5 best talent management software systems in 2023 – TechTarget
The need for organizations to automate their talent management processes increased dramatically in recent years, especially when the COVID-19 pandemic forced companies to implement work-from-home policies. The shift to a predominantly remote workforce made in-person, manual processes difficult, if not impossible.
Talent management software continues to be not just useful, but essential, even as workers return to the office. Besides helping to automate talent processes and provide self-service options to employees and managers, talent management software systems enable companies to stay engaged with current, potential and past employees, no matter where they live and work.
Often driven by the HR department and supported by people managers, talent management spans an employee’s entire lifecycle at a company. It includes all the processes, guidelines and systems used to attract, retain, develop and manage employees.
Talent management encompasses all of the tools and processes needed to meet the human capital needs of the enterprise, including hiring people with the right skill set, training workers on new technologies and tracking employee information.
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Talent management software refers to all the systems and applications needed to manage the employee lifecycle in an organization. Multiple systems may be part of a company’s landscape, with some offering specific functionality: for example, a core HR system that tracks basic employee data, another system for performance management and a third for learning management. But some products — the comprehensive suites that are the focus of this roundup — can provide most or all of the talent management functions in one system that has a consistent look and feel.
Talent management software features are often categorized by modules, each of which handles a specific function. A compensation module, for example, is used specifically to manage pay raises and to plan strategies for rewarding employees. Though it’s ideal to have a comprehensive package to manage talent, it’s often not possible to implement the whole system at once. Also, depending on company culture, size, budget, industry and priorities, some of the functions available on the market may not be needed.
What follows is an explanation of the modules and some of their key features to consider when choosing talent management software systems. The standard functionality is often similar among vendors, so the focus here is on capabilities that may not be provided by every vendor.
There’s a plethora of talent management software products to choose from. Consider the following key factors when selecting a talent management platform vendor:
When evaluating an all-in-one package, consider how the vendor enables its customers to use data across multiple modules. Skills data, for example, might be valuable in multiple situations, such as rating employees in performance management, looking for internal candidates to fill open positions and auto-assigning development training to employees.
Along these lines, we’ve narrowed the list to the five best talent management software packages that provide support for all or most of the employee lifecycle.
This software supports all aspects of talent management, including the payroll functions that ADP is known for. Candidates can apply through the applicant tracking module, complete all the new hire forms in the onboarding module, view and update personal information, and manage performance and compensation.
Key features
Similar to Workforce Now, Dayforce supports the entire employee lifecycle, including payroll. Ceridian has spent years making an HR system that supports companies with employees in multiple countries with various currencies.
Key features
Developed for smaller organizations, BambooHR offers many features to support the employee lifecycle, with a UI that’s intuitive to employees and the HR team. The system provides a comprehensive set of features and is easy to integrate with many niche vendors that have pre-built interfaces with BambooHR.
Key features
One of the biggest vendors in the HR software market, Workday offers a comprehensive and configurable SaaS talent management package for domestic and international customers.
Key features
Like Workday, SAP SuccessFactors offers all the functionality needed for talent management, but under the umbrella of human experience management (HXM). Targeted at large organizations, the suite is configurable and has a consistent look and feel across the platform.
Key features
Whether the choice is a single vendor providing an all-in-one package or multiple vendors offering niche applications, automating the entire talent management process is imperative for companies juggling remote and hybrid workforces, battling to attract and retain highly skilled talent, and continuing to compete at a high level.
Talent management software provides many advantages in the areas of recruitment, performance management, training and education, and compensation management. Companies can collect, centralize, track, store, report and analyze employee data, while receiving automated reminders and notifications. Prospective and current employees have access to self-service options to complete tasks when convenient, without depending on the HR team or their managers.
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