Companies always like to say that, “people are our greatest asset.” They forget that people are also the greatest burden. Lawsuits, turnover, insider fraud, for example, all happen by the acts of a company’s “assets.” Our greatest asset is the ability to manage talent properly so that employees are better engaged.
Talent Management Systems
Engaged Employees are a Company’s biggest asset. Not people. It is important to note, however, engaged does not mean happy. So how are do you engage employees? Believe it or not, there is software for that. Talent Management Systems. Having a real Talent Management System (TMS) can help.
Good Talent Management Systems include:
- Workforce Planning
- Performance Management
Capterra surveyed 500 HR professionals to examine their use of TMS products, what they are looking for in a Talent Mangement System, and the benefits of actually having a TMS.
- Even small business adopt Talent Mangement strategies. 66% of buyers earning less than $50M in revenue.
- 68% of talent software buyers spend less than six months researching their purchase.
- Test more than one TMS system. Companies who do are 20% more satisfied.
- Respondents spent on average $26,000 per year on talent management software.
- Talent software has the biggest impact on hiring. 66% reporting a significant improvement in their process. 46% said the cost of training improved, and 43% said employee retention increased.
Don’t take my word for it; you can find the entire report by clicking here. If people really are your greatest asset facilitate engagement by helping them succeed, encouraging diversity and acknowledging accomplishments. If you don’t know how to do that, it is time to look into a TMS.