The Bumpy Road of Talent Management: HRMS Solutions
When HR Managers and Directors hear the term Human Resource Management System (HRMS) sometimes the concept feels a little convoluted. This is highlighted by the avalanche of synonymous acronyms bombarding the HR market - HRMS, HRIS, HCM, HRM. Despite this convolution, HRMS software can be the technological foundation for building HR best-practices including talent management. HRMS Talent Management includes several important parts of the human resources management journey:
- Compensation planning
- Continuing training
- Company and individual goals
- Retention programs
Management of these tasks is not easy, HR departments have struggled with the ever changing talent pool for decades. HRMS provides the vehicle to carry your business along the bumpy road of talent management and win the race to recruit and retain the best the talent pool has to offer.
The Institute for Corporate Productivity ran a study back in 2009 and determined some of the major problems with human capital management. Not only did they try to determine what problems these companies were facing as they were moving into 2010 but also what programs they should be implementing but weren’t for one reason or another. The number 3 result on the survey was “talent management”.
The Good, The Bad & The HRMS
HRMS talent management is able to provide the data and analytics that can show a Human Resources Manager the successes of each employee. For example, if you have a sales team and you pay them commission based on their performance it would be easy to pull up a list of the top performers to see who was hitting the highest sales each month. By tracking this information through your HRMS you are then able to use it to reward the top performing employees. This will give those team members an increased feeling that their contribution is valued by the corporation. Not only can this information become the seed of a bonus program that will help retain star employees but can also provide the means for easier annual evaluations which open the door for promotions among these key players.
The cost is much lower to retain a current employee than to hire someone new.
Conversely, if a member of the team is not hitting their goals consistently your HRMS talent management can monitor this. This analysis of HR metrics gives managers prompts to perhaps arrange a training program or performance review. This gives the employee an opportunity to improve their performance before the “trigger-happy” manager hastily recommends termination. Employees want to feel that their continued employment is an investment not a gamble. The cost is much lower to retain a current employee than to hire someone new. Helping any individual employee improve practices will benefit the company bottom line.
HRMS talent management is an important tool for a company to be able to plan compensation, provide training, track goals, retain good employees and provide promotions. All vital aspects of the Human Resources department’s processes. An HRMS can provide a smoothly integrated experience.