Today, the role of the human resource department in an organization has expanded tremendously. Rather than just recruiting, onboarding, and deciding the employees' paycheck, HR is expected to focus on employee engagement, skill enhancement, retention, and overall productivity. All this can be achieved by implementing a talent management system. According to a survey conducted by McKinsey, employees who have expressed a positive work experience demonstrated a staggering 16-fold increase in engagement compared to others. They were also found to be eight times more inclined to remain with the company. The talent management system can ensure a smoother process of providing a great employee experience. From staff recruitment to onboarding, feedback and reviews to motivating, a TMS is the finest way to help recruiters grow their talent.

Let’s delve deeper and understand more about TMS and its working.

What is Talent Management System?

Talent management is much more than recruiting a suitable candidate. It is a complete system encompassing the complete talent lifecycle of the employee. It may include acquisition, training, reviewing, career advancement sessions, retaining, etc. Talent Management System is largely about helping the employees perform to their optimal potential in line with the long-term organizational goals. Managing talent efficiently translates into company growth, better productivity, cost savings, hassle-free working, and minimal disruption.

It is a dynamic process that differs from company to company, with the same goal of motivating the candidates and building trust. Companies use this to hire, measure employee performance, develop a reward system, and make future plans for their workforce. Talent management systems also take care of compensation and succession management. It creates opportunities for those who intend to learn and grow in their career. Mutual support between the company and employees also called the 'psychological contract', is necessary for a firm's success.

How does Talent management system work?

Talent management systems integrate HR functions and more, focusing on the employee. Without TMS, HR professionals had to use different modules or systems for different HR functions. This needed different daily data input or feeds into the employee data set. However, the talent management system eliminates the need and combines the functionalities.

The recruiters can use talent management system to gather employee resumes and applications. Using the same, they can review the candidates and shortlist them. Furthermore, they can enter other data like candidate's personal details, skills, aptitude, etc. The same data can be used later as a comprehensive picture. The HR can then pull the same data to map their skills, identify gaps, plan training sessions, etc.

The talent management platform offers a simple dashboard that assists HR in visualizing the workforce based on several factors. This readily accessible data is essential to make strategic decisions and produce a smarter workforce.

How does Talent Management help the HR professionals?

1. Workforce Planning Enhancement

Talent Management Systems are helping HR professionals with strategic workforce planning by assisting in defining the essential capabilities and skills required to align with long-term business goals and objectives.

2. Streamlined Recruitment

HR teams are significantly benefitting from Talent Management System when it comes to streamlining recruitment processes. These systems help HR professionals better understand the organization's needs, identify candidates with the applicable skills, streamline screening processes, leading to more efficient hiring decisions.

3. Seamless Onboarding

Talent Management System assist HR professionals in swiftly integrating employees into the workplace, adapt to the company's work culture, thereby paving way for a smoother connection with their teams.

4. Training and development

Today, it is not the sole responsibility of the employee to find and implement learning opportunities to advance their career. Talent Management System helps the employees improve their skill set. This is done after assessing the employees' competencies, tracking their performance, and finding their willingness to take up more responsibilities.

5. Review and Feedback

The team leaders need to measure employee performance and provide correct employee reviews. Talent Management System helps them identify strengths and gaps. This also accentuates employee engagement and makes them more focused on meeting business objectives.

6. Compensation

It is imperative to provide fair compensation to the employees to feel self-worth, job satisfaction, and retention. Talent Management System helps to include other perks and benefits along with the paycheck.

7. Succession planning

What is the next step in the employee's professional journey? Is it profile change, retirement, or promotion? A Talent management system helps understand the same.

Wrapping up

The benefits of using a talent management process are numerous. TMS can lead to a stronger workforce, high-quality work, improved profit, and avoiding employee burnout. HR professionals who are looking forward to improving their skill set and adding qualifications can enrol in the TMI (Talent Management Institute) certifications.