“Because talent management technologies are constantly evolving, it’s nearly impossible to remain current about available systems and features. Fortunately, there are research experts who have already done the homework.”
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In the wake of changing workforce demographics, shortage of talent, and globalization, human resource management has become an essential part of overall business strategy. The talent management leaders are eyeing for innovative strategies to meet their organizational needs. Companies that have adopted innovative talent management and human resource management strategies have shown excellent levels of improvement in their work culture. So, with the help of this content, Software Suggest will guide you through the essential information related to innovative talent management. Let’s begin;
What is talent management?
“Talent management is the systematic process of creating and sustaining individual competencies that will help the business deliver strategy.”
Talent management is the science and art of using human resource planning to attain business goals. It encompasses each and everything that pertains to recruitment, retaining, training, development, rewards, and more. Therefore, the process also covers identifying and filling up the talent gap within an organization. The entire method of talent management comprises of multiple-segmented processes and sub-processes. Every small process is therefore dependent on and determinant of the other adjoining process. Failure of even one small step will lead to the failure of the entire talent management process.
What is the importance of innovative talent management?
Innovative talent management or digital talent management is the section of modern management. It is easier, convenient, collaborative, and flexible for both employers and employees. The human resource department of every firm thus needs innovative resourcing and talent management to win the trust and confidence of its employees and stakeholders.
Let’s understand how innovative talent management moves can help your business grow!
- Resourcing and talent management, with the help of digitization, protects and nurtures talent in every contingent situation.
- It helps the company to keep itself well aware of what talent they need at what time and where. Innovating talent management allows the organization to foresee the workforce requirement and prepare accordingly. This preparation can be in terms of new hires or training and development of the existing workforce.
- It ensures steady and better performance in 3 ways: allocating the talent as per the strategic need, balancing business goals and HR strategies, and finally by providing a positive work experience.
- Recruiting new employees and training them is an expensive task. Innovative talent management allows the firm to help retain its talented resources even in contingent situations.
Considering the mammoth effect of the COVID-19 pandemic, organizations are struggling to pay their employees, keep them motivated, and ensure smooth workflows. On the other side, there are employers, who are struggling to hire and develop talent to meet the increasing demand for their products and services.
As a result, the latest innovation in the line of innovative talent management solutions is the employee sharing strategy. As per this innovative strategy, the employers who no longer need a particular worker share that worker with the other employers, who needs to add more talent to his pre-existing pool of human resources. In this way, the balance between the demand and supply of the workforce is achieved. Example: People+Work Connect
The 8 digital talent management solutions to manage human resource management
With limited resources at their disposal, human resource managers should invest in acquiring talent management solutions that deliver the maximum result. Here are some key innovative talent management tools to address the human resource strategies of your firm. After all, it’s vital to boost employee satisfaction and engagement while resourcing and talent management.
“From a talent management perspective big data can be used both strategically and operationally. An information revolution is taking place in which providing evidence-based insights will be important for HR.”
-Turner and Kalman
1. Talent analytics:
Using data analysis makes the information related to human resources more worthy and helpful for driving any business decisions, for example, human capital management (HCM) software. It helps SMEs record, collect, and report improved productivity. The cloud-based talent management software option is accessible from any remote place and also integrates well with different management modules. Using HCM applications makes it easier for employers to speed up and streamline the complex process of hiring, promotions, and job changes.
2. Evidence-based talent management:
Innovative talent management strategies are evidence-based. Such pieces of evidence are driven to benefit the recruitment and promotions of employees. The digital talent management solutions are cloud-based and integrate well for strategic decisions. This makes the overall work culture more efficient and focused.
3. Employee development:
By the end of the year 2030, talent management will experience the high trends of AI and automation. Training and development will all be tech-driven. As per the survey by LinkedIn, well-trained employees show a lower attrition rate of 53%. This means reduced hiring costs and increased productivity.
4. Virtual onboarding:
Onboarding is a formal process of helping the new employees with their training and mentoring process. It’s a way to create a first impression in the eye of employees. Talent management software helps organizations set up a thoroughly customized onboarding program for each employee specifically. This fuels productivity in the employees from the day one. In this context, in-house training sessions, online training programs, and virtual learning are of great help.
5. COVID-19 relief:
Pandemic has made organizations realize that- flexibility is essential to ensure the smooth and consistent functioning of any department, presence in office premises is not of prime importance and even remote work can add to the productivity of the company. As per the study, 94% of employers felt the same or higher productivity level after allowing employees to function remotely.
Also, as every organization couldn’t provide financial support to their employees, they took to other means of innovative solutions like:
- Recognizing best performers.
- Developing low-cost or free health plans.
- Emphasis on employee autonomy and flexibility
- Cross-training and professional growth
- Celebration on achieving KPIs.
6. Management of remote workforce:
Work from home is the new normal, and it will prolong further, considering the present pandemic scenario. Innovative human resource tools like file sharing, online meetings, and time management help employers strategize the policies even in remote working environments. Remote onboarding, remote training, and virtual performance management make it easier for employers to provide a user-friendly portal to their employees.
7. Well-integrated hiring practices:
Talent management tools provide real-time reports and dashboards to identify problem areas and develop strategical solutions. These digital solutions integrate well with the other organizational management modules and work in a unified direction of business goals and strategies.
8. Returnship of the experienced workforce:
Returnship is the term used for the workforce, who took voluntary retirement or left work before time, and are willing to work in the present. This innovative solution is a financially well-planned strategy to hire talent who are well experienced and groomed enough to guarantee the success of the firm.
Best 5 talent management software systems
1. CEIPAL TalentHire
CEIPAL is a leading talent management solution for recruitment firms. It helps to manage requisitions & postings and makes use of artificial intelligence to hire the best talent. It’s a pioneer in delivering next-gen technology solutions to the HR department of any firm.
Keka is an intuitive HR solution for recruitment agencies and departments. It provides a thoroughly unified workflow process to its users. This modern HR and payroll software is effective for all kinds of SMEs.
Qandle is an all-in-one human resource management solution. It is a modern cloud-based HR solution for firms and is comprehensive, configurable, and intuitive. It eases the HR department’s functions with an optimistic approach. It has over 20 very easy modules.
Freshteam is an intuitive, easy-to-use, and affordable talent management software. It takes care of recruitment, onboarding/ off-boarding, time management, and employee management. It’s appropriate for businesses of any size and type.
HRMantra is a human resource and payroll software with a complete web-based and free mobile application. It comprises 9 modules, like 1) Human Resource Management 2) Attendance Management 3) Leave Management 4) Helpdesk Management 5) Payroll Management 6) Performance Management System 7) Learning Management 8) Recruitment Management 9) Project Management.
Talent management keeps updating and upgrading with the change in economy and technology. Software Suggest, therefore, encompasses these changes to provide you with the trending digital talent management solutions in the market. All these aspects together curate a respectful, creative, and hard-working environment in the organization.
Remember; talent management is not only about paying your employees well. It also involves their need for identification, training, and motivation. Working towards employee engagement through technological alignment defines the success of an organization in this digital era.
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