Talent management. What is it? Who needs it? Who cares? Those are good questions. Bersin & Associates defines talent management in a very specific way:
Talent management is a set of integrated organizational processes designed to attract, manage, develop, motivate and retain key people. The goal of a talent management program is to create a highly responsive, high-performance, sustainable organization that meets its business targets.
In other words, talent management is a process that includes everything from acquiring great people to helping them find new roles in an organization (succession management).
The way I look at it, no matter what your business goals, stronger links make stronger chains. Having a software solution that helps you identify the right people for the job — and gives you powerful analytics for better decision making — is a very valuable tool to run a business in a better way.
I overheard a colleague talking about how the days of making “gut” business decisions are a thing of the past. Now, it’s all about the data. It’s no longer about what you think; it’s about what you know and how you can prove it. As it turns out, my colleague and Brad Pitt aren’t the only ones who feel this way.
“Big Data” and emerging integrated talent management tools are changing the way leaders run their business. This is especially true when it comes to talent management. So what are the best software systems?
Survival of the fittest and business evolution naturally lift the more successful companies to the top, which then results in a frenzy of acquisitions and mergers.
There are a variety of solutions out there, some of which combine several HR needs, and some that focus on just one need, such as recruiting. You can utilize talent management solutions via the cloud/SaaS, or through traditional on-premise/hosted platforms. Some of these solutions can be accessed through mobile devices, as well.
Some of the household names in the talent management world are:
I came across an interesting statistic while reviewing the Bersin & Associates research on talent management: Roughly one-third of HR budgets go to strategic talent initiatives in the areas of recruiting, performance management, leadership development, and corporate-wide training and compliance programs, but more than one-half of companies still have little or no strategy at all.
As a newb, I wonder why more companies aren’t investing in strategy and software solutions. Is it due to company size, financial capabilities or just different adoption rates among companies?
What do you think? What else do I need to know about talent management? What have I missed?
Chime in and let me know how I can get up to speed and learn more about big HR ideas in a small amount of time.