Insights

5 Reasons to Invest in a Better Talent Management Solution This Year

Posted by Reed Flesher

A talent management solution should help you recruit, hire, train, nurture, and retain talent better than ever before. If a talent management solution does not save you time and money, you should reevaluate your options, because you can, and should, do better.

Here are five reasons to invest in a better talent management solution this year.

1. The hiring environment has become more difficult.

As the economy improves, it has become more difficult for employers to find the caliber of talent they need to accomplish their goals and stay ahead of the competition. In fact, competition for increasingly scarce top talent has intensified over the past few years and created shortages in some areas of need like information technology. Having a talent management solution will streamline your hiring process so you can snatch up top talent before your competition has the chance.

2. The hiring process has slowed down.

A talent management solution speeds up the hiring process by allowing the entire team to see relevant data on candidates and communicate thoughts and impressions instantly, which can speed up the decision process significantly. If you can make an offer to the desired candidate before your competition does, you have a much better chance of hiring your top choices and increasing your productivity because of superior hiring.

3. Automation is taking hold.

To make the most of your personnel resources, it’s crucial to spend your time on the activities that matter, and that shouldn’t include status reports.  While you screen potentially hundreds of resumes, write out memos to your email list, wait for replies, call people who did not respond, touch base with preferred candidates to make sure they are still interested, and come up with a good offer after a few rounds of interviews, most of your top candidates will have taken a job with your competitor who has automated the hiring process. A talent management solution will keep you one step ahead so you don’t lose out on the best and brightest while you do everything by hand.

4. Training needs are constant.  

The pace of change in most businesses is positively unreal, with information and methods becoming obsolete just about the day after you have trained people in the new way of doing things. Talent management solutions can handle routine aspects of training including many onboarding tasks, disseminating new information for employees to act on in their positions, and performance data that may motivate employees to continue to excel or to improve when necessary.  

5. Retention will save your company a ton of cash.

Some studies have shown that it can cost up to 2/3 of a professional’s salary to replace them when they leave your company, and for executives that number can be much higher–more than double their annual salary in some cases. A talent management solution is not only useful for recruiting and hiring but can be used for career pathing and succession planning, two things that show your employees that you are committed to their growth and development, a major factor in retention.

Thrive TRM is a talent management solution for all aspects of the recruiting and hiring process including ongoing training, career pathing, and retention. Schedule a demo to see everything Thrive TRM has to offer to meet your talent management solution needs.

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