Retain the Best Employees and Develop More Talent
October 31, 2017
An integrated talent management system incorporated into the business strategy, to support daily human capital management processes provides a higher level of management capability.
When deployed at all levels of the organization, employee engagement, skills, abilities, and institutional knowledge improve. Turnover rates decline and employee satisfaction improves. Divisions across the enterprise can openly share information. Employees gain knowledge of the overall organizational objectives. Companies that focus on attracting and developing talent, increase efficiency. The result–reduced costs and happier employees.
Talent management requires four business management components:
- Workforce Planning
- Recruiting and Retention
- Leadership Development
- Performance and Compensation Management
Specifically designed talent software applications that can support these four management components, should be fully integrated on one platform for best results.
This is the foundation and provides a single source of core HR data. A single source assists the human resource department and the departments they support manage and maintain core aspects of the workforce. This infrastructure simplifies key human resources processes and centralizes core employee data, to be utilized across all talent functionality and capabilities.
The talent acquisition module supports the new-hire process from first contact through first performance appraisal–candidate to recruiter and employee to manager. It arms hiring managers, recruiters, and others involved, in recruitment activities to acquire top-quality talent.
The performance management module establishes criteria for employee performance, and measures their achievement against business goals and objectives. Using self-evaluation, peer-evaluations, and collaborative manager evaluations designed to recognize, retain, and reward top performers, can reduce attrition and provide indicators for flight risk.
Goal and Compensation Management
Goal management enables documentation of both qualitative and quantitative goal measures. It links goals to performance management, compensation plans, and learning & development. This module enables employees and managers to collaborate on goals, and maintain pay levels that current, prospective, and contingent employees expect. Simultaneously, it can manage payroll costs—aligned with budget constraints.
Employee Learning and Development
Learning and Development capabilities that offer role-based, personalized training plans; designed to address employee behavioral preferences and skill gaps, can assist management with strategic-planning insights to meet development objectives and business requirements.
Succession Management provides a structure for organizational plans to promote talent and backfill vacancies. This application provides alerts when employees are either ready for progression or at risk of leaving. This can assist in identification of talent gaps, reduce attrition, and flight risk by utilizing talent profiles, talent data analytics, and succession pipeline reporting.
Let me illustrate the advantages of a modern, integrated talent management implementation:
A large metropolitan school district must attract, enrich, and retain quality teachers and administrators to contribute to the community vibrancy and economic performance. One key area of focus in today’s education reform is the improvement of data systems to track and support teacher performance.
Clearly, a modern Human Capital Management System can provide the basis for improved data management. However, school districts may require the ability to track additional data points and perform sophisticated, science-based data analysis, provided by a rich personnel and talent management solution. A fully integrated talent management suite provides these capabilities and more.
Implementation results: Continuous improvement to human capital acquisition, enrichment, performance, and reward
Data Management and Integrity
Prior to integrated talent management implementations, employee and applicant data records resided, not only in a central data base; but also in many other software applications and databases within the district. In some areas, such as recruiting and learning management, there were multiple systems for similar business processes; and the opportunity for data accuracy to be compromised where interfaces do not exist. This situation was aggravated by inefficiencies and errors, because of manual data entry in multiple locations.
A fully integrated talent management implementation can improve data integrity across the district, while reducing the overhead of maintaining multiple systems. This solution ensures a single source for all human capital management data. The result is accurate, timely, and consistent information to support better teacher and, subsequently, develop better students.
Integrated talent management tools can enable and support workflow automation. Individual modules provide recruitment, pre- pre-board and onboard management, developmental tracking process efficiencies, and performance evaluation management. A talent solution that is comprehensive and consist of an integrated approach to process automation, provides visibility and consistency to the entire employee life-cycle activities. As a result, the district experiences better employee attraction, performance, and satisfaction resulting in better student performance.
Improve employee satisfaction and retention
Improved, integrated, and enhanced Human Capital Management systems that focuses on talent, and streamlined business processes, can build the foundation for continuous and even quantum improvements. School district, other public sector, and commercial organizations need to improve personnel systems and reduce support costs. Modern data analytics and reporting capabilities improve decision-making and increase employee productivity. Employees empowered with talent-driven tools, coupled with visibilities into the organization, tend to work harder and smarter, which in turn increases employee satisfaction and retention.
Dan Puett; Principal Solution Architect, Infor Services Ciber Practice