The talent management software is segmented on the basis of types and breadth of solutions offered by each of them. The first type is the administration software which is implemented to perform tasks like payroll management, time and attendance management and benefits management. The second variation in talent management software is used for assisting in recruitments, training, performance management, business intelligence and succession management. Talent management software can also be segmented on the basis of employee sizes and revenues of the company into small businesses, medium sized businesses and large enterprises. Increasing regulation and enforcement of changing labor policies by the government is a factor that is contributing to the growth of talent management software market.
These software systems must ensure that they comply with these labor policies without any risks. As the companies are taking their growth strategies at a global level, the need for networking the global workforce arises. . Talent management software is able to provide customized solutions considering the localized needs, cultures, languages and workforce dynamics. This also contributes to the growth of talent management software market. Also, the current workforce trends like different generations working together, longer life expectancies have changed the workplace patterns. Companies feel that getting the right mix of people and exploring their talents is a major part of talent management that triggers the talent management software market.
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Talent management is the process of recruiting, training, developing and retaining staff by organizations so that they are able to reach their organizational goals. It implies that organizations are strategic in sourcing, attracting, selecting, training, developing, retaining, promoting and moving employees through the organization. The talent management goals are linked to business strategies and everything done to recruit, develop, reward and retain is a part of strategic workforce planning. For some companies, the intellectual capacity, skills and creativity of employees is the utmost factor while executing business strategies.
Talent management considers all the team members with respect to salaries, number of hours and contingencies for the success of the organization. Transactional data is designed and transformed into predictive data for having a deeper understanding of the workforce. This understanding is then used by companies to take strategic decisions and run their organizations effectively. With the current market becoming highly competitive for quality workers, companies are considering human resources capital a top priority. A strong and efficient talent management system makes a bottom-line impact on productivity and generates revenue per employee for the company.
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However, challenges like understanding the technical requirements of organizations and integrating various modules of the software to perform various functions are some constraints affecting the growth of this market. Another challenge is the global demand for skills that drives countries to work hard in formulating policies that can attract talent to support economic growth and retain them. In such cases, the labor policies constantly keep on changing and the talent management system needs to be repeatedly customized to comply with these rules which are at times unaffordable. Some of the prominent vendors in this market are Taleo Corporation, SuccessFactors, Halogen Software Inc, Kenexa Corporation, PeopleAdmin and SumTotal Systems Inc.
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