Talent management is a strategic process that includes attracting, recruiting, and above all, retaining top talent for your business. It starts before the recruitment phase and stretches well beyond the onboarding stage.
As your human capital directly influences your organization’s productivity and success, you need a talent management strategy that works as hard as you do. It should be versatile, customizable, and scalable. The solution is to use talent management software to meet these strategic objectives.
In this guide to talent management systems, you’ll discover the key components and the best examples of talent management software that you can use to attract and nurture top talent.
What is a talent management system (TMS)?
A talent management system, or TMS, is an integrated software solution for recruiting, managing, and retaining top talent. The software includes features that support your existing talent management processes.
Talent management software systems allow HR and recruitment teams to streamline their recruitment and onboarding processes. It also has the power to improve team cohesion and create a strong company culture.
Key components of talent management systems
To optimize your talent management strategies, you need talent management software with the right features. These are the talent management tools to look out for.
1. Recruitment database
Talent management starts before the recruitment stage. Before you look to the outside world for potential candidates, look within your organization. You may find the ideal candidate is already working for you.
Internal hiring saves time and money. Companies can save up to $50,000 per alumnus when rehiring, compared to recruiting from the open market. The biggest benefit, though, is that you already know the candidate’s skills and strengths.
Talent management software can also be tied in with your alumni program. An example is the Aluminate for Enterprise platform, which can be used for alumni network management as well as talent management.
This is especially beneficial for boomerang hires. Former employees whom you already know and trust are key to successful operational endeavors.
With your valued corporate alums all in a central database, and easily accessed with a user-friendly dashboard as in the Aluminate community builder, you’ll easily find the top candidates for rehiring.
The next step in the talent management process is onboarding when new hires will be introduced to the company and assimilated into their new work environment.
To be of use for the entire process, talent management software must include essential onboarding features. Sharing information vital to a candidate’s new role will be simplified with a digital repository that they can refer to any time they need it.
Our digital library serves as a knowledge base for all employees, from new hires to veteran staff. They can access all learning materials whenever they need them, with a few confident clicks.
3. Performance management
Talent management includes elements of employee performance management. Therefore, talent management software must allow your team to track and monitor performance. Fortunately, our Aluminate Community Builder does double duty as a management area where HR can access all data.
Our dashboard is a dynamic landing page that supports performance management. It engages members with personalized content that supports their work experience. You’ll be able to track all activity and get deeper insights into your performance management processes.
4. Learning and development
Learning doesn’t end after onboarding. Every company should aspire to cultivate a culture of continuous learning. This provides an ever-increasing pool of highly skilled people from which to choose and fill important job openings.
Talent management software should encourage further learning and development. That’s why, on our platform, every employee can access personalized content and recommendations for upskilling and further learning.
Exposing employees to higher executives for mentorship and guidance is another effective way to achieve this. Our software addresses this need too. Employees seeking mentorship programs can browse individual corporate alumni profiles on your alumni network and find the right mentor for their needs.
5. Succession planning
Successful succession planning relies on a strong talent management foundation. The best talent management software provides this with a database of employees, both past and present.
Our platform also doubles as alumni network management software, making it ideally suited for succession planning. The company can find everyone interested in filling these leadership roles quickly and easily through their profiles.
Do you have a job role available? Our innovative system can automatically match open jobs with suitable alumni.
Benefits of talent management software systems
Hiring managers understand the importance of having a solid talent management system in place. It makes their job easier because each talent management tool streamlines the steps leading up to the hiring stage.
Employee engagement and retention
The talent management process doesn’t end with a signed contract of employment. An effective talent management solution supports HR in their hiring decisions and benefits the company even beyond the onboarding stage.
It serves as a talent management platform for employee development, employee engagement, and even succession planning.
Talent management systems focus not only on helping recruiters with the various stages of recruitment but also on supporting the recruits. Therefore, talent management software with the right talent management tools can aid in employee engagement and retention.
The Aluminati network software is ideally suited to this purpose, with a centralized database as well as individual profile options for your entire talent pool. This talent relationship management strategy can include your corporate alumni, current employees, and even new business contacts you have made.
Talent management software, because of its employee development and engagement capabilities, also enhances productivity.
With the right talent management strategies, new hires feel supported and valued. This is the key to boosting productivity. Employees who feel valued are happier and more productive. According to the World Economic Forum, research supports this.
Top business leaders and HR professionals have long known this to be true, especially when using a good talent management system like Aluminati. Our user profile, directory, and groups feature build engagement that leads to maximum productivity in the workplace.
Best examples of software for talent management
There are many products marketed as talent management systems online. The key is to find one that ticks all the right boxes.
We believe that a more comprehensive approach is called for. That’s why we focus not only on aiding HR processes for talent management but also on engaging employees and retaining them in the talent pool.
Aluminate for Enterprise offers the very best in talent management, alumni management, and enterprise social networking. It’s this versatility that has led to Aluminati becoming the world’s most customizable online community platform.
The Aluminati talent management software solution offers a scalable solution for all your employee data needs.
- Profiles for everyone in the company’s talent pool (this can include both current employees and corporate alumni on your alumni network).
- Allows access to a digital library of company news for easy reference.
- Updates your employee data automatically in the built-in directory.
- Manages new applicant data, as well as data for existing employees.
- Creates virtual spaces for employee socialization and engagement.
- Useful for internal hiring, employee engagement, succession planning, and more.
By collating all applicant and employee data for easy cross-referencing, this system drives both the recruitment of new talent and internal rehiring.
Workday offers enterprise management software powered by AI. You can use this to manage your talent pool and automate various processes.
- Time tracking and payroll management
- Human resources management
- Data visualization reports
Oracle Fusion HCM Cloud
Oracle Fusion HCM Cloud is a cloud-based solution connecting everyone in your organization with your HR processes. This makes it useful as a talent management system for hiring from within. Oracle AI for HCM helps streamline some of these processes.
- Source talent from database
- Recruit from the talent pool
- Manage your onboarding processes
- Use for succession planning
Talentsoft was recently acquired by Cegid, but still offers a human capital management platform for HR and IT leaders.
- HR data is centralized
- Use for talent acquisition from applicants and existing employees
- A streamlined talent management process solution
- Follows EU best practices for HR software
Boost your talent management strategy with Aluminati
Your HR and recruitment teams shoulder a big responsibility. They are tasked with talent acquisition, recruitment, and onboarding, to provide the company with top talent. With the right platform, you can help them fill those skill gaps with the best candidates.
Aluminati’s talent management software will give your talent management processes a boost. It makes finding the best candidates from your organization’s talent pool faster and simpler.
Request a demo today to discover what Aluminati can do for your company!