“To Plan, Coach, and Review an employee is Performance Management”
“To source, hire, and train an employee, is Talent acquisition”
An organization’s success depends on basically two factors i.e. the resources it possesses and secondly their effective utilization. The resources refer not only to materialistic things but also to humans because humans are capital for any organization and are the main source of revenue generation too. Furthermore, there are self-employed tax benefits available, such as the Work Opportunity Tax Credit (WOTC), as an incentive for you to expand your job applicant pool.
Human capital management solutions and talent management software are some operational tools that help an organization reach better performance levels and good revenue results.
HCM solutions generally are supposed to provide accommodation to the HR department over the basic official services. Also, nowadays they are launching with some additional functionalities within a single solution as a platform cum software that serves in the following ways-
- Payroll management software
- Talent management software
- succession planning software
- ACA compliance management system
- benefits employee portal
- HR services
- Knowledge management
And for knowledge management, which involves information exchange between concerned administrative bodies, the edi services are considered the best platform.
Thus, talent acquisition and performance management have found their separate solutions and are very rare to be found in one solution at once.
Accomplish is an all-in-one solution that serves not only payroll services but a lot more than that.
It also supports the edi services that are helpful for information and knowledge exchange.
Importance of Talent Acquisition
A business is all about its services and the employees who work for the services to get served well. Hiring and recruitment of new employees are a part of overall enterprise business running which sometimes involves multiple levels to filter an employee at the level best.
Now, in the corporate sector, employees are found to keep revolving within the concerned industry from one company to another.
Thus, a database is likely to be built or possibly can be created with the records of all the employees across the industry with their history or the basic details that could help in overviewing the candidate.
Talent acquisition is all about churning out the desirable candidate out of many without involving a human mind or physical efforts like it used to be in the traditional way of hiring and recruitment, which was too time-consuming.
Thus, some online solutions which are colloquially termed ‘talent acquisition solutions’ help acquire talents from different sectors using the database by gathering information. Not only that, but it manages to provide all the on-going processes within the complete recruitment process that includes-
- Approaching the candidate
- Assign the date and time for Interview
- Managing the employee details and core competencies
- Matching with the other potential candidates
- Managing the in-office meetings and schedules the entire calendar i.e. calendar management
- Assigning the duties and responsibilities
- Train and guide over the responsibilities, etc.
These are some of the responsibilities that were supposed to be performed by HR personnel in the traditional form of hiring and placements.
The Talent acquisition tools and solutions are all set following these tasks to accomplish without requiring any human interventions except for physical and telephonic rounds that are unavoidable for hiring.
Benefits of having Talent acquisition in an HCM solution
- Hiring process gets even productive
- More numbers of candidates are churned
- Saves enormous time and mental hustle
- Helps the recruiter as well as the employee over the time-management
- Automates the entire recruitment process
- Brings in assured competent and worthy employees
- Improves business strategies and sourcing
- Produces unique engagements for the recruitment
- 24*7 operability through online support
Similarly, there exist ample benefits from having the performance management solution within the hcm software along with the talent acquisition management system.
Anyone could assume how advantageous it would be if hiring and performance management both are available in one place?
Before moving to the advantages of having both altogether, let us know some importance of performance management.
Importance of Performance management
When a business gets bigger, its goals and objectives get bigger as well. The concerned persons that matter to the business capital sourcing and the partners to the business that usually are found very scheduled and focused over their targets and deals.
Performance management is all about managing and keeping an eye on the performances given and expected simultaneously by the concerned team members. Be it an employee or some higher authority person.
The basic objectives behind performance management are as below-
- Productivity check
And the area to cover includes everyone like the employees, the departments, and the entire organization, and whoever if, is responsible for the revenue generation, performs at least in some way and thus, can be included in for performance management.
Traditionally, it was supposed to be done through manual acknowledgments and physical proofs of having the task done and that too doesn’t assure if the higher authority has acknowledged or not as per your efforts.
Performance management tools have their separate benefits of being there in an erp solution, that allows the employees to enroll themselves, input every single detail of their work and efforts they have put in to accomplish certain or specific tasks and targets.
Performance management involves the following tasks in it-
- Planning and Execution overview
- Monitoring the tasks
- Keeping an eye on the scope of Improvement
- To care about the employees too with an option
- Rewards and Compensation.
These are some individual tasks for the performance management tool. Once it is embedded into an hcm solution, most of its tasks and objectives are seen and been scrutinized all by the tool itself, requiring the least human intervention.
Benefits of having a performance management solution
Once we get the performance management tool deployed within an organization, it becomes easy to –
- Keep track of the improvement
- Check efficiency, and Effectiveness
- Coach and correct the development process
- Take Corrective actions
However, coaching, correcting, and termination are the three stages within performance management in which identifying the goals and defining the goals as per the USPs of every single individual is involved.
Conclusively, having an hcm solution with both the functionalities along with ACA compliance management, time and calendar management, benefits enrollment, and portal system to keep the HR department at ease, is a boon to an organization irrespective of any level it has reached or become.
Author’s bio: Scarlett is an adept content writer and is associated with Accomplish from the beginning. She has worked with edi solution providers and is often found struggling with some unique topics like benefits enrollment software, HR analytics tools, and Insurance management for her upcoming projects. She participates also in the discussions over the information exchange and the technologies in-trend around it. When not working on any of her writing projects, she is either reading any of the Agatha Christie mysteries or busy gardening.