This article about talent technology originally appeared in July 2019. All relevant information and stats have been updated as of July 2022.
Recruiting is no easy feat. It can be costly, take longer than it should, and to some corporate talent leaders’ dismay, result in a hire that doesn’t stay quite as long as it seemed it takes to hire them.
Today’s talent leaders can struggle with the many demands on a busy recruiting team’s plate. Add the need to elevate the candidate experience, internal bottlenecks, and back and forth with the hiring manager; you get the idea. Being an innovative talent leader can be incredibly complex.
Maybe that’s why many talent leaders instinctively flock toward tried and true technology, even if it causes issues down the line. It’s proven and predictable. But how can a company’s talent process be innovative if its tech stack remains the same as it was ten years ago?
Fortunately, at Talent Tech Labs, we spend valuable time talent leaders don’t have, analyzing and vetting the constantly growing talent technology landscape, positioning us to help lead you to the strongest tech stack possible.
Let’s analyze some of the innovative tools talent leaders are using in a corporate environment today through the lenses of workforce planning, talent acquisition, and talent management.
1. Workforce Planning
First, let’s take a look at the talent tech making waves in workforce planning. At the foundation of any business is (hopefully) a future-proofed plan for optimization and ultimate success. Any given organization is vulnerable to having current or near-future workforce gaps. Still, the key to overcoming these challenges is to have a robust workforce planning tool in your arsenal.Check out some of the innovative tools talent leaders are using in a corporate environment today through the lenses of #WorkforcePlanning, #TalentAcquisition, and #TalentManagement Click To Tweet
What It Does:
Workforce planning technology allows you to gain a holistic view of your current workforce, where gaps may arise, and how to get ahead of them. The ultimate goal for anyone leveraging workforce planning technology is to build the most optimal workforce possible. This technology gives you insight into employee’s strengths and weaknesses and opportunities to cross-train employees
Why It Matters:
Unsurprisingly, the backbone of a strong workforce lies within the workforce planning that has already taken place. Or, if nothing has been put into action, getting a glimpse into the current state of the workforce and a bit of foreshadowing can give talent leaders all the context they need to take their team to the next level.
Workforce Planning Tech Can Help You:
- Understand workforce skills and gaps
- Create more strategic, data-driven planning goals
- Receive valuable metrics not found on other platforms
- Proactively address employee management issues
- Prepare for internal upskilling
2. Talent Acquisition
Second, let’s look at the talent tech making waves in talent acquisition. Talent acquisition technology is probably the first talent technology that comes to mind, as in many regards, it has served as the baseline for other software development. The invention and development of talent acquisition technology essentially created a blueprint for other necessary talent technologies.
What It Does:
Put simply, talent acquisition technology works to make the sourcing and hiring process easier for recruiters and talent leaders. One of the ways it accomplishes this is by providing real-time data to recruiters on metrics impacting the recruiting process. Because there are thousands of different options available for talent acquisition, it would be a gross generalization to say all TA tech provides X, Y, and Z. However, every software under this umbrella has the same goal.
Why It Matters:
To make your candidate experience the envy of your competitors, you need to leverage talent acquisition tech in your tech stack. Without the extra support of automation, data collection, and centralized space for valuable employee/candidate information – your hiring process could easily be in the weeds.
Talent Acquisition Tech Can Help You:
- Curb recruiter burnout
- Source and select top talent
- Interview potential candidates
- Onboard and train new employees
- Leverage AI to optimize the sourcing process
3. Talent Management
Finally, let’s take a look at the technology organizations are investing in for talent management. As you might know, Talent Tech Labs’ foray into expanding our expertise into the world of talent management is relatively new, but we’ve been studying it just as long as we’ve been watching the talent acquisition space.
What It Does:
At its most granular level, talent management technology does what its name suggests: it provides a technological dashboard for talent leaders to better understand and enforce talent management in their organizations.
Why It Matters:
Strong talent management technology makes all the difference in how you interact with current employees and potential candidates. It can be nearly impossible for even a small to medium-sized business to keep accurate tabs on the status of their employees and candidates. Still, talent management technology helps ease that process.
With tools to help you automate and optimize your hiring process, talent management technology allows you to retain top talent, hire more effectively, and improve the employee experience.
Talent Management Tech Can Help You:
- Provide targeted training and development
- Gain access to essential metrics
- Build out career paths for top talent
- Motivate employees to reach their full potential
- Focus on diversity and inclusion
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