Published on: October 26, 2015
People are a company’s only true sustainable competitive advantage. One study suggests that 80% of a company’s valuation is intangible—specifically in employee assets. In addition, as the economy improves, the competition for the best talent will increase. All of these factors make managing talent an important part of your business strategy.
Successful companies recognize the significance of managing talent—the process of hiring and onboarding new employees, training and retaining current workers and attracting highly-skilled workers. These companies treat their workforce as a valuable investment that needs to be protected and strengthened. They work to increase employee engagement. (See Sage HRMS can Improve Return on Employee Investment®.)
By focusing on talent management, you will see increased workforce engagement and better company performance. Engaged employees are more aligned with business strategy. Skilled workers become top performers when their goals are united with business objectives. Yet less than 30% of workers know their company business goals. Through training and employee development, you can create more engaged employees who are knowledgeable of and focused on business goals.
- Communicating business objectives and engaging top performers improves organizational productivity
- By enabling your best leaders, you will see greater revenue growth
- By automating your talent management, you will realize cost savings, greater efficiency and less turnover
Talent management is one of the biggest challenges facing HR managers today. The market is changing with shifting demographics, a widening skills gap and an increasingly technology-driven workforce. Organizations need to respond quickly to these trends through new ways of recruiting, monitoring performance, rewarding and managing in order to attract and retain indispensable talent. Companies are using innovative technology to work smarter and be more streamlined.
- Mobile recruitment has been established with over 50% of job-seekers using mobile devices to search and apply for a job
- Businesses are increasingly using analytics to make informed decisions across the talent lifecycle from applicant tracking to career development
- Using the expanded data set, companies are being more targeted in seeking high demand talent
- Companies are moving toward centralized models to manage their talent strategies. They are streamlining the hiring process using shared infrastructures
- Organizations are relying on talent management technology to gain real-time information and streamline business processes
HR software is now being purchased to transform a company’s talent strategies, maximize employee engagement and improve the ability to hire. These expanded requirements demand products that are social, mobile, cloud-based and have strong analytics. In addition, organizations are looking for a single-source partner with a product that is integrated with existing business systems.
Mindover Software can design a solution to meet all of your HR needs. Our on-premise and Cloud-based HR solutions give you the power to manage your employees more efficiently and effectively. Sage HRMS integrates with a talent management module that provides support for training, performance reviews and social networking. For more information on HR solutions provided by Mindover Software, contact us today.
Talent management is a critical part of your business strategy. When you invest in your workforce, you will help your employees reach their full potential, improve motivation and strengthen engagement. Managing this investment well will increase your ROEI® and improve your financial performance.
To learn more about managing your most important asset, download our whitepaper, “ROEI®: Return on Employee Investment®, Increase Competitiveness on Your Biggest Asset”. This paper looks into investments that can help a company maximize the value of its workforce and shows how technology can help improve ROEI® and build a more profitable and successful business.