Talent Management Talent Management Software Features and Requirements Checklist By Saniya Farokhi Talent Management No comments June 28, 2024 Effective talent management helps employees crush goals instead of just meeting them. The right software is your secret weapon, but choosing the best one can be overwhelming. This article breaks down the top talent management software features you’ll need in an ideal system. Get our Requirements Template for Talent Management Software By the end of this article, you will: Learn about features of talent management systems. Get tips to start your software search and make informed decisions. Identify crucial talent management software requirements for your business. Access free tools to help you choose the best software. In This Article Toggle Top Features and Requirements1. Applicant Tracking and Recruiting2. Compensation Management3. Learning Management4. Mobile Capabilities5. Performance Management6. Platform Capabilities7. Succession Planning and Management8. Talent Relationship Management9. Integrations and ExtensibilityImportance of an Internal AnalysisTips To Conduct a Software Search1. Assemble Your Team2. Identify Your Software Needs3. Rank Requirements and Features4. Compare Vendors5. Finalize With ReportFAQsNext Steps Top Features and Requirements Our carefully crafted requirements checklist will help you take your efforts to the next level and make the selection process a breeze: Feature Description Benefits Considerations 1. Applicant Tracking and Recruiting Track applicants as they enter the pipeline, automate job postings and streamline the onboarding process. Improve hiring and recruitment. Integrate with job boards and HRIS to hire candidates efficiently. Speed up resume screening and interview scheduling. Evaluate your recruitment process and check hiring frequency. Identify your top candidate-sourcing channels. Check for integration availability with vendors. 2. Compensation Management Use salary planning, bonus allocation and benefits administration capabilities. Create fair compensation models. Design flexible and transparent pay structures. Ensure fair and competitive compensation practices. Evaluate the required flexibility in managing diverse compensation structures and workforce models. 3. Learning Management Access training modules, skill development initiatives and career development planning. Engage employees with professional development. Offer reskilling, upskilling and training to improve internal competencies. Identify training methods and materials required for various roles. 4. Mobile Capabilities Use on-the-go accessibility to databases, dashboards and resources. Access data, communication channels and workflows quickly. Collaborate with teammates from anywhere. Test compatibility with various operating systems and mobile devices. 5. Performance Management Try out goal setting, performance reviews, ongoing feedback and performance appraisal tools. Align goals with broader business objectives. Ensure continuous performance management. Support performance appraisal decisions. Evaluate existing performance cycles. Identify performance evaluation needs. 6. Platform Capabilities Access workflow management, intuitive dashboards and admin control. Store key talent insights, employee profiles and performance metrics in a centralized platform. Maks records available to the right people. Identify people who’ll ultimately use the system and understand their needs. Collaborate with IT to determine requirements for effective implementation. Prioritize ease of use. 7. Succession Planning Use succession planning frameworks to develop future leaders within the organization. Build strong succession pipelines. Reduce turnover by developing career paths for employees. Evaluate reporting lines and roles that are difficult to hire. 8. Talent Relationship Management Automate workflows for key talent lifecycle stages. Includes features like employee recognition, feedback and paperless onboarding. Build stronger internal relationships. Foster engagement and collaboration. Enhance workplace culture. Consider the ease of use and employee adoption. 9. Integrations and Extensibility Connect with other systems and extend functionality with APIs. Create a robust HR software ecosystem. Connects payroll, time management and performance analytics tools. Reduce data silos and improve data accuracy. Allow access to various apps without leaving the system. Identify tools and apps you want to integrate with a potential system. Consider the additional costs of integrating third-party tools. Evaluate vendors for API documentation and support. 1. Applicant Tracking and Recruiting Applicant tracking software and recruiting systems automate reaching out to potential employees. These tools handle communication with incoming professionals over different channels. The recruiting and applicant tracking feature keeps candidates informed during hiring and provides feedback to streamline talent selection. Customize hiring workflows based on your company-specific recruitment cycle and connect with other hiring tech like background verification, interview scheduling, job board management and pre-hire assessment tools. Deltek’s dashboard provides a holistic view of job requisition approvals, onboarding and requisition creation. Source AI-Based Talent Matching Background Screening Candidate Recommendation Candidate Sourcing Requisition-Based Candidate Search Filters Job Requisition Builder Customized Career Sites Employee Profile Employee Referral Employment Reference Check Electronic Signature External Candidate Sourcing Interview Scheduling Interview Self-Scheduling by Candidate Job Alerts to Candidates Job Description Library Job Posting to Internal and External Job Boards New Hire Onboarding Offer Letter Creation Offer Letter Approval Offer Letter Acceptance by Candidates Pre-Screening Questionnaires Recruitment Pipeline Requisition Approval Resume Parsing Talent Pools Track New Hire progress Video interviews Electronic Signature 2. Compensation Management Next, consider your organization’s compensation management needs. You’ll need a system that lets you manage pay, expenses, per diems, incentive models and additional adjustments for promotions, stocks, bonuses and commissions. Compensation management tools create and distribute budget pools aligned with internal policies. Ascentis processes compensation plans and employee benefits packages in a dedicated work area. Budget Allocation Budget Guidelines Compa-Ratio Compensation Grid Compensation Package or Total Compensation Statement Compensation Plans Pay-For-Performance 3. Learning Management Learning management tools keep your workforce competent and adaptable. Accessible learning modules ensure that employees find and use professional development subjects. Training guides help new hires settle into their roles while existing employees upgrade their skills as roles evolve. Learning and skill development opportunities help employees hone their job-based skills and ensure that a continuous stream of talented individuals is ready to climb that proverbial ladder. Provide employees with a learning dashboard to track courses and modules. Source Assessment Assign Course to a User Blended Learning Course Catalog Course Rating Custom Learning Paths Learner Groups Learner Profile Learning Recommendations Manage Certifications Schedule Training Sessions Social Learning Track Learning Progress 4. Mobile Capabilities As the term suggests, mobile-optimized solutions let you use the talent management platform on devices like smartphones or tablets. The flexibility and accessibility of mobile functionality make it one of the most exciting new developments in talent management. You’ll find all the necessary talent-related information on your preferred device. View organizational charts on the SAP SuccessFactors mobile app. Source Mobile Collaboration Native Android and iOS Apps Push Notifications Responsive Design 5. Performance Management Annual performance reviews are a thing of the past. Today, software makes performance reviews and feedback a continuous, dynamic process. Built-in performance management tools track employee progress in real time, giving you a holistic view of productivity, progress and goal completion. Consider the following features of talent management systems to keep your team on track and thriving: A performance management interface from Workday. Source 360-Degree Review Anonymous Feedback Response Customizable Evaluation Criteria Employee Recognition Goal Setting Goal Sharing Goal Tracking Goals Library Multiple Reward Options Performance Scoring Real-Time/Continuous Feedback Request Feedback Skills Tracking 6. Platform Capabilities The purpose of software is to replace manual effort with quick and efficient workflows. An all-around talent management solution blends key technical factors like compliance, resource visibility and collaboration into capabilities in one package. An intuitive platform is non-negotiable when it comes to ease of use and protecting sensitive user data. Customizable dashboards tailored to specific roles help your HR folks track assigned tasks and easily connect with team members. To learn more about and what to look for in platform compliance, consider referring to the Equal Employment Opportunity Commission (EEOC) and Office of Federal Contract Compliance Programs (OFCCP) regulations. Oracle HCM’s survey builder tool lets you define questions, answer pools and more. Source Calendar Configurable Workflows Custom Dashboard Custom Reports Document Storage EEOC and OFCCP Compliance Multi-Language Support Prebuilt Templates Role-Based Permissions Single Sign-On Survey Builder Team Collaboration 7. Succession Planning and Management Building is better than buying. Succession planning frameworks focus on this principle by identifying high-potential individuals in your organization. So, whether it’s resignations, retirements, or other reasons a position remains vacant, you’ll have potential successors ready to take the reins. Develop talent pools and manage potential candidates in Oracle HCM Cloud’s succession planning dashboard. Source Career Paths Internal Candidate Sourcing Organizational Chart Scenario-Based Planning Succession Planning Talent Matrix/9-Box Grid Talent Pipelines 8. Talent Relationship Management Talent relationship management aims to consistently onboard and retain top candidates. Like customer management systems (CRM) on the customer side, talent relationship management solutions focus on strengthening employee relationships and maintaining candidate interest during and beyond the hiring cycle. Bamboo HR provides the option to create personalized employee dashboards. Source Campaign Analytics Email Campaigns Personalized Campaigns Progressive Profiling SMS/Text Campaigns 9. Integrations and Extensibility According to a recent Asana report, knowledge workers juggle about 10 apps about 25 times per day. Moreover, over a quarter (27%) of employees say they miss important actions and messages when switching apps, and 26% believe that media multitasking makes them less efficient. Instead of spending time switching between applications, everyone has quick access to all your pre-existing applications. The question you should ask is, how well will the systems you’re considering integrate into your HR tech stack? SAP SuccessFactor provides complete control of SAP and third-party API integrations. Source API Access for Custom Integrations Enterprise Collaboration Platforms Integration eSignature Software Integration iPaaS Job Board Platform Integration Learning Platform Integration Video Conferencing Software Integration eSignature Software Integration iPaaS Get our Requirements Template for Talent Management Software Importance of an Internal Analysis What you need to look for in talent management systems depends on your internal processes and how you can strengthen them to ensure that the right people are always on board. Conduct a gap analysis to determine the shortcomings of your present HR functions. This exercise will help guide your search and prioritize feature sets. Consider the following questions to start internal conversations: What is the size of your existing talent pool? Who are the key personnel that benefit from implementing talent management software? Which specific organizational needs can talent management software address? How does your present employee lifecycle management impact organization health, engagement and overall competencies? How can talent management software improve workforce modeling? What’s the state of your company culture, and how are you measuring it? Get our Requirements Template for Talent Management Software Tips To Conduct a Software Search Since every business has its own HCM goals, analyzing feature sets is a critical step required to narrow down on capabilities that will benefit your company and eventually assist you in optimizing your talent management strategy. Consider the following guidelines to structure your talent management software search. 1. Assemble Your Team Implementing a talent management system is a big investment, and you’ll need to consider all perspectives before deciding. Involve HR, IT and key decision makers in determining everything from HR goals to technical requirements to budget constraints. While getting everyone on the same page can be challenging, taking an all-hands-on-deck approach is critical to matching expectations with reality. 2. Identify Your Software Needs Next, conduct an internal analysis. Determine your business goals, the challenges your team faces on a daily and what they’ll need to bridge that gap. Your overall goals are the blueprint for what your chosen software should help you accomplish. 3. Rank Requirements and Features While choosing every robust feature is tempting, selecting feature sets that match your business requirements is ideal. Identify your must-have requirements from the nice-to-have add-ons. Use collaborative tools like shareable spreadsheets to list features. 4. Compare Vendors Dive into the software market based on your requirements list. Ask for recommendations from peers and read online reviews. Check the costs, core features and competitive differentiators of each option. Tip: Take advantage of free demos and free trials to get hands-on experience with the platform’s capabilities. Specifically test ease of use, performance and compatibility. 5. Finalize With Report To top it off: Glean your findings in a report. Share and review the information to identify options that best cater to your company’s unique workforce and industry requirements. Evaluate the various weighted categories that emerge and pinpoint which vendors offer those essential features. Still need more information? Our selection platform has a built-in ranking system to efficiently collect, process and save data. Just add your top requirements and let the comparison matrix generate your top options based on your company-specific requirements. Our customizable comparison report dashboard displays the top five talent management system vendors. But if you want to take matters into your own hands and start from scratch, follow our lean selection article to learn the nine crucial steps to effectively research, evaluate and buy the right system for your company on your own terms. Compare Top Talent Management Software Leaders FAQs Below, we’ll spotlight and answer common questions about implementing and using talent management software to help you tackle challenges and queries during your search: Can talent management software integrate with other existing HR systems? Yes. Many talent management software solutions offer integration capabilities with other HR systems like human resource information systems (HRIS), payroll software and employee engagement tools. It’s essential to check your existing systems’ compatibility and integration options before purchasing. What internal problems can talent management software solve? Talent management software can address several internal challenges within organizations: Replaces time-consuming administrative work with configurable and automated workflows for different talent lifecycle stages. Improves consistent and continuous data exchange across integrated systems. Offers tools to calculate employee performance, engagement and satisfaction and produces data-rich reports. Reduces compliance oversights and improves data storage, security and management practices. What are the deployment options? The best deployment option is one that best aligns with your organization’s preferences, requirements and existing IT structure. Here are the common deployment options: On-premise deployment: This option allows you to install and host the software on existing servers or infrastructure. On-premise systems provide full control over data storage and management but require robust IT resources for maintenance, updates and security. Cloud-based deployment: Also known as software-as-a-service (SaaS), the vendor manages this software on their servers and makes the systems accessible to users via the internet. Cloud deployment offers easy scalability and regular updates, eliminating the need for internal infrastructure management. Hybrid deployment: This approach combines elements of both on-premise and cloud-based deployments. You can keep sensitive or critical data in internal databases while utilizing cloud-based services for other features. This deployment option offers flexibility and lets you experience the benefits of both deployment models. Compare Top Talent Management Software Leaders Next Steps Now that you know which vital features to consider, you can get the ball rolling to find the best-fit system. Still, selecting a vendor from an ocean of options can be confusing. If that sounds all too familiar to you, don’t panic! Instead of starting from scratch, use our free requirements template to pinpoint features best suited for your business and workforce. Which talent management features are most important to your organization? Let us know in the comments! Saniya FarokhiTalent Management Software Features and Requirements Checklist06.28.2024