SME sector quick to adopt talent management software

Once thought to be the domain of big business, small to medium enterprises are recognising the benefits of HR software, and talent management software is high on their wish lists.

While HR software has been around for decades, talent management software (TMS) is a relatively new kid on the block. It is unsurprising that TMS is gaining popularity at such a rapid rate, since people are undeniably the number one asset in any business. Today's data-driven talent management tools can identify the best- qualified candidates, shorten the hiring process, and help top performers hone skills faster once they're on board.

What is talent management software?

Talent management software is an integrated software suite that addresses the ‘four pillars’ of talent management, responding to businesses’ need to better strategise hiring and retention of employees at a company level:

1) Recruitment: TMS helps the company identify quality applicants and manage applications through an application tracking system (ATS).

2) Performance management: TMS enables managers to define and keep track of employee goals and rate progress.

3) Learning and development: TMS facilitates the induction and training process by providing new employees with training materials. It also enables seasoned workers to further their skills by taking courses and pursuing certifications.

4) Compensation management: TMS helps ensure that compensation reflects performance, thus ensuring retention.

Talent management software keeps track of and helps to shape an employee’s career throughout its entire lifecycle. HR managers can use it to compile data about the workforce, which they can use to effectively identify the organisation’s future leaders from within.

Of all HR software, talent management software has the most significant impact on hiring and retention. In Capterra’s survey of 500 HR professionals, 66% of businesses surveyed reported a significant improvement in their hiring process after adopting talent management software. 46% said the software improved their cost of training, and 43% reported improved employee retention.

Why the SME sector?

The SME sector represented more than 60% of talent management software buyers in a recent user survey by Capterra*. Despite tighter budgets and limited IT resources, small businesses still need to centralise workflows and retain good staff. Some argue that SMEs have an even stronger need for TMS than big business because they don’t have dedicated HR departments or the breadth of knowledge found in larger organisations.

Regardless of the size of your business, contact us today and let us show you how prevue talent management software can dramatically improve your hiring and retention process.

*source: click here