When It Comes to Talent Management, Is the Market Missing the Point?

We all know — and it’s certainly proven — that when done well, talent management improves business outcomes and enables companies to outperform their competition.

In fact, studies by McKinsey show that companies with leading talent management practices outperform other companies by 22 percent.

Yet many organizations still struggle to achieve these types of results. It’s not that companies don’t have talent management programs in place; it’s that in many cases they’re outdated. Furthermore, most talent solutions aren’t as comprehensive as they should be, which raises the question of whether the market is missing the point when it comes to talent management.

What Prevents Companies from Being More Successful

Despite the need to attract, develop, and retain top talent to sustain competitive advantage in today’s economy, most companies lack strategic, global talent management solutions capable of matching future market needs and business requirements.

One issue is that most talent management solutions were created with yesterday’s workforce in mind. Simply put, they don’t embrace the needs of the diverse, technologically savvy, geographically dispersed, and largely disengaged workforce we see today.

In addition, companies often rely on “point solutions” that go deep in just one area of talent management, ignoring the need to configure talent management efforts in a broad, more sustainable way, a way that aligns more closely with an organization’s strategic needs.

At the same time, many companies are using solutions that are rigid and inflexible and can’t easily adapt to changing business requirements. Many of these solutions are complex, fragmented, and difficult to use. As a result, they have low adoption among managers and the broader workforce.

What Do Today’s Companies Really Need?

The reality is that talent management practices must change to reflect the ever-evolving workforce.

Organizations are now responsible for hiring the right talent from anywhere in the world and building leaders who have the skills needed to engage, develop, and retain top performers. To achieve this, managers need easy-to-use tools and technology that provide visibility into their direct reports’ skills and competencies, insightful talent data that helps them better engage with their employees and quickly identify and fill talent gaps.

Likewise, employees need frequent coaching and feedback so they can continually improve and grow in their roles. They need visibility into what opportunities lay ahead of them, and what learning and development is needed for them to achieve those opportunities and advance their careers.

People managers, HR leaders, and executives need access to the right data and workforce analytics to make strategic decisions that help to reduce organizational risk and improve engagement, and to assess the impact of those decisions.

All of this, of course, entails a broader talent management strategy, inclusive of solutions that support the full range of talent processes.

Depth and Breadth Across the Talent Suite Matters

This is where many companies miss the mark. What’s unique about SAP SuccessFactors is that we offer a comprehensive human capital management (HCM) suite that encompasses all pillars of strategic talent management. Many vendors go wide but shallow while others go deep but narrow. Only SAP SuccessFactors goes wide and deep with SAP SuccessFactors Recruiting, SAP SuccessFactors Onboarding, SAP SuccessFactors Learning, SAP SuccessFactors Performance & Goals, SAP SuccessFactors Compensation, and SAP SuccessFactors Succession & Development complimented with SAP SuccessFactors Workforce Analytics and SAP SuccessFactors Workforce Planning. The solutions offer you the ability to run all of your talent processes from a single system.

We offer you both the most comprehensive cloud solutions, tightly integrated across the suite, as well as the deepest individual solutions, and each solution can be used alone or seamlessly together to support a comprehensive and integrated talent approach.

Reap the Benefits of a Strategic, Integrated Talent Approach

We all know that talent management isn’t just one thing; it’s many different things: finding and hiring the best candidates, quickly onboarding talent to ensure a quick path to productivity, setting expectations, providing coaching and feedback, fairly evaluating people, rewarding top performers and making the best use of limited budgets, and developing employees to ensure sufficient talent pipelines based on future workforce needs.

Companies can do one of these things well and not necessarily do the others well, but the best results are achieved when they are aligned to support one another. In fact, this is one of the most important tenets of talent management, that it’s actually multiple talent processes that need to be kept distinct to be effective, but need to be linked to be fully impactful.

With SAP SuccessFactors solutions, you benefit from a unified talent suite that’s comprehensive, intelligent, and simple to use, while at the same time flexible to support any mix of talent processes and programs.

Our intelligent capabilities make everyday work life easier, providing access to the insights and information people need when and how they need it – for example, suggested successors, suggested career roles, personalized learning activities, recommended salary bands for job requisites, optimized job descriptions, intelligent mentor-mentee matches, and more. At the same time, we enable more continuous talent processes such as continuous performance management, recognition, learning, development, planning, etc., which increase engagement and drive better business results.

Our solutions even go a step further to provide cross-suite enterprise collaboration capabilities that help connect and engage employees by improving communication and fostering a culture of knowledge sharing and learning.

Trusted Guidance from a Partner You Can Rely on

SAP is here to help you define and navigate your path with a cloud-based talent suite that is more than 15 years in the making and validated by thousands of organizations across all industries, sizes and geographies. In fact, we were grateful and honored to be positioned as a Leader in Talent Management by Gartner in their 2018 Magic Quadrant for Talent Management Suites.

As a six-time, consecutive Leader in the Gartner Talent Management Magic Quadrant, you can have the utmost confidence not only in our talent solution suite, but also in SAP SuccessFactors as a trusted partner, providing innovative capabilities that are in step with the latest business transformation and technology trends. Going forward, we will continue to simplify HR, create relevant experiences for employees, and accelerate connections among people, processes, and systems.

Organizations across the globe are competing for top talent on an unprecedented scale. Companies that outperform their competition know that strategic talent management is essential in building the right workforce necessary for effective business execution.

You can solve the talent challenges you face today while ensuring you are prepared to meet the challenges of tomorrow by putting a comprehensive talent management suite in place. The ability to rapidly train and develop employees according to business need, create opportunities for real-time collaboration, and support the workforce with better insights and analytics to drive smart decision making and action are all benefits of a strategic talent management process that will drive true business success.

Lara Albert is senior director of Solution Management at SAP SuccessFactors.