What is Talent Management?

Talent management is the proven practice of using interconnected human resources processes to provide a simple fundamental benefit for any organization:

Talent and good management drive business performance.

We all know that teams with the best people can perform at a higher level. We also know that to deliver topline growth even the best people need to be engaged, developed, and rewarded. Leading organizations know that exceptional business performance is driven by superior talent that’s managed with consistent processes.

People are the difference. Talent management is the strategy.

Analyst research has proven that organizations using this business strategy powered by talent management software exhibit higher performance than their competitors and the market in general.

From Fortune 100 enterprises to small and medium businesses, companies that invest in talent management achieve significant returns. They know success is powered by the total talent quality of their workforce.

HR professionals and line managers need talent management insights to know more about their people and make better decisions faster. They have information that they need to know:

• How can we align individual goals to team and organizational goals?
• Who are my highest performers and what are their career paths?
• What is my best source of hire and how can I better focus my recruiting efforts?
• Who are my future leaders and how can I effectively foster their development?
• Who requires a higher merit increase to avoid turnover risk and business disruption?
• Who are my top internal and external candidates if my VP of operations leaves?
• Who needs additional development before they can assume greater responsibility?

TALENT INTELLIGENCE KNOWS.

Talent management is the last major business function to be automated with comprehensive data capture and analytics. As a result, many companies know more about their laptops than their people. Taleo provides the talent intelligence required to precisely align people with the business.

According to the McKinsey Quarterly article Why multinationals struggle to manage talent, companies that have overcome this knowledge gap are out-performing their competitors by as much as 40 percent higher profitability per employee. The Bersin & Associates Talent Management Factbook cites 26 percent higher revenue per employee and 41 percent less turnover in high performing staff.

Talent intelligence is the insight companies need to capitalize on their most critical asset – their people. Talent intelligence gives companies the ability to capture meaningful information on people so managers gain the insight they need to act on it and drive better business performance.

Talent Management Solutions and Processes

Workforce cost is the largest category of spend for most organizations. Optimization of your talent management processes provides the immediate workforce visibility and insights your company needs to significantly improve your bottom line.

Recruiting, performance, compensation, learning and development, and succession management solutions tied to analytics provide the processes and information to attract, engage, reward, and develop a high performance workforce.

Many organizations struggle to achieve talent intelligence because of disconnected HR processes and technology. Advanced talent management software uses integration on a single talent management platform to provide line managers with the information they need on a web browser.

Leading Organizations Use Talent Management Solutions

Leading organizations rely on talent management solutions and services to acquire, onboard, manage, engage, develop, and reward talent while significantly reducing process costs, improving quality of hire, reducing risk, and achieving higher levels of performance. Here is the bottom line:

• Your organization’s success is powered by your people.
• The quality of your people is a competitive differentiator.
• Talent management software drives higher business performance.

Talent management systems and processes with talent intelligence provide the insights managers need to have the right talent doing the right work at the right time. That’s how talent truly drives better business performance.

Tags: Strategy, Talent Management