In today’s world, talent management is everything. Companies that don’t engage, develop and retain their top performers will fall behind in performance and innovation. Talent management isn’t just about filling roles – it’s about creating a sustainable pipeline of skills and leadership for long term business goals.
That’s where Actus Talent Management Software comes in. In this guide we’ll look at common talent management challenges and show you how the best talent management software can change how your organisation manages and develops its people.
Why Talent Management Matters in 2024
In 2024 the challenges of workforce management are more complicated than ever. As businesses adapt to remote work, digital transformation and increased competition the need for a comprehensive talent management system is more important than ever. A talent management system streamlines key talent management processes, providing HR teams with tools for various functions such as recruitment, onboarding, performance management, and succession planning. Talent management strategies help organisations retain employees, reduce employee turnover and align employee capabilities to strategic initiatives.
Research shows organisations with strong talent management strategies have higher employee engagement, employee satisfaction and better business performance. But developing a successful talent management strategy comes with its own set of challenges. Here are some of the common challenges businesses face in their talent management process.
2024 Talent Management Challenges
1. No Visibility into Employee Data and Potential
Many businesses can’t get their hands on complete employee data and understand the full potential of their workforce. Without a clear view of employee skills and performance history it’s impossible to make informed decisions around career development, internal promotions and employee growth.
2. Difficulty Retaining Top Performers
High employee turnover is expensive – not just in recruitment but also in lost productivity. Employee turnover is often linked to low employee engagement, lack of career development opportunities and insufficient professional development. Retaining high potential employees is key to any talent management system.
3. Succession Planning
Succession planning ensures key roles can be filled internally. But many organisations struggle to build a strong leadership pipeline. Without effective succession planning businesses risk leadership gaps that disrupt operations.
4. Disjointed Talent Management Processes
Many organisations have separate systems for performance reviews, employee feedback, and career progression, highlighting the need for integrated talent management systems. Fragmented talent management tools create inefficiencies, increase costs, and complicate HR processes.
5. Talent Strategy Not Aligned to Business Goals
Aligning your talent management strategy to long term business goals is key to success. Many companies struggle to link their talent management initiatives to their strategic objectives, resulting in misalignment between workforce capabilities and future business needs.
How Talent Management Software Fixes These Challenges
Actus offers a simple all-in-one talent management platform that solves these challenges through comprehensive talent management solutions. Here’s how talent management software can help your organisation.
1. Get Complete Visibility into Employee Data
With Talent Management Software you can create and manage employee profiles that capture everything from employee skills to career goals. These profiles allow HR to:
- Identify employees for promotions and key roles.
- Identify skills gaps to inform training programs and professional development.
- Make data driven decisions around employee growth, career planning and development needs.
Having visibility of your workforce means you can be proactive in your workforce planning and not waste any potential.
2. Retain Top Talent with Career Development Plans and Continuous Feedback
High employee turnover can be reduced by offering clear career progression opportunities and a culture of continuous feedback. Talent management software helps businesses retain employees by:
- Using talent pools to categorise employees by performance, potential and skills.
- Building career development frameworks that give employees a clear path to progression.
- Providing tools for ongoing feedback so employees stay engaged and aligned to both personal and professional goals.
3. Succession Planning for Long Term Success
With talent management software you can manage succession planning through 9-box grids and comprehensive talent management tools. These features help you:
- Visualise employee performance and potential.
- Identify talent for leadership roles.
- Develop training programs to fill leadership gaps.
Talent management software means you have a ready pool of successors for critical roles so you don’t get disrupted by leadership gaps.
4. One Platform for All Talent Management
Instead of multiple performance management systems Actus has one platform to manage all aspects of talent management including:
- Performance reviews and performance management.
- Talent acquisition and applicant tracking.
- Employee development and learning management.
By combining performance management software, learning management tools and compensation management simplifies HR processes and improves HR efficiency.
5. Align Your Talent Management to Business Goals
One of the biggest benefits of talent management software is the ability to align your talent management to your company’s long term strategic planning. With talent management software you can:
- Link development plans to business needs.
- Ensure talent acquisition and development is aligned to future business goals.
- Use data to measure progress and adjust as needed.
By aligning talent management to your company’s strategic objectives talent management software means your workforce is ready for the changing needs of your business.
Talent Management Software Benefits in Practice
Organisations using Talent Management Software see:
- Higher employee engagement: Clear career development and continuous feedback means higher employee satisfaction and retention.
- Internal mobility: Talent management focus’ on career progression and skills visibility makes it easier to promote from within and reduces the need for external hires.
- Leadership pipeline: Succession planning means a steady stream of leaders for key roles.
- Lower employee turnover: By developing employees you can reduce employee turnover by up to 50%.
Get Actus Today
With business moving so fast talent management has never been more critical. Get the right talent management software like Actus and simplify your HR, retain top talent and align your workforce to your long term business objectives.