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What is Talent Management, and why is it so crucial to having a successful business?

Talent management is about how those in a position of recruiting and managing teams within a company take a strategic approach to attracting, retaining, and developing a workforce.

In 2021, a company requires long-term planning as you’ll no longer be employing someone to perform one task. Instead, you’ll need to develop, plan and build a workforce that can grow over time, implement new strategies, options or training and, as a result, feed that back into the business. This will all be done by developing the workforce’s skills, investing in both learning and skill development and managing and optimising the performance of your employees. In other words, this is what talent management is.

The skills that companies require evolve as the company and technology grows.

New technologies come along, and unique needs from your markets will mean that you must have the ability to respond to them. While the nature of work continues to change and will continue to, HR leaders must also be willing to invest in them to see those results pay off.

In this article, we’re going to explore what talent management is, why it’s an essential aspect of human resources and the broader management of your company, as well as how Natural HR’s cloud-based software can act as your all-in-one talent management software solution when you’re looking to develop an engaged, skilled, and productive workforce.

What is talent management software?

Talent management software is the technology that human resource management professionals use to manage talent within a company, allowing their employees to grow and develop.

Whilst it can be its own software, using an all-in-one software, like Natural HR, will allow you to integrate it with your broader HR software, bringing benefits like allowing you to reduce overheads by lowering the amount of software you need, decreasing the amount of specialised training needed, while offering the ability to share data internally, by having multiple systems under one roof.

But why is talent management so important for companies? For many clients of Natural HR, it will be because, in 2021, many HR leaders are facing a more complex talent management landscape than ever before, and more importantly, because without the right talent, your company could end up developing a poor culture, low customer satisfaction, and most importantly, a lack of innovation in what you deliver to your clients.

Remember that the first rule of running a business is that the people you employ are the heart of your company. Without investing in your people, you’re effectively not investing in your business.

Excellent talent management software, such as the one built into Natural HR’s cloud platform, will provide you with the data that will empower you to create an environment for your employees to do their best work and the analytics that measure the success of those conditions.

Meanwhile, a modern talent management system in 2021 will provide critical insight whilst allowing you to process talent and belonging within your company culture, enabling you to understand where your company stands on important issues, where there are gaps that training could support and where your team would benefit from upskilling or retraining.

In fact, at Natural HR, we build our talent management software alongside practising HR professionals to include features that have brought the following, as just four examples, benefits to our users:

1) It is creating a meaningful work environment that nurtures and develops growth opportunities for every single staff member.

2) Building a high-performance workplace that supports staff in their roles allows the company to monitor performance and use data to identify gaps and growth areas in an employee’s performance.

3) It encourages continuous learning and rewards line managers with a quick-to-access and straightforward way to monitor it.

4) It allows you to access people analytics and data for informing people-based business decision making, including identifying skill gaps and areas where levelling-up would benefit the business.

Reflecting on this, it becomes clear that talent management matters because if you have engaged employees who are supported in the investment of their talent, you will likely have more productive employees, which can impact your company’s turnover, reputation, and staff retention.

The 4 great features that make a great Talent Management Software

When looking for a Talent Management Software solution, you’ll be looking for a solution that can help manage multiple processes throughout your company. To do that, you need a system that will help manage and maintain your team and allow you to develop your workforce.

This was a core design message that Natural HR worked with when building the talent management module of Natural HR’s cloud-based solution. Once again, we designed our system to feature what our clients said were the four most important features of talent management software, that being:

1) The ability to attract the right people to your company: Our online portal will allow managers and HR teams to get the right people for the role they’re hiring for. From managing interviews to providing an overview for your entire hiring process, and searching through your documented CVs, great talent management software, such as Natural HR’s provides you with the means to identify the best person for the job. Learn more about how our software helps with recruitment here.

2) Built-in support for onboarding and offboarding: When you bring on a new employee, Natural HR’s software will support you through the entire onboarding process, which has multiple stages designed to allow you to recognise, identify and book them in for the training that they need so that they can begin to learn and develop whilst at your company. On the other hand, when it comes to offboarding, the software will support a smooth transition of roles allowing you to transfer your talent to your new employee. Learn more about how our software helps with onboarding here.

3) The ability to promote organisation and development: No matter who you employ, whether a graduate or industry veteran, a great employer will want to create an environment where they can nurture learning and personal development. Through Natural HR’s included training module, you’ll be able to identify, support, track and maintain this environment as great talent management software paves the way for your workers to learn and grow, such as through learning courses and physical training. Learn more about how our software helps with training and development here.

4) Conduct performance reviews and appraisals: Getting the data and interpreting it is vitally important when managing the talent of dozens, if not hundreds, of different employees. Conducting performance reviews and supporting appraisals regularly will allow you to see if workers could manage additional responsibilities or require training to perform. Learn more about how our software helps with performance reviews and appraisals here.

Questions to ask yourself when looking for a Talent Management Solution

We’re now towards the end of the article, and as you can see, sitting down to select your talent management software is not going to be a simple or easy decision. From our own experience, the team at Natural HR suggest keeping the following two in consideration when looking for a solution:

1) What are your needs? This is not as simple as writing down what you need today and looking at what you will need in a year, or two years’, time. What happens if you open a new department? Will your talent management software support the establishment and development of that team? It’s important that when deciding on any solution, your solution can serve you and your team in the here and now, as well as in the future.

2) Try before you buy: You will want to demonstrate the systems when you have a shortlist of possible vendors. By booking a live demo (You can book a demo for our Talent Management Software here), you will see the software in action and assess its user-friendliness and suitability for your business in real-time, whilst asking the vendor any questions that you may have.