Talent management#4: What is a talent management system? 1

Employee engagement is among the biggest indicators for high productivity, innovation, customer satisfaction, and profitability. But to strategically drive employee engagement,  companies need insights related to their people, business, and talent. 

Cue the modern talent management system. Historically, talent systems focused on integrating talent practices around job competencies. However, a modern talent management system supports and facilitates the employee experience—and connects those experiences to the business strategy. The employee experience is every interaction with the company, from the candidate experience to hiring, from participation in professional development to wellbeing programs, and more. Then using the insight gained from supporting and facilitating the employee experience, companies can hone their business strategies across the organization, from identifying skills gaps to retaining high potential talent, and more.

For instance, every company would like to strategically retain top talent and build high-performing teams across the organization. But how do you start? And how do you know if you’re on track? A talent management system empowers companies with the insights they need to create an environment for employees to do their best work, and the analytics that measure success of those conditions. Employee surveys help companies measure sentiment on workplace culture and experience, both important indicators of employee retention and performance.

Or maybe your company has a diversity and belonging initiative to build a more diverse workforce. A modern talent management system gives critical insight and facilitates processes that improve diversity and belonging: understand where your company stands on diversity metrics with a data dashboard on demographics, remove unconscious biases in the hiring process by covering up identifying information on resumes, and nurture a culture of belonging with product features that welcome contributions and foster broader connections.What’s more, companies gain richer and deeper insights into their workforce when talent management and HCM are in the same system. A single system allows companies to more easily align and analyze workforce trends and goals with an organization’s goals and initiatives. 

A modern talent management system supports and facilitates the employee experience—and connects those experiences to the business strategy.

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