6 key benefits of talent management systems that your organization needs to understand and seize right now

People-centric organizations now have an urgent need to attract the best talent and nurture their engagement and experiences with specific metrics to achieve exceptional business performance.

Strategic human capital management (HCM) is essential in today’s ever-changing environment, and the advantages of talent management systems are growing in the eyes of global business leaders as the benefits are seen across industries.

What is talent management?

Talent management is the strategic process of identifying talent gaps, attracting the right people, onboarding them successfully, then growing, developing, paying and retaining top talent within your organization. Talent management permeates every aspect of Human Resource management while enabling people performance and the achievement of business goals.

The benefits of talent management software come into its own when you discover a solution that fits your organization and delivers a superior People Experience across the business. An integrated talent management system helps companies to plan for, attract, hire, onboard, develop and reward their workforce, all while continually measuring performance against business goals. Businesses with an effective talent management system are more likely to whip their competitors in the long run!

To help explain the benefits of an integrated talent management software system and how technology is now playing a more prominent role in HR, we have compiled a list of the 6 key benefits you should be tapping into.

1. Identifying talent gaps and workforce planning

Identifying gaps and planning for the future allows organizations to clearly define current capabilities and map out existing and future needs. Taking a proactive, agile approach to skills gap analysis and new job role needs helps keep businesses on the front foot in an environment where work requirements are constantly changing. 

One of the benefits of talent management includes gaining a real understanding of a company’s “bench strength” –­­ that is, the people who are ready or can be trained to step up into key positions and leadership roles.

2. Better recruitment and onboarding

The first key step in improving your recruitment process is attracting top talent to your organization. A company’s reputation as an employer, its culture and values play a big part in attracting the right people. A strategic talent management system helps your organization’s image and employer branding strengthen and grow through your online and social media presence, increasing the size and quality of the talent pool available.

A talent management system allows you to streamline your recruitment process, develop specific job descriptions and ideal candidate personas and ultimately attract the best talent.

Onboarding is an essential part of retention. You are more likely to retain your best people when right away they settle in comfortably, see where they sit in the organization, understand the short and long-term goals, and know they fit with the overall values, vision and culture.

3. People experience and engagement

Driving engagement and a positive people experience at work is key in talent management. The wellbeing of your people has a direct impact on talent retention as well as your bottom line. One of the benefits of talent management software is the ability to engage with and data track the work life and family life experiences of your people to ensure balance is achieved.

Talent management allows collaboration and learning to be encouraged, which will increase motivation and performance. We are all now working in a more remote or dispersed environment, and it is more important than ever that we bring people together so they feel connected and integral to the wider organizational team.

4. Growth and development

Supporting your people’s growth and fueling the development of skills will lead to better retention of top talent and higher-performing teams. A talent management system allows certified, cost-effective job and product knowledge learning on a user-friendly platform. It will provide data and insights on high performers so you can make strategic decisions on people development.

Providing training programs and opportunities for upskilling enhances people’s engagement, loyalty and motivation. Leaders are empowered with data and can track trends and performance to continually improve the scope for learning and development.

5. Performance management

The benefits of a talent management system are most apparent when it comes to performance management. People-first businesses can use the software to modernize their performance tracking and set and evaluate objectives and metrics, while creating a culture of feedback and praise. 

Your people want to grow, and they want to contribute to company success and growth. Talent management systems show your people how to do this with clear objectives and expectations and continuous, open feedback. This shifts performance management to a more dynamic model, which also allows your organization to be more agile.

6. Responding to change and trends

Reducing workload through automation is just one way that talent management benefits your ability to respond to change and hyper-change trends. Talent management needs to adapt and morph into new models to suit the current climate.

Talent management has to take into account changing requirements at an organizational level as well as ever-changing global cultural differences. The global environment is complex and talented people are drawn to businesses that continually revitalize systems and processes to successfully compete in their industries, and this includes talent management.

Leaders who don’t continually invest in attracting, then retaining and developing their people have already lost the war for talent.

How can Unit4 help you? 

Unit4 creates HCM technology specifically designed for the unique needs of people-centric organizations. Helping you to manage and develop your people, attract world-class talent, and ensure and proactively encourage engagement, learning, and development.  

Together with our next-generation ERP and FP&A tools, our HCM software can do everything from suggesting avenues for development to proactively identifying flight risks, allowing you to help your people get the most out of what you can offer them so they can, in turn, contribute effectively to your organization’s goals. 

To discover more, you can check out our dedicated HCM product pages here. Or click here to book a demo and see what our solution can do for your organization yourself.