The talent management software market is expected to evolve further in the times to come. According to the recently released market research report on the global talent management software market by Technavio provides an analysis on the most important trends expected to impact the market outlook from 2016-2020.
Amrita Choudhury, a lead analyst from Technavio, specialising in research on enterprise application sector says, “Talent management software has become an integral part of the HR software applications. It aids in the efficient functioning of the HR team in workforce planning, talent acquisition, performance and succession management, and learning and development of the employees.”
Here are top four emerging market trends expected to drive the global talent management software market:
The increasing use of mobile devices such as Smartphones and tablets in the HR processes and talent management is encouraging vendors to launch HR-specific mobile apps or mobile-friendly websites.
Recruiters are using mobile devices to post job notifications, and mobile devices allow candidates to connect with recruiters anytime and anywhere. For example, Monster.com launched Monster Jobs mobile app, available for both Android and iOS. Some of the apps in HR processes include engagement and feedback, learning, employee feedback and performance check-ins, and video interviewing.
The widespread use of social media in the talent management industry is increasing the business opportunities for vendors. The sharing of jobs via social media networks such as LinkedIn and Facebook is also contributing to the growth of the market.
The advent of social media in talent management has made hiring managers and recruiters proactive in their approach by engaging with talent across a wide range of social networking platforms. The recruitment process, which is part of talent management software, leverages social networking capabilities. The popularity of social networks allows recruiters to extract information from multiple sources and create a clear picture of the potential candidates.
See: Talent Management: Myths and Insights
“Some of the major factors driving the social media-based recruitment process include easy referrals, higher chances of identifying suitable candidates, optimum candidate engagement, and mutually-beneficial two-way communication,” says Amrita.
Most of the major players in the market are integrating analytics into talent management software for better results. The recruiting analytics track and monitor recruitment marketing data in real-time. They track the sourcing data from where the most qualified candidates are coming, the amount of time spent on a career site, and check the source used for applying for the job vacancy. All these capabilities help the organisation make informed decisions regarding talent management and other HR processes.
Video is one of the most powerful tools used in talent management. The video tool improves the HR processes and creates a positive candidate experience. Video-based interviewing redefines the traditional interview processes and creates new opportunities for organisational growth and productivity. This tool increases the organisation’s reach to the talent pool, enabling increased visibility into the recruitment process.
Also read: High Turnover and Unclear Workforce Planning are Obstacles for Talent Management