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How SME Businesses Shop for a Talent Management System Part 1

Talent Management

How SME Businesses Shop for a Talent Management System Part 1

November 02, 2016 Vanessa Hamilton

Unfilled jobs in some of the biggest sectors of the Australian job market may account for as much as $6.7 billion worth of economic loss every year, according to Australia’s Career Guide. With 13 percent of job openings staying vacant for at least three months, there’s a large gap between when previous employees leave and new talent attains the previous level of productivity in the position.

Without a learning management system in place, this gap is likely to widen as unemployment rates rise. In the mining, construction, professional and technical services industries alone, $221 million in GDP may be lost every month. For Australian businesses looking to close the gap and regain lost assets, a modern performance management software solution is essential.

Addressing Workforce Development Challenges

An ongoing problem for many businesses is their employees lack a clear career path and therefore have no concrete goals for personal or corporate achievement. This creates a disjointed work environment in which it’s difficult for staff members to connect with each other, pursue growth and collaborate for the good of the company. Learning management software lays out collective goals and allows managers to nurture existing talent along a progressive path.

When filling positions, managers and hiring teams need to focus on finding qualified individuals with the right talents and skill sets. Working with department heads to discover what is lacking in each part of the business can reveal problems with the current hiring and training process. Communication between executives and managers is a key part of growing a small business using smart hiring strategies and initiatives for ongoing learning.

Improve Employee Performance with Comprehensive Software

Small business HR software solutions cover all the bases for companies looking to fill vacant positions and improve productivity across the board. The process begins with a better approach to hiring, combining internal and external recruitment based on insights into the qualifications of each candidate. From there, employers and hiring teams can develop comprehensive training for new hires and future leaders. This creates the foundation for a strong succession planning strategy designed to identify and support those within the company who exhibit the qualities necessary to fill upcoming job openings.

Customise Goals for Performance Management Success

Using the tracking tools available in workforce development software, employers can assess the entire organisation at a glance to identify skill gaps and create learning modules to develop the talents of current employees. Instead of spending months sifting through applications and interviewing potential candidates, employers are able to focus on internal growth and engagement. An engaged workforce with an investment in their own professional growth is more productive and beneficial to the company.

Finding the Right Learning Management System

Ideally, small business HR software should provide:

  • Tracking and reports to monitor employee growth
  • Customisable goals and learning modules
  • Tools to improve staff engagement
  • Comprehensive tools for assessing the entire organisation

Cornerstone’s Growth Edition is one of many solutions available to organisations looking for these specifications. To find the perfect fit, companies must assess multiple platforms and see the products in action through live demos. Software should not only integrate seamlessly with current solutions but also increase the efficiency of conducting employee reviews, monitoring performance and deploying training modules as needed.

According to Paul D’Arcy, Senior Vice President of Marketing at Indeed, the leading job site in the world, “the need to fill empty desks is an economic imperative” for Australian business owners. With Growth Edition from Cornerstone, you can boost employee development, create a more engaging work environment and develop a strong talent base to propel your company toward its larger goals.

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