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Important Features to Look for in Talent Management Software Talent management software solutions nowadays are usually SaaS-based (Software as a Service), which means they are run either online, a private cloud or through a data center owned by the company. They are also based on modules or suites, where viewing employees’ records can be done in one place, from start of employment to retirement. If you’re in search of a dependable talent management software solution, look for these six key features. These modules include metrics as well as predictive analytics that will enable you to see through trends and measure performance and profitability. Hiring Talents
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Before your company’s next superstar takes his place at the boardroom table, your HR department must first find candidates. Your talent management software’s recruitment function will allow you to review your applicant pool in a more efficient manner. Using various HRM tools can improve the processes of applicant tracking, reporting and analytics as well as onboarding, even with integration with social media.
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Compensation Management Compensation management modules free managers from the confines of planning cycles. Instead, top performers for a specific year can be determined based on worker assessments, objectives, and the like, along with budget and compensation policies. This pay-for-performance system can encourage as well as reward employees, and at the same time create and promote a culture of performance excellence. Eventually, this works to boost employee trust and satisfaction. Workforce Planning A workforce management feature gives you consistent workforce analytics that provides practical and actionable information and insight. Large-scale data, such as determining the attrition rate of the company, will not be able to answer as many questions as pinpointing the specific divisions or departments behind that number. To find answers, a workforce managing feature enables a company to focus on certain areas of your business. Succession Planning Talent management software’s succession planning feature lets HR managers put actionable succession plans in place, as well as create an actionable succession plan, pool a number of prospective candidates based on set criteria, and analyze potential applicants’ metrics and data, including training, experience and skills. The feature likewise assists in the support of learning goals of candidates in reference to intended career direction and goals, and the needs of the organization. Learning Development Companies have always understood the importance of effective learning and development systems. With the increasing popularity of interactive learning management systems (LMS), businesses are left with no choice but to re-examine their learnign and development strategies for effectiveness. Along with this shift, talent management software developers are constantly improving the features, with most providing functions that are often seen for Internet courses with extra public policy compliance settings. These mainly include training administrative functions as well as learning employee functions. Managing Performance A performance management function enables the user to create customized workflows, acquire employee feedback automatically and monitor year on year goals. Through this approach, an organization can build a highly motivating performance culture, as employees are given a straightforward dashboard-type insight into how they are able to impact the company’s growth through their performance.