talent management software (TM software)

Talent management software is an integrated set of software applications that human resource management (HR) professionals use to hire and retain employees.

Because talent management software keeps track of an employee's career starting with the hire date, HR managers can compile valuable data about the workforce at various points in the employee lifecycle. They can try to use this data to recruit more efficiently and identify future organizational leaders.The four modules contained in talent management software are referred to as the "four pillars."

1) Recruitment - helps the company identify quality applicants and organize applications through an application tracking system (ATS).

2) Performance management - allows managers to define and keep track of employee goals and rate progress.

3) Learning and development - facilitates the onboarding process by providing new employees with training materials and enables seasoned workers to further their skills by taking courses and pursuing certifications.

4) Compensation management - helps ensure that performance is reflected in compensation.

See also: human resource management system (HRMS), human resource information system (HRIS), human capital management (HCM)

Contributor(s): Emma Snider
This was last updated in October 2012
Posted by: Margaret Rouse
View the next item in this Essential Guide: recruitment management system or view the full guide: Talent management system essential guide

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