Is Talent Management Related to an HRIS Systems?
Talent management is a term that began sometime prior to the dot-com boom yet it continues to be relevant long after the dot-com bubble burst. Quite simply, as more organizations realize that their existing talent pool is the one that will drive their success, they are honing their attention in on creating plans and processes to ensure their employees’ success and, therefore, the success of their companies. Today, talent management is known by many names including HCM, or Human Capital Management. In fact, talent management is really a number of disciplines and includes:
•Managing and maintaining competitive compensation
•Ensuring ample management and technical training
•Cascading goals that incorporate proven performance management processes
•Additional retention programs (e.g., stock options and bonus programs)
•Visible promotion paths
Talent management has prompted a new industry of software including HRIS, HRIS Systems, Performance Appraisal Software, and Training Software. In other words, technology can help implement a talent management solution that is ideal for a company’s specific employees. The question, though, is how can talent management and any accompanying software benefit your employees?
According to Maslow’s hierarchy of needs, employees will continue to strive for “self actualization.” By providing resources that support your employees, you are encouraging them to realize their full potential, to attain “self actualization.” This helps your business grow and reach its full potential. Furthermore, organizations with motivated employees typically create a following among the local work force pool, pulling in new employees that are just as motivated and loyal as the existing team. Thus, by focusing resources on individual talent and encouraging employees to reach their full potential, the current work force creates economic growth and spurs future success.
Talent management is essential for any business. For example, talent management can help identify and then find solutions for “lost” or “misused” talent. By employing HMC, new business opportunities can be identified as well as business challenges (whether those be challenges of competition, government regulations, or economic downturns), which can then be immediately addressed. Considering the many benefits of talent management, it is imperative that every business take advantage of HMC. But how?
To get started with talent management, you could bring in consultants or experts that will review your existing processes. They evaluate the areas that are critical to your company and identify the areas that are the weakest and need to be improved. While this is useful, you MUST also have technology to help identify, track, and manage talent. Today, most solutions are cloud-based, integrating major HRMS Solutions with corporate solutions, including accounting.
While an HRIS system can help with organizing employees and their “talent,” a best of breed talent management system also needs to be included in order to accomplish your goals. These solutions allow HR to:
• Review real-time salary information and compare this information across industries for competitiveness
• Access cascading goals and provide for complete corporate goal view, ensuring total integration of company goals
• Review, at a glance, A/B/C members for promotion or other project opportunities
• Measure existing talent against future needs
In the end, your employees are your talent and, thus, your future. Treat them well, give them opportunities to grow, and ultimately your company will grow too!
About the Author
Carolyn Sokol of PEOcompare.com writes about issues that affect businesses and employment such as HRMS and HR Payroll Technology. Her background is in marketing and communications, development of policies and procedures and the ongoing delivery of outstanding service to customers. compareHRIS.com focuses on outsourcing payroll, HRIS systems and companies that can help you with your payroll & HR issues such as Ceridian, ADP, and Abra HRMS.
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