Are talent management systems worth it? The answer may be found in the overall recruiting process and the associated legal issues. Finding the right people for a specific position is not a simple function to perform since it is labor intensive and regulated by state and federal agencies.
To streamline the required procedures in this operation, small and large companies are utilizing various kinds of talent management systems. When a company implements a system with the best features, recruiters can capture accurate applicant information, save time and money, comply with state and federal regulations, increase applicant pool, reduce HR workload, improve cross organization support, identify trends and make better decisions. Listed below are four brief descriptions of its worth.
Captures Accurate Applicant Information
A talent management system is essential for companies that hire people on a regular basis because they provide the company with the tools needed to capture the required information. The data that the company captures usually includes the name of each candidate, position that they apply for, social security number, and other essential personal information. This information is used for numerous reasons including providing reports, analyzing data, and to responding to a diversity of requests. These requests may come from upper management, finance or from outside sources like various governmental agencies. Without these automated solutions, entire operations can be stopped to comply with one crucial request to avoid large penalties.
Talent Management Systems Improve Cross Organization Support
Today’s talent management systems are integrated with other databases. These systems create a seamless way of collecting essential information, while it also cuts down on the duplication efforts across the board. As a result, once the recruitment area has collected the personal information for an applicant, it is fed to others systems that need the data. This data may be used to hire the applicant into the company as a permanent employee or it may be used in a statistical report. Whatever the case, talent management systems can reduce the processing time in the recruitment area as well as on other sides of the house like benefits administration.
Strategic Planning and Decision Making Tool
The role that recruitment plays in any company is multi-faceted. From attracting the best talent in the industry to keeping whole operations functioning with the right human resources, recruiters are responsible for a wide diversity of things. One of which is ensuring the company saves money on human resources by developing a plan for the present as well as upcoming years. To accomplish these and other tasks, the recruiters must have accurate statistical data so that they can identify specific trends. For instance, these trends can determine how many full-time, part-time or seasonal employees are needed during peak times. With this information, the finance department can allocate a specific amount for these resources.
Comply With Governmental Regulations
The talent management systems are also used to ensure the company can comply with specific employment regulations. Based on the circumstances, EEO can request a detailed report of the company’s employment activities. These reports are used to make sure recruiters are providing all diverse groups an equal opportunity. When the company does not have diversity in their candidate pools, they can use the talent management systems to assists with identifying the areas of lack. After the areas have been identified, the recruiters can seek a remedy to the problem so that EEO will not charge the company with fines.