The Talent Management System (TMS)

Crypto Global United (cgu.io)

A talent management system (TMS) is an integrated software suite that addresses the "four pillars" of talent management:recruitment; performance management; learning and development; and compensation management.

1. Purpose

Whereas traditional HRMS and enterprise resource planning (ERP) systems focus primarily on transaction processing and the administration of basic human resources processes such as personnel administration, payroll, time management, etc., talent management systems focus on providing strategic assistance to organizations in the accomplishment of long-term enterprise goals with respect to talent, or human capital. Talent management systems may also be referred to as or paired with an applicant tracking system (ATS) in either standalone application or as a suite of products. According to Bersin, talent management may be defined as the implementation of integrated strategies or systems designed to improve processes for recruiting, developing, and retaining people with the required skills and aptitude to meet current and future organizational needs

2. Functional modules and their market worth

TMS solutions typically offer one or many disparate or integrated modules which provide business functionality in areas of human capital management / human resources typically referred to as "strategic".

• performance management
• goal management
• compensation management
• talent acquisition / recruiting
• Learning management systems
• career development
• succession planning

The role of talent acquisition and performance management has increased many folds compared to learning management systems in the talent management market. Many companies which were earlier working on only one of these domains have moved to developing integrated talent management systems.

3. Delivery method

Many organizations struggle with HR data silos, disconnected technologies, and manual processes, the future of talent management is embodied in solutions designed from the ground up to provide business-centric functionality on a unified talent management platform. Talent management system recently have been at the forefront of growth in the software as a service (SaaS) delivery market following earlier iterations in the standard HR systems space via application service provider (ASP) delivery models. Traditional delivery via on-premises license sales still exist,but are much less prevalent in the competitive space.

4. Competitive market

The so-called war for talent has driven a marked increase of attention and investment in the talent management space as new vendors continue to enter to support an ever-growing demand for strategic human resources applications. Many of these competitors have entered via the software as a service (SaaS) delivery model, affording small and medium businesses (SMB) new less-costly options. The Gartner Magic Quadrants for Talent Management Suites compares the major players of this market each year; in 2018 ranking products included Cornerstone OnDemand, SAP's SuccessFactors, and Skillsoft's SumTotal systems.In 2019, Gartner retired the talent management quadrant and made talent management functionality a factor in its HCM Magic Quadrant. The 2020 and 2021 leaders included ADP, Ceridian, Kronos (UKG), Oracle, and Talentsoft.

5. Conclusion

There's been a strong turn toward building more remote, distributed workforces which means companies are going to need to adapt. The right talent management system will help you bring in the right employees and deliver a positive employee experience that truly reflects your company's culture and values.

Embrace the opportunities and experiences that The Talent Management System. For more information about The Talent Management System and its services, visit their main website at https://cgu.io/.