The talent management software market has and continues to consolidate dramatically through acquisitions.
The trend is to bring together processes and applications for hiring, onboarding, performance assessment, compensation, succession planning and analytics. As the race continues to attract customers and users by presenting the most integrated suite of applications, a new market segment has evolved in the shadows and is now taking the stage in talent management.
Talent Technology, a vendor in this space, calls it talent generation; its function is to help companies identify the talent they require across all sources, broadcast job openings and promote the organization as an attractive workplace for the best talent. It relies on social media and Internet sites where jobs are posted. Doing this manually for one open position is easy, but Talent Technology’s just announced Talemetry Suite offers a unified and consistent method for recruiters and hiring managers to seek talent for any opening.
The Talemetry suite contains applications to broadcast openings and match, profile, apply and connect talent to an organization’s hiring and applicant tracking process. The broadcast application provides a single method to post a position to Internet and corporate job boards and internal employee portals. The matching application provides the ability to search and rank candidates among millions of resumes across various networks, along with ability to save records of these efforts for auditing and compliance purposes.
The connect application promotes the organization’s brand and open positions to social media and Internet-based portals. The apply application imports candidates’ information, including from social media, into applicant tracking and hiring applications. The profile application compiles all the available information and summarizes it for recruiting and hiring managers. Each of these modules brings a simple approach similar to those of Facebook or LinkedIn. This is more effective than doing talent sourcing and broadcasting separately.
Talent Technology is a decade-old software supplier that has integrated its technology with the applicant tracking system (ATS) and human resource management system (HRMS) products of Lawson, Oracle, SAP, Taleo and others. It also has worked with job boards and aggregators and has used that knowledge to create Talemetry. Talent Technology is bringing its products directly to market in a way that is complementary to the offerings of its partners. Instead of trying to build a better ATS or hiring application, the company focuses on extending talent management to the Internet.
Organizations today need to reduce the time it takes to hire; our workforce analytics benchmark research identified this as the second-most important metric in two-thirds of organizations. Talent Technology addresses this issue. Companies waste time in the hiring process when they have to collect information from silos of applications and services; Talemetry helps unify these sources into a common view to reduce manual processes and inaccuracies that result from them.
Talent Technology also supplies recruitment analytics to identify disconnects in activities and applications that support hiring processes. Also organizations want to be sure that they access the complete pool of talent for their needs. We estimate that today most are able to put their positions in front of less than one-fourth of the potential talent. Talemetry can be integrated with talent management applications from other vendors. Our performance management for talent management benchmark research found that only 26 percent of organizations currently integrate those systems but more than 45 percent want to do so.
If your talent generation and sourcing efforts are less than optimal, and if you seek to streamline and integrate them across social media and Internet channels, I encourage you to look at Talent Technology. Simple yet sophisticated, its applications take a new approach to ensuring that the identification of candidates and broadcasting of job positions are done in a consistent method and that information about candidates is used effectively to reduce the time to review applications, determine whether to interview and eventually hire people.
As we all know, talent is one of the core assets of every organization. If you are not doing everything you can to optimize your talent processes, you make it harder to compete in an economy where every employee counts.