Talent management is a difficult process to implement alone. How do you judge the work of the employees of your small business? You can keep up with tasks completed up to a certain point, but people can only manually track so much at a time. It’s tempting to keep as many aspects of your business lo-fi to save money, but talent management is likely one aspect you will eventually want to use software for, especially as your business develops. When your company’s employees are still in the single digits, it may not seem like it’s worth it, but trust us when we say the right talent management software implemented correctly is worth it.
Why Talent Management Tech Matters
Company leaders can often force processes on employees that those employees may not always want. However, talent management software has shown itself time and again as one of the key technologies employees want to use. Mike Ettling (@mikeettling), President of Cloud & On-Premise HR at SAP, tells of how employees want to be able to use talent management software to connect with each other.
"Whether it is video trainings creatable and viewable on mobile devices which quickly allow the transfer of knowledge, or workspaces connecting virtual teams globally, or forums to connect with customers and partners, our employees today demand access to collaboration platforms. They have to be as easy-to-use and accessible as the tools we have at home. People won’t tolerate going backward in technology at work.”
This collaboration is key to talent management software’s effectiveness. Companies using integrated talent management software to its fullest (when employees and managers are using the technology to track progress and collaborate) stand to gain significant increases in employee engagement, including:
- lower turnover rate for high performers (40%)
- higher revenue per employee (26%)
- lower overall voluntary turnover (17%)
If you want to increase efficiency in the workplace and increase retention in your small business, talent manageement software could be the answer to keeping everyone together and forming a more cohesive work unit.
Leading the Pack with Technology
Despite the potential of talent management software to increase workplace efficiency, company leaders have yet to get on board. Whether it’s because they’re most inclined to listening to their intuition when it comes to matters of performance or don’t yet buy into the power of data analytics quite yet, 82% of business leaders don’t trust talent data. Similarly, 85% of HR reps have yet to change a single one of their business decisions due to data analytics.
This does not mean talent management software and data analytics aren’t effective. Instead, it means business leaders are slow to coming around to its benefits. Having talent management software is like hiring a new employee, who can keep track of what your employees are doing, how they’re doing it, then brings that data to you so you can make decisions about what to do next. A TMS does this all automatically, and doesn’t have to take lunch. What’s not to like? As a small business, you’re in a position to understand and use this technology much faster than larger organizations, meaning you can lead in an area where they may be lacking, giving you a powerful advantage in the market.
Implementation is Everything
Another reason business leaders may not yet trust technology to track their talent could be because they’re not entirely sure how to use it. A bad workman blames his tools, but if you’re not sure how to use the technology, you’re not going to extract all of its possible benefits. As Chris Bond, CEO of Bluewater Learning explains, if you feel your talent management system is failing you, there could be other problems.
"Are we sure it’s the technology? Let’s evaluate the real business drivers, your people development needs and then map processes to your existing technology. If we can do that first, then we might find that tweaking your processes and updating your existing LTMS will save tens of thousands of dollars and the countless headaches of purchasing and implementing a new system. Instead of cutting off your broken finger why don’t we try to fix it first.” - Chris Bond, CEO of Bluewater Learning
What does talent management software mean for your business? It means your employees are more connected, work better together, and that you’re leading the way in business innovation by adopting trends larger firms haven’t gotten around to. It means your business is ahead of the curve and working better.
ClearCompany’s Talent Management Solutions are equipped with the latest in talent management trends and are easy to use, allowing you to focus on talent instead of tech. Sign up for a demo and see the future of talent management!
Andre is the CEO and co-founder of ClearCompany. Prior to ClearCompany, Andre was Global Managing Director at Thomson Reuters, where he ran a 1Bn global business across 90 countries. Prior to Thomson Reuters, Andre was responsible for product development and operations at CCBN, a company he helped grow from a small start-up to number 36 on the INC 500.