No need to lean closer to the screen, you read that title right: you should pay more for your talent management system.
Of course, there are exceptions. If you’re paying $3,000 per user per month, your TMS is probably working wonders for you (or at least it should be). But if like most businesses, your talent management budget doesn’t exactly fill a Brinks truck, you’ll want to increase it.
In a study of C-level and senior executives, the Economist Intelligence Unit found that people management is the biggest HR challenge today. In addition, the study found that it’s expected to be the second-biggest challenge in five to ten years. This is due to several factors, such as globalization and the increase in employees working remotely. Whatever the cause, businesses are searching for ways to more effectively manage their employees. That’s where performance management software comes in.
Applicant tracking systems (ATS) offer numerous benefits to small and medium-sized businesses, making their recruitment and hiring tasks much more efficient. So it comes as no surprise that ATS software has become increasingly popular, with more companies realizing just how easy hiring can become if the right system is put in place.
Employees are the lifeblood of any company. Your entire business may thrive or crumble depending on how qualified, motivated and hardworking your workforce is. They also need to share the company’s values and understand the bigger goals that you’re working to achieve.
But finding the right employees is no easy task.
If you’ve read our last predictions article on the 2018 LMS predictions, you will probably start to notice the emergence of a pattern of thought that is gaining a foothold in the boardrooms of corporate management organizations. What do we mean by this?
Succession planning is typically defined as “a process for identifying and developing new leaders to replace old leaders when they leave, retire or die.” As stated, this process sounds logical and forward thinking, from a business perspective. Assuring smooth leadership transition is vital to a company’s continued prosperity, especially in a time of complexity and uncertainty in the business environment. And yet, despite the overwhelming agreement among executives that leadership issues are of the highest priority, a very low percentage of companies (about 14%) have enacted a strong succession planning process for their businesses. Furthermore, among those companies that do claim to pursue a succession plan, the failure rate of newly assigned leadership is very high.
Every business is only as good as its employees. You have to have the right employees on board at all times, or else your business risks failure. This means that you need employees who aren’t only talented and hardworking, but thrive in your corporate culture and share the same ideals as your business. These employees believe in your mission, your goals and that, in the end, your business will succeed.
How do you manage the appraisal process for your employees? Do you use sophisticated appraisal methods that make communicating with, and tracking the performances of, your employees easier? Or do you informally evaluate them without much of a performance management process, while providing occasional feedback?
Employee offboarding (also known as employee exit management) is a term used to describe the process in which an employee leaves a company that he/she previously worked for. It lays out the formal process that surrounds an employee’s exit from an organization, whether it be from voluntary resignation, layoff or termination.
Oddly enough, one of the best quotes about corporate recruiting didn’t come from an HR expert. Instead, it came from famous oil well firefighter Red Adair. Adair captured the importance of recruiting in just 11 words: “If you think hiring professionals is expensive, try hiring amateurs.”
