Magazine article Workforce Management

Why HR Is Adopting Talent Management Systems

Magazine article Workforce Management

Why HR Is Adopting Talent Management Systems

Article excerpt

HALOGEN SOFTWARE INC.

Reason 1: Boards are Demanding Succession/Talent Plans

The National Association of Corporate Directors has repeatedly noted corporate performance and CEO succession as the two top concerns for hoards.

Organizations who believe they have succession planning covered because they have identified a replacement for each senior leader are short-sighted.

The most recent thinking on succession planning focuses on developing talent pools-identifying and developing high-performing employees across all key functions, rather than merely naming a few as executive replacements.

Boards are increasingly looking to HR to provide analytical data on everything from retention to skill gaps, and talent plans that align with strategic plans, to ensure that companies have the talent they need to achieve their strategic goals. Organizations can meet these needs with talent management software.

Reason 2: There's a Need to Secure Top Talent Now

Statistics on the growing global labor shortage are not new. By 2012 there will be a 3.3M shortage of skilled workers in the U.S. alone.

According to the 2008 Tap Five Total Rewards Priorities Survey by Deloitte and ISCEBS, a shortage of skilled and talented workers has become the most pressing concern among employers.

Retiring workers are typically in experienced management or technically complex positions; the pool of workers immediately following them is much smaller. Without a plan of action, the loss of experience, continuity and "corporate memory" can be severely damaging.

The ability to attract and retain skilled employees is critical to your organization's survival. The right talent management system can provide you with an effective means to increase employee satisfaction and retention.

Reason 3: Keeping the Changing Workforce Engaged

As the current workforce ages and Baby Boomers begin to move into retirement, Generation Y is entering the workforce. Managing this new generation of workers requires a shift in corporate cultures.

Gen Y has grown up being told they can do anything, and having access to technology that provides them with immediate answers. They need to know that what they do matters, and expect to be compensated and valued for their contributions. Millennials' desire to advance quickly and demands for real-time ongoing feedback and development are important talent management considerations.

These requirements make it even more important to automate talent management processes.

Reason 4: Companies Need HR to Become More Strategic

Increasingly, HR leaders are being called upon to help achieve corporate goals with strategic talent plans. …

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