As HR is taking an increasingly active role in strategic planning for VC firms, talent management software is bridging the gap between human capital management and overall portfolio objectives.
VC firms are in a unique position to profit from advancing talent management technology. Optimizing the process of talent acquisition across your entire portfolio, a solid talent management software can help with everything from onboarding top talent to reducing the costs associated with the hiring process.
Why There is a Need
Josh Bersin, founder and principal at Bersin by Deloitte, writes about the growing popularity of talent management software: “Companies have now realized that “talent optimization” is key to their business success. And without integrated software to manage the people-processes in a business, it’s very hard to do. Everywhere I go executives talk about their challenges in developing leaders, locating and hiring top technical skills, diagnosing and improving organizational culture, and creating an improved process for global talent mobility. Underneath all these issues is the need for a single, corporate-wide system that lets employees ‘manage their work’ and helps managers ‘manage people.'”
More than Just a Resume Database
In early iterations, talent management software was little more than a centralized database for candidate resumes. Today’s TMS solutions, however, provide much more. While networking has always been an essential part of the talent acquisition process, today’s hyper-connected, global talent marketplace demands the utilization of a robust talent management solution.
Playing On a Larger Field
Inherently, VC firms need access to talent management capability across their entire firm ecosystem. Talent management software enables you to connect the dots, gaining a global view of open positions and your talent pipeline. In this way, your entire portfolio profits from shared human capital resources, and your open positions are filled more efficiently.
Consolidation and Scalability
Rather than working with the legacy systems of each of your portfolio companies, adopting a portfolio-wide talent management software solution allows you to streamline your recruiting and onboarding process by eliminating the need to work with multiple disparate systems.
Additionally, the scalability of talent management software makes it a good fit for VC firms with ever-shifting portfolio profiles. Managing your acquisition and onboarding strategies through one centralized dashboard, you will be able to quickly match candidates within your talent pipeline with positions as they become available.
Automation Equals Increased ROI
With robust applicant tracking system functionality, a solid talent management software solution automates some of the more mundane tasks of hiring managers. A good TMS helps hiring managers sift through the resumes and applications of multiple candidates, identifying those who are likely to be most suited for open positions more efficiently.
With social network functionality, your TMS can also help you find and develop a larger network of passive candidates, all at considerable savings of time and money.
The Bottom Line
To be truly profitable, VC firms must optimize all their assets, including human capital and talent. A robust talent management software solution can accomplish this by automating some of the tasks of your hiring managers and streamlining the talent acquisition process.
By giving you both a bird’s eye view of your talent pipeline and a more in-depth analysis of your current human capital needs, a solid talent management solution gives you the insight you need for explosive growth. Are your portfolio companies ready for such growth? To see our VC talent management solution in action, schedule your demo today.