In the midst of a pandemic, the job market is more erratic than ever. 22 million jobs were lost in the first few months of the coronavirus pandemic of 2020, and the unemployment rate jumped to an unprecedented high of 11.1% by June 2020. During the time employees were at home, staying safe and collecting unemployment, they also had time to reconsider their own career paths. Their reasons varied from personal goals to reassessing their work-life balance and not feeling valued in their current company.
According to Prudential’s Pulse of the American Worker Survey, 42% of workers with plans to leave their current employer graded them a “C” or below for their ability to maintain employee connectedness and culture during the pandemic. Now that, a year later, the job market is bouncing back at an alarming rate, how are companies keeping up with hiring and retaining employees?
For any human resources department, keeping records on all of your employees’ job descriptions and skills can already be a daunting task, especially when doing yearly performance evaluations. When you add onboarding new hires and dealing with employee turnover into the mix, that is a lot of data! Depending on the size of your company, you might not have a lot of staff to handle it all.
That’s when a talent management system, or TMS, can be a time saver as well as a money saver. It’s also more important than ever to attract the best talent for your company and retain the ones you have.
Here are several reasons why you should consider implementing online talent management software today:
1. Smoother Employee Onboarding
Companies can enter all new employee data and profiles in one place to make the process much faster. Management across all departments can see the information as well and make the best decision based on applicant qualifications.
2. Better Employee Retention
Believe it or not, employees want feedback on their job performance and are much more likely to stay in a company that offers it. 63% of employees feel like they don’t get enough praise, and 96% of employees said that receiving feedback regularly is a good thing. Everything from employee burnout to lack of upward mobility, negative work environment, and lack of appreciation can lead to higher turnover. Using a TMS system can help companies fill out performance evaluations with ease and allow for more frequent feedback to keep employees engaged and valued.
3. System Integrations
Most TMS systems can connect with a company’s existing payroll system, thus allowing integration of pay stubs, time-off requests, employee advancement tracking, and management structure. This allows managers and employees the ability to view all of their data in one place.
4. Employee Development
Employees who value their skills and their job typically want to advance. Keeping track of new programs and job openings within the company through a TMS system can provide HR departments the tools to discuss employee development.
Bottom Line: Online Talent Management Software Makes a Difference
Evaluating your company’s overall performance and productivity stems from the very employees you hire. Using an online talent management system can be your best tool for recruiting top talent and encouraging the employees you do have to perform more effectively!