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ROI of Talent Management

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Information about ROI of Talent Management
Technology

Published on March 13, 2014

Author: HRsmart

Source: slideshare.net

Description

The implementation of a best-in-class talent management program is a primary concern for many leading organizations. But if your company has a strong commitment to talent development and employee engagement, it has been well-documented that you will consistently out-perform those that do not. Check out HRsmart's presentation to learn how implementing a talent management solution will minimize the time and costs required to manage your workforce. From Applicant Tracking to Career Development & Succession Planning, a talent management solution will provide your organization improved efficiencies, increased effectiveness and enhanced organizational competitiveness.
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ROI of Talent Management presented by Tom McKeown EVP of Sales & Marketing Judy Fort Sr. Solutions Engineer

Agenda: The 5 W’s and an H Who What Where When Why How is talent management? are the benefits within each solution? should my organization make this investment? do you use to measure ROI? is the right time to implement a TMS? do I begin my search for the right TMS provider?

Who is Talent Management? As an HR professional, you know the ability to present a robust business case, while simultaneously demonstrating value from talent is pivotal to the success of your organization. Implementing a talent management solution is simply a tool to better help YOU manage your talent. Talent management is not a what, it is a who. And the who is,

But don’t just take our word for it…. Organizations with superior talent management practices generate 26% higher revenue per employee, 40% lower turnover among high potential employees and 29% higher employee engagement than their peers. Bersin by Deloitte 2013

What do you use to measure ROI? We have broken down the process into 3 relevant strategies worth measuring, once you have implemented your talent management solution: „People‟ Metrics Do you see improved customer service relationship skills? Have you noticed enhanced negotiating ability? Are you seeing better market intelligence? Business Performance Do you see a higher overall profit? Are you noticing more revenues? Do you see higher customer satisfaction ratings? Is there an increase in customer numbers? Are you noticing more repeat business? Financial Success

Business Insights with Talent Management To obtain the information needed to measure those 3 strategies, you can choose to become either frustrated or automated When you unify your talent practices with a talent management solution, you can spend less time collecting and checking for accuracy and more time analyzing the meaning of your talent data. With the help of technology, you can effectively convey valuable business insights, while also tracking and measuring talent ROI. Retention/Attrition Performance ratings Percentage of “high potentials” Engagement scores Career progression Succession ratios HR Metrics

Where are the benefits within each solution? Within a Unified talent management solution, there are different modules. Each can be used stand-alone or as a complete Unified solution. Applicant Tracking System (ATS) Employee Performance Management (EPM) Learning Management System (LMS) Career Development & Succession Planning (CDSP) Compensation

ROI for Recruitment - ATS Great people are the foundation of your business; you need to attract and hire top talent

ROI for Recruitment - ATS Reports create insights into which channels are the most cost effective, enabling recruiters to invest only in the sources where results are achieved The ability to manage internal and external talent pools within one simple solution helps reduce time to hire Create more effective sourcing programs by reproducing and utilizing the talent profiles of the highest performing employees Allows you to focus on the more-qualified applicants (as determined by screening questions, assessments, etc) which leads to better hires

83 75 50 By the Numbers An 83% reduction in the time required to post new positions. A 75% increase in qualified candidates per open position. A 50% increase in hiring manager satisfaction based on the quality of resumes submitted. EDG, Inc.. Case Study: Applicant Tracking (October 2013)

ROI of Performance - EPM Companies and people perform better when their goals are aligned, performa nce is measured, and success is rewarded.

ROI of Performance - EPM Seamlessly align talent programs with measurable business goals. This, in turn, helps you measure employees impact, which is key for your continued investment in talent. Skills and competencies assessments are part of the review process which then is unified into the overall employee evaluation Customizable workflows can be configured to fit any existing performance processes within any organization Effortlessly keep track of bonus pay-outs and annual salary reviews by linking them to automated performance evaluations

67 75 78 By the Numbers A 67% reduction in the time required to prepare for an employee evaluation. A 75% reduction in the amount of time required to conduct the employee evaluation. A 78% improvement in departmental compliance in meeting evaluation deadlines. EDG, Inc.. Case Study: Employee Performance (October 2013)

ROI of Learning & Development – LMS When you allow individual users the ability to update and manage their own talent profiles, such as adding performance/skills data and career aspirations, you save yourself time.

ROI of Learning & Development – LMS Monitoring competency assessments through a talent management system allows you to then use your analytics to show if the investment in training certain areas are resulting in fewer gaps and increased performance for individuals or teams of employees It is essential that you know what skills and competencies exist within your organization and if these will support your company’s future strategy Progression planning made easy with continued evaluations linked back to skills and competencies Effectively track the learning and development of your employee through a Total Talent Profile – this part of the system allows you to view a complete overview of the employee lifecycle quickly and easily

ROI of Succession Planning - CDSP Correctly placing talent secures both the individuals and organizations future growth and performance.

ROI of Succession Planning - CDSP With a talent management system, you can utilize a powerful analytics tool to assess key indicators of your organizational health such as bench strengths and areas of risk Optimize configurable talent grids such as 9-Box grids supported with comprehensive workflows for calibration Avoid external hiring costs by easily identifying high performing internal talent and matching them to specific vacancies Automated succession scenarios, Domino Lists and career paths provide early identification and adaptable career plans to easily meet your employees professional preferences

ROI of Compensation Get your pay and reward structure RIGHT and you’ll not only improve your financial performance, b ut you’ll also find it easier to attract, retain, a nd develop the best talent.

When is the right time to implement? NOW Let’s face it, accurate information is vital to improving the performance of talent initiatives. Without it decisions are based solely on instinct or opinion, which can be damaging to the success of your organization. Unifying talent processes by offering all processes on the same platform with a single, shared database provides an organization with comprehensive and precise intelligence, in real-time.

Why should my organization make this investment? Ask yourself… Who are my top performers? How aligned is our talent to the overall business objective of the organization? What risks do I face if our top talent’s performance goes unrecognized and is not rewarded properly? When it comes to the things that matter and/or drive the business, how focused is our talent? Is our talent aware of all internal development and growth opportunities?

We can all agree… With a UNIFIED talent management solution: Data is available immediately throughout the entire suite with updates made via a single screen Administration efforts are reduced significantly More meaningful analytics are possible The most effective HR teams must be able to calculate, retrieve,understand, evaluate,& present key metrics within their organization in order to support the business.

How do I begin my search for the right talent management provider? You can start by contacting HRsmart and allow us to show you how we could benefit your organization. Whether it’s your first time looking into a talent management solution or your 100th time, we can show you why our solution is the next generation of talent management. YOUnified No one knows like HRsmart!

DEMO

Upcoming Webinar February 18th – 11:00 AM CST “OFCCP: Why is Compliance Important for All Employers?” Geanette Floyd Sales Manager CareerCast.com

Questions Tom McKeown EVP of Sales and Marketing tmckeown@hrsmart.com O: 972.783.3000

Thank You For Attending

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