- Talent Management
Gone are the days where your talent management strategy depended on having some information stored away in a filing cabinet in the far reaches of an HR department.
Talent management has gone high-tech and it’s done so in a big way. According to research by Bersin by Deloitte, the talent management software market grew by 17% in 2013, and is now a multi-billion dollar market.
So why is talent management so popular and so quickly growing?
To give a simple answer, it makes things really easy for companies. Prior to the influx of talent management software options it was difficult for companies to manage and track their people, which meant it was also difficult to create a cohesive, broad-reaching and effective talent management strategy.
When talent management software first jumped onto the scene they were designed to integrate all of the basic human resources information and tasks, but in today’s market talent management goes far beyond HR capabilities.
Now talent management software is really capable of providing the ability to do so many of the things we discuss on a regular basis—for example providing employee recognition and helping companies manage their employees in a way that puts the spotlight on creating a work-life balance.
Because of how large the talent management software market is right now, and also how much it continues to grow, the challenge for businesses large and small is to find a platform and a company that’s going to work for them.
These software options are not created equally and you’re going to find quite a significant variance in the offerings and capabilities available.
Another reason this can be challenging to navigate? The constant flux of the industry—there’s start-ups always entering the scene, as well as a number of mergers taking place on what seems like a daily basis.
So how do you determine which software is best for your businesses’ needs?
Choosing Talent Management Software
Talent management software continues to offer exciting possibilities for companies, regardless of their size or industry. It’s providing innovative opportunities to develop comprehensive, long-term talent management strategies that allow companies to remain competitive in a marketplace where talent is a top priority.
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