9 Best Talent Management Software for HR Leaders in 2024

 

What is Talent Management Software

First, talent management software, also known as a Talent Management System (TMS), is a suite of tools that helps organizations manage the entire employee lifecycle.

Talent management software can aid in everything from attracting and onboarding new recruits, to developing and retaining existing talent, to boosting employee engagement.

 

Here's a breakdown of what a TMS typically offers:

• Streamlined Recruitment: An applicant Tracking System (ATS) is often integrated into a TMS, allowing for efficient sourcing, screening, and onboarding of new hires.
• Improved Performance Management: TMS can set goals, track progress, and provide feedback mechanisms to boost employee performance.
• Learning and Development Opportunities: The software can help identify skill gaps and provide access to training programs to keep employees current and engaged.
• Compensation and Benefits Management: TMS can simplify processes for administering salaries, bonuses, and other forms of compensation.
• Succession Planning: Some Talent Management Systems assist with identifying high-potential employees and planning for future leadership roles.

Overall, talent management tools aim to automate human resources-related tasks, improve data-driven decision-making, and create a more positive employee experience.

 

What to Consider When Shopping for Talent Management Software

Choosing the right talent management software can be a crucial choice for streamlining your HR processes, boosting employee engagement, and improving your overall talent strategy.

Here are some key factors to consider when making your decision:

 

Company Needs:

Size and Industry: Think about the scale of your organization. A large enterprise will need a more robust system than a small startup. Likewise, some TMS solutions cater to specific industries with specialized features.

Current Processes: Consider your existing HR workflows and identify which problems you're trying to solve. The TMS should integrate seamlessly with your current systems and adapt to your company culture.

 

Software Functionality:

Features: Identify the functionalities most important to your company's goals. Common features include applicant tracking, onboarding, performance management, learning, and career planning tools.

Customization: Does the software allow customization to fit your unique needs, or is it a one-size-fits-all solution?

Integration Capabilities: Ensure the TMS integrates with your existing HR systems like payroll, timekeeping, or benefits management.

 

User Experience:

Ease of Use: A user-friendly interface is essential for high adoption rates among HR staff, managers, and employees.

Training and Support: Does the vendor offer comprehensive training and ongoing support to ensure your team can effectively use the software?

 

Additional Considerations:

Reporting and Analytics: Robust reporting features with data visualization tools allow you to track key metrics and make data-driven decisions.

Security and Compliance: Employee data is sensitive. Make sure the TMS prioritizes data security and adheres to relevant regulations.

Scalability: Consider your company's growth plans. Will the software be able to scale to accommodate future needs?

Budget: Determine your budget for the software, including implementation costs and ongoing subscription fees.

By carefully considering these factors, you can select a talent management software solution that optimizes your HR processes, empowers your workforce, and supports your company's strategic goals.

 

9 Best Talent Management Software

1. Deel

Best for: Deel software is best suited for organizations that operate with global or distributed teams and have complex human resources needs.

Deel is a comprehensive human resources management system designed for international teams. It enables companies to hire, onboard, and compensate full-time employees or independent contractors in a compliant manner within minutes.

This platform provides a centralized view of the entire workforce, simplifying workforce management. By utilizing Deel's in-house back office and locally-owned entities, companies can facilitate global payroll processes.

Through Deel's modern self-serve interface, team members can conveniently visualize team structures, monitor total payroll expenditures, and more. Deel empowers organizations to streamline HR operations and enhance efficiency across the board.

Deel's talent management software capabilities include:

• Recruitment and Onboarding: Deel provides tools for sourcing candidates, managing job postings, conducting interviews, and facilitating the onboarding process for new hires or contractors.
• Performance Management: The platform may include features for setting goals, conducting performance reviews, providing feedback, and tracking employee performance over time.
• Learning and Development: Deel may offer training and development resources, such as online courses, skill assessments, and career development plans, to support employee growth and skill enhancement.
• Succession Planning: Organizations can use Deel for succession planning by identifying high-potential employees, grooming future leaders, and ensuring a smooth transition of key roles within the company.
• Employee Engagement: The platform may include tools for measuring employee engagement, collecting feedback through employee surveys or polls, and implementing initiatives to improve overall employee satisfaction and retention.

Deel's talent management tools aim to help organizations effectively manage their workforce, nurture talent, and create a positive and productive work environment.

 

2. Workday

Best for: Medium to large-sized enterprises across various industries. Workday is particularly beneficial for organizations that prioritize scalability, global workforce management, and robust analytics.

Workday HCM is a comprehensive solution that assists businesses in workforce planning, analysis, and implementation. Through a contemporary portal, Workday offers a suite of talent management services in addition to financial planning, HR planning, employee recruitment, payroll management, and robust reporting capabilities.

On top of its array of human resource management tools, Workday features an education module. This module covers various aspects of education management, including recruiting and admissions, curriculum oversight, record-keeping, academic advising, and financial aid monitoring.

Workday's talent management capabilities are designed to address the entire employee lifecycle, from attracting top talent to developing and retaining them.

Workday's talent management software capabilities include:

• Talent Acquisition: Workday streamlines recruitment processes, allowing you to find diverse talent, manage applications efficiently, and provide a positive candidate experience.
• Learning and Development: Workday fosters employee growth through features like skills gap analysis, personalized learning recommendations, and easy access to training materials.
• Performance Management: Set goals, track progress, and provide regular feedback with Workday's performance management tools. These functionalities can help improve employee engagement and development.
• Succession Planning: Identify high-potential employees and create development plans to ensure a smooth transition when key roles become vacant.
• Workforce Agility: Workday facilitates internal mobility with features like skills-based searching and mentorship programs, allowing employees to explore new opportunities within the company.
• Data-Driven Insights: Workday provides robust reporting and analytics to give you a clear picture of your workforce. Use this data to make informed decisions about talent management strategies.

 

3. Paycor

Best for: Small and medium-sized businesses looking for recruitment, learning, and compensation management in one.

Paycor's platform offers a range of solutions to streamline HR processes, including payroll processing, tax filing, time and attendance tracking, benefits administration, compliance management, and employee self-service tools.

Paycor's intuitive interface and robust features empower businesses to manage their workforce more efficiently, ensure payroll accuracy, maintain compliance with labor laws and regulations, and improve overall HR operations.

Additionally, Paycor provides actionable insights and analytics to help businesses make data-driven decisions regarding their workforce, enabling them to optimize productivity, enhance employee engagement, and achieve their strategic goals.

Paycor's talent management software capabilities include:

• Streamlined Hiring: Paycor helps source and identify qualified candidates through features like candidate texting, branded career pages, and automated job postings. They also leverage AI for smarter sourcing and increased diversity in your applicant pool.
• Improved Engagement: Engage candidates with features like mobile-friendly applications and automated communication.
• Reduced Paperwork: Onboarding becomes efficient with features like electronic forms, bulk onboarding, and a mobile app for new hires to complete tasks on the go.
• Faster Integration: Paycor helps streamline the process of getting new hires set up and acclimated to your company culture.
• Performance Management: Move beyond annual reviews with a system that facilitates continuous feedback, goal tracking, and development conversations between managers and employees.
• Career Pathing: Empower employees by providing clear career roadmaps and opportunities for growth within your organization.

 

4. ADP

Best for: Companies with more complex needs and a larger workforce. Their scalability allows them to adapt to growing organizations.

ADP is a major player in Human Capital Management (HCM), providing cloud-based solutions for businesses of all sizes. They go beyond just payroll, offering a comprehensive suite of tools for talent acquisition, onboarding, performance management, learning & development, and even benefits administration.

ADP prides itself on being a one-stop shop for all your HR needs, with features that streamline processes, ensure compliance, and empower your workforce throughout their entire employee journey.

ADP's talent management software capabilities include:

• Streamlined Recruitment: ADP helps attract top talent with features like job board integrations, mobile-friendly career pages, and candidate relationship management (CRM) tools.
• Improved Efficiency: Simplify the hiring process with applicant tracking, automated workflows, and background check integrations.
• Reduced Paperwork: Onboard new hires efficiently with electronic forms, automated tasks, and a mobile app for a smooth transition.
• Faster Integration: Help new hires feel welcome and equipped for success with a structured onboarding program.
• Goal Alignment: Align individual and team goals with company objectives for better focus and performance.
• Continuous Feedback: Facilitate ongoing conversations between managers and employees with tools for performance reviews, check-ins, and 360-degree feedback.
• Skill Development: Provide employees with opportunities to learn and grow through access to online courses, personalized learning paths, and skills assessments.
• Leadership Development: Equip your managers with the skills they need to lead effectively through leadership development programs and coaching resources.
• Competitive Pay: Ensure fair and competitive compensation with data-driven insights on market pay rates and tools to manage compensation structures.
• Succession Planning: Identify and develop future leaders through talent assessments and clear succession plans.

 

5. Dayforce

Best for: Large companies with complex needs and/or companies who are expecting to grow.

Dayforce simplifies HR for businesses with its all-in-one cloud platform. It unifies critical HR tasks like benefits, talent management, compensation management, and more, streamlining everything from onboarding new hires to managing employee performance.

Dayforce isn't just for HR managers either. Employees can access self-service tools to manage their schedules, information, and benefits. Plus, real-time data and insights empower businesses to make smarter decisions, optimize their workforce, and create a more engaging employee experience.

Dayforce offers a robust talent management suite designed to empower your workforce throughout the entire employee lifecycle.

Dayforce's talent management software capabilities include:

• Recruitment: Attract top talent with features like mobile-friendly career pages, candidate relationship management (CRM) tools, and integrations with popular job boards. Dayforce can also leverage AI to automate tasks and improve the diversity of your applicant pool.
• Onboarding: Streamline the process of getting new hires up to speed with electronic forms, automated workflows, and a mobile app for onboarding tasks. This helps new hires feel welcome and prepared for success from day one.
• Performance Management: Set clear goals, track progress, and facilitate continuous feedback conversations between managers and employees. Dayforce offers tools for performance reviews, check-ins, and 360-degree feedback to ensure well-rounded performance evaluations.
• Learning & Development: Provide employees with opportunities for professional development through access to online courses, personalized learning paths, and skills assessments. Dayforce can help identify skill gaps and recommend relevant training opportunities.
• Engagement & Retention: Keep your employees motivated and satisfied with features like pulse surveys and employee recognition programs. Dayforce helps you understand employee sentiment and take action to create a more positive work environment.

 

6. Lattice

Best for: Lattice is an excellent fit for small to mid-sized companies that prioritize employee engagement and development in their talent management strategy

Lattice is a cloud-based software specifically designed to improve people management within your organization. It focuses on employee engagement by providing a platform for performance management, feedback (including goal setting and check-ins), and employee recognition.

Lattice helps streamline these processes and create a more collaborative environment for both managers and employees. This can lead to a happier, more motivated workforce and improved overall performance.

Lattice's talent management software capabilities include:

• Performance Management: Lattice moves beyond traditional annual reviews. It facilitates a continuous feedback loop with goal setting, regular check-ins, and ongoing performance discussions between managers and employees. This fosters better communication, clearer expectations, and improved performance.
• Employee Engagement: Lattice prioritizes employee well-being and satisfaction. It offers features like pulse surveys and employee recognition programs to gauge employee sentiment and create a work culture of appreciation. This can boost morale, reduce turnover, and create a more positive work environment.
• Development Tools: Lattice integrates with various learning management systems. This allows for easy access to training materials and personalized learning paths, empowering employees to develop their skills and stay competitive.
• Succession Planning (Limited): While not a core function, Lattice's performance management tools can be used to identify high performers and potential future leaders through ongoing performance discussions and feedback.

 

7. Eddy

Best for: Eddy Software is a strong fit for small and mid-sized businesses

Eddy is an all-in-one HR and payroll platform for small businesses who have outgrown spreadsheets. It offers the key features you need without the complexity and overhead of larger systems.

This allows HR professionals to streamline administration by combining multiple tools into one simple tool that makes sense for your business. Hire, onboard, manage, and pay employees—all in a single, simple system.

Eddy's talent management software capabilities include:

• Recruitment: Eddy offers basic applicant tracking features to streamline the hiring process. You can post jobs to job boards, manage applications, and schedule interviews. While it might not have the advanced features of dedicated recruitment software, it can be sufficient for SMBs with a lower recruitment volume.
• Onboarding: Eddy helps with the onboarding process by providing electronic forms, automated workflows, and potentially mobile app access for new hires to complete tasks. This can simplify the process and ensure new employees have a smooth transition.
• Performance Management: Eddy offers basic performance management tools, allowing you to set goals, track progress, and conduct performance reviews. While it might not have features like 360-degree feedback or advanced reporting, it can be a good starting point for smaller companies.
• Learning Management: Eddy's integration with third-party learning management systems (LMS) allows you to provide employees with access to training materials and development opportunities. This can help bridge the skills gap and improve employee capabilities.

 

8. Inspire

Best for: Small and Mid-Sized Businesses with straightforward HR needs.

Inspire HR is a human resources consulting firm that specializes in providing comprehensive HR solutions to businesses of all sizes. They offer a range of services designed to optimize workforce management, enhance employee engagement, and ensure compliance with HR regulations.

Inspire HR's offerings include HR strategy development, talent acquisition and retention strategies, performance management systems, employee training and development programs, compensation and benefits analysis, HR compliance audits, and HR technology implementation.

Their focus is on partnering with organizations to create customized HR solutions that align with their business objectives, foster a positive work culture, and drive overall business success. Inspire HR aims to be a trusted HR partner, helping businesses navigate complex HR challenges and achieve their human capital management goals effectively.

Inspire's talent management software capabilities include:

• Core HR Management: Inspire likely offers basic HR functionalities like payroll processing, employee data management, and leave management. This can help streamline administrative tasks for smaller businesses.
• Performance Management: There might be features for setting goals, tracking progress, and conducting performance reviews. However, the depth and sophistication of these features are unclear.
• Employee Engagement: Reviews suggest Inspire offers some capabilities to improve employee engagement, such as recognition tools and feedback management.

 

9. BambooHR

Best for: Small to medium-sized businesses seeking a cost-effective solution.

BambooHR is a fan favorite amongst many HR professionals. Its easy-to-use interface allows for a quick learning curve and an intuitive user experience. This program is customizable and simple to implement. BambooHR also offers substantial customer support, should you ever need a helping hand.

This HR management solution is ideal for small and growing companies that need an applicant tracking system (ATS), time tracking, payroll processing, employee engagement and employee satisfaction tools, automated reminders, and workforce data analytics to manage all aspects of the employee lifecycle.

Bamboo HR's talent management software capabilities include:

• Employee Onboarding: BambooHR streamlines the onboarding process with electronic forms, automated workflows, and mobile app access for new hires. This ensures a smooth transition and helps new employees feel welcome and prepared from day one.
• Employee Data Management: BambooHR securely stores all employee information in a central location, making it easily accessible for authorized personnel. This simplifies record-keeping and data management for HR tasks.
• Benefits Administration: BambooHR offers basic benefits administration features, allowing you to track enrollments and communicate benefits information to employees. While it might not be as comprehensive as dedicated benefits administration platforms, it can be sufficient for SMBs with a smaller range of benefits offerings.

 

Boost Employee Engagement with Terryberry

Talent management software is a great way to streamline some HR processes, but in order to take the employee experience a step further, consider Terryberry's employee engagement platform.

Terryberry provides solutions to help drive performance and retention through effective employee engagement. These solutions include:

• Wellness Programs: We make it easy to run wellness programs and activity challenges that increase engagement, expand corporate health, and build team camaraderie.
• Pulse Survey Software: Be Heard is an employee engagement survey solution that's designed to enhance your employee experience while fueling business performance.
• Service Awards and Performance Awards: Recognize and reward employees based on years of service awards, anniversaries, or performance.
• Social Recognition: Empower your employees and managers to recognize their peers and celebrate successes with an easy-to-use social recognition application.

If you're thinking about implementing a strategy to recognize employees, schedule a demo with our team to see how Terryberry can transform employee engagement at your company.