFCCP-compliant talent pools
- Onboarding & Engagement
- Performance Management
Pricing
Talk to sales
Benefits of a Talent Management Tool
There are varied ways an HR team can benefit from a talent management system (TMS).
It can start from providing a centralized data model for all talent management activities to recruitment strategies that align with business objectives and deliver enhanced employee onboarding, retention, and development. TMS can also improve engagement between managers and employees, covering compensation, reviews, and rewards.
Recruiters find benefit in efficiently managing end-to-end processes such as career websites, job postings, applications, candidate screening, and employment offers. They can focus on finding the best talent while the TMS handles the administrative tasks. Human Resources teams coordinate all talent management tasks seamlessly via a TMS. Utilize powerful data analytics to inform business decisions, generate detailed reports, create compensation plans, and ensure compliance with regulations.
Integrate Your TMS With Skima for Maximized Results
Skima AI is an artificial intelligence-driven AI tool that helps recruiters discover the top talent for any job role from a pool of candidates. Simply upload your candidate database along with your job requisite onto Skima and get a listicle view with key insights of every candidate in a ranked format. Features like AI Matching Score, you get personalized rankings for each candidate based on their ability to execute the job role.
Skima effortlessly integrates with all applicant tracking systems to deliver a seamless experience when hiring.
End Note
A Talent Management System not only improves your recruitment process but also ensures long-term employee satisfaction and retention, which drives overall business success. Before you make your decision, evaluate your goals, consider a budget, and most importantly, take into account integration options and compliance. It's important to ask yourself the right questions before investing in a TMS.
All the best!
