Many small and medium-sized businesses hesitate to invest in HR technology because they think it’s expensive and unnecessary. The right HR management tool, however, can be a great benefit to businesses if they choose the right solution that fits their specific and unique needs. In a recent report conducted by Grand View Research, the HR software market size is predicted to exceed 10 billion USD by the year 2022.
Talent Management Software (TMS) is one kind of HR management tool that encompasses all the talent management suites, integrated HR systems and other all-in-one HR tools that attempt at doing it all: recruiting, training, payroll, scheduling, benefits, etc. These systems are integrated software solutions built to track and manage the recruitment, professional development and performance of employees and potential candidates. Talent Management platforms enable the automation of all the processes within the talent management realm and simplify workflows for HR and the company as a whole.
A Talent Management solution can also smooth the flow of information across HR, payroll, and benefits administration. This sharing of data can enable your business to better innovate and your employees to better perform. It doesn’t only help HR administrative needs however, talent management is a business strategy, so the software simplifies business processes and allows room for improvement in the top talent in the company.
So, if you’re still on the fence about implementing HR technology into your business or organization, below are five benefits that will change your mind. And be sure to check out The Different Types of HR Software for more information.
Simple Time Tracking / Scheduling
It can be a catastrophe if your company faces a deluge of leave requests, so managing them is essential for any business. HR technology helps you avoid this disaster by tracking the information behind the absence. Furthermore, it enables you to manage holiday requests, monitor remaining leaves and allows you to automate the time-consuming process of holiday booking.
Easily Accessible Information
With an HR management tool or TMS, its easy to access all your employees essential information. It’ll be readily available on your laptop when you attend a meeting and get asked questions from your employees. It simplifies decision-making as all data is instantly accessible and up-to-date, so you won’t have to worry about having wrong or old information.
Frees Up A Lot of Time
Talent management software can automate any time-consuming manual processes which will allow you to focus on more productive and important work. If your company has a decent number of employees, you’ll find it difficult to manage their information on paper. Finding even the most basic details about how many holidays are available for a particular employee can be a complete nightmare, but if you have an HR management tool in place, it will allow you to automate basic processes like employee self-services, training, sick days and holiday allowance.
It can also streamline workflows to improve overall work management and productivity. In these ways, an HR management platform can (and will) save you a lot of time, which most of the time, translates into money.
Simple Employee Development
It’s a common belief that in order to grow your business/organization, you have to recruit new employees, however, that is not the case. It’s actually more affordable and beneficial to properly train your existing employees, and HR software can help with this. Talent management platforms facilitate employee development from training courses to performance appraisal. Regular appraisals can boost employee morale and give them incentives to maintain high standards of work – the software stores data on the issues discussed, feedback given, and the goals/objectives you decided together.
Your employees can also access this information anytime, which will increase their engagement with their work and the company. With this data, you can plan your employees career development and assign them both short and long-term goals.
Safe Document Management
HR software maintains all your information in one centralized secure location and ensure it’s accessible at anytime. It’s more secure because you can control who accesses what information. Plus, cloud-based talent management solutions make sure your data is protected and available even when there are physical emergencies, like an office fire. You only need an internet ready mobile device or computer to access the data.
Talent management platforms also provide document management capabilities – you can learn which staff member reads what and when. Plus, you can improve productivity by minimizing strenuous paperwork, access old documents or archive training manuals or handbooks, and allows your company to go green and run a paper-free environment.
Looking for more? Download our talent management buyers guide and check out the top-24 products available in the market with full page vendor profiles, key capabilities and questions to ask yourself and the vendor before purchasing a talent management solution. For those just starting the talent management software search process, this is truly the best resource to help get you going.