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Talent Management: Current Technology Trends
Beth Kniss, Insala Consultant
Jason Corsello, the Program Manager at Yankee Group covering HR technology, has authored the outstanding article "The Future is Now for Talent Management Technologies." He describes the talent management market as including HR process functionality for:
- recruitment
- performance
- compensation
- succession planning
- learning
- self-service
- analytics
- reporting
With the well publicized war for talent in full force, many global companies are engaging proactive strategies to protect themselves by re-examining their HR processes. Increasingly, technology is providing the framework for best-in-class talent management initiatives.
» Increasing Use of Talent Management Technology
The Yankee Group reports the following powerful statistics:
- the growth of talent management technologies will nearly double by 2009
- the talent management technology industry will exceed $4.0 billion by 2009
- the talent management technology industry will grow more than 26% in the next four years
- over 2300 companies worldwide adopted some form of talent management technology in
2005
- Of those 2300 companies, approximately 65 percent of those companies deployed their talent
management solution in an on-demand model
Online employee portals, the majority originating out of the need to offer easy employee access to benefits, are being expanded into comprehensive online experiences. Employees increasingly are managing their careers through such talent management technology portals and companies are increasingly learning about and more effectively managing their employee populations.
A recent Human Resources Magazine article Just do it! Are you a serious HR professional
highlights the importance of the human link with technology by offering, "When it comes to the psychology underpinning effective group cooperation, HR professionals need to be able to help line managers see that essentially all businesses are social and technical systems that require the effective cooperation of people, and some form of technology to deliver products, services or experiences of value to customers to make a profit. At this level all businesses are the same."
» Increased Integration of HR Functions
As organizations realize the significant power and cost savings harnessed from a holistic approach to talent management, the move toward integration increases. Research is showing that progressive companies are integrating their once siloed HR functions. However, many organizations are struggling with this challenge. A recent survey of over 3,000 HR professionals by The International Association for Human Resources Information Management (IHRIM) found the following:
- 88% of respondents admitted that talent management process integration is somewhat or very
limited in their organization
- Almost all of the survey respondents agreed that things will change.
- 95% believe their HR and training systems will become integrated over the next year
Integrating traditional HR functions has given rise to an increased need to automate them. Connecting the functions at their integration points into clean, close-looped systems eliminating duplication of data and streamlining reporting processes is the charge for many organizations.
According to CIO Magazine article "Strategic HR Integration" (August 15, 2005) strategic HR integration offers ROI opportunities in "connecting disparate HR systems into a cohesive whole." When selecting external applications from vendors, companies need to make sure they are "connection-oriented."
» Success of the Talent Management Market
Corsello, of the Yankee Group, predicts the success of the talent management markets rests on:
- Integrated functionality and usability - the ability to seamlessly integrate data and streamline navigation enhances the user experience and encourages increased use of the solutions.
- Dynamic influences in shaping the global workforce - in addition to automating HR processes, companies are now focusing internally to build a performance-based culture centered on metrics-based business outcomes and driving additional value of the company by adapting and improving the way they manage their global workforce.
- Rapid acceptance of the on-demand model - there has been a solid shift to pay-as-you-go computing services and software in the past couple of years across a number of industries, including the talent management market.
- Demand for service and support excellence - service and support distinction has surpassed security issues as the key concern for those adopting talent management applications.
- Multinational capabilities - global enterprises are demanding multi-language capabilities and in-country domain expertise to support constantly changing international laws.
Insala's Solution Suite offers proven talent management technology, being used successfully by corporations worldwide. It solidly addresses Corsello's criteria outlined above.
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