Talent management is evolving, and HR professionals must adapt for the future. With new millennials entering the workforce who thrive on social collaboration and new technological advances, it is important to embrace a holistic perspective of talent management encompassing recruiting, onboarding, performance, and succession. Here we’ll teach you the key terms you’ll need to navigate the intricacies of talent management at your organization, including predictive analytics for finding and retaining top talent within your workforce.
Strategic Human Capital Management - Typically refers to manager and business-centric solutions aimed at acquiring, managing, measuring, aligning and improving the performance of people within an organization. These solutions lack administrative and transactional capabilities, so they are typically used in conjunction with an HCM system of record.
Integrated Talent Management - Connected organizational processes that human resource management professionals (and increasingly business leaders) use to attract, hire, motivate, develop and retain key employees. These processes include talent acquisition (encompassing sourcing, recruiting and onboarding), performance management, career development, succession management, and learning, among others. These can be integrated via practices and policies, or through the use of unified software solutions.
Sourcing - The discovery of qualified talent through proactive recruitment techniques, including referral, social, community engagement and other sources. Also known as Online Staffing and Sourcing.
Recruitment Software - Applications that help organizations to facilitate and automate the processes of finding, attracting, assessing, interviewing, vetting and hiring new people. Components can include an Applicant Tracking System (ATS), a software application that enables the electronic handling of job applications, resumes, and other administrative aspects of recruitment. Also known as Recruiting Software for Applicant Tracking or Recruitment Management System.
Onboarding Software - Applications used to assimilate newly hired employees, including policy affirmation, worker and benefits data capture, payment information, and other compliance related actions. Increasingly used to support new employees moving into individual roles and the organization’s culture.
Performance Management System - Broad term referring to software designed to track, manage and improve employee and workforce performance. Originally related to the automation of traditional performance management approaches (i.e. annual reviews), performance management systems now enable organizations to track, manage and measure individual, team and organizational performance against metrics, goals and work objectives. Through collaborative approaches, these solutions can now include coaching, goal development and alignment, communication of performance expectations, and individual career paths. Also known as Employee Performance Management Software, Employee Performance Management Software as a Service, or Employee Performance Management Software System
Learning and Development Software - Administers and manages employee learning and education programs, including live and online coursework, extended curricula and compliance-related training. Can include recommendation capabilities to support individual employee development or career paths. Typically requires connection to the HR system of record for basic employee information. More sophisticated solutions connect to Talent Management or other Strategic HCM solutions to provide a holistic approach to development. Can be used to provide new hire training materials to facilitate onboarding, policy affirmation, compliance training, etc.
Career Development - an employee’s progression to greater responsibility and influence within an organization, typically through a planned evolution of roles and responsibilities. These can include specialized skills and experiences, along with more advanced and varied assignments. Career paths should optimally align with organizational needs while enabling an employee to achieve career goals.
Succession Management Software - Solution that facilitates the creation of an executable strategy for developing new business leaders and managers. Can also include the development of programs to fill key positions requiring specific skills, experiences and relationships.
People Asset Management (PAM) - Manages a company’s HR in respect to its demand for employees so that the quantitative and qualitative requirements are met. PAM helps to ensure an effective recruitment process that selects the most qualified candidates. Further, PAM works to motivate employees, lowering turnover rates through regular surveys to measure employee satisfaction.
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Talent Management System (TMS) - A unified software solution that tracks employees’ careers, giving HR managers the ability to accumulate informative workforce data throughout the duration of the employees’ careers. Starting from an employee’s hire date, a TMS addresses elements of performance management, recruitment, learning and development, and compensation management.
Synonyms are HR Talent Management, Talent Management Solution, Talent Management Strategy, and Talent Management Software.
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