What to Look for in the Top Talent Management Software Companies

If you’re looking for talent management software for your business, you want the best. With so many talent management software companies out there, it can be overwhelming to identify the best one for you.

How do you know what to look for? The top talent management software companies have some core qualities in common. Here’s an outline of those qualities to help you with your search:

Talent Management Lifecycle

From onboarding to retirement, you want to ensure your employees are well accounted for. High-quality talent management software will track your employees throughout their entire tenure at your company. There must be a system in place through each phase of their employment. That’s why any talent management software company worth considering will have the following programs:

Recruiting/Application Management

A strong talent management software company will offer an applicant tracking system (ATS). This system will help you sort through the most qualified candidates and track their application materials for efficient review and response. This feature also allows you to keep track of incoming resumes once you’ve posted a vacancy, storing information in one convenient location. An automated system may make the difference between snapping up the most talented applicants and losing them to your competition.

Performance Management

Performance management helps you track, measure and evaluate your employees’ progress toward their professional goals. Performance management will quickly indicate whether your employees are meeting or exceeding expectations or if they need added guidance. A performance management system allows you to develop performance standards specific to each employee, or an employee can even design and track their own standards. Not to mention, a performance management system can help you evaluate employee performance and identify appropriate professional development activities that best match each employee’s strengths.

Learning Management/Succession Planning

Learning management or succession planning is a tool for staff who show promise for potentially moving up within your company. Learning management can help identify and rank team members who may be a good fit for promotion and equip them with the skills they need to take on added responsibilities. Learning management can assign these individuals tasks to refine their skills and develop new skills for their new roles.

Succession planning is also useful in tracking when an employee is ready to move on from your company or retire. You will want to have a plan in place for transitioning employees out and filling their vacancies. Succession planning achieves this end.

Other Valuable Components

There are other useful features to consider, including compensation management, benefits management and integrative abilities. How useful these features are will depend mainly on your business and what your needs are. Note also that programs vary in performance depending on the size of your company. Some talent management software companies are geared more toward large businesses, while others are best for small-to-midsize businesses. There is no one-size-fits-all guarantee when it comes to talent management software.

Conclusion

The talent management lifecycle is the most vital aspect of talent management software. You’ll want to go with a talent management software company with a robust talent management lifecycle program. While lifecycle phases may have slightly different names or buzzwords (position management, career development), the concept is the same. Look for companies that support the employee from beginning to end. After all, if it weren’t for the talent, there would be no need for talent management.

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