A talent management system

A talent management system (TMS) is an integrated software suite that addresses the “four pillars” of talent management: recruitment; performance management; learning and development; and compensation management.[1] 
 
This is more than an employee tracking or HRMS system, yet it integrates well with your existing HRMS system. Some features of the system include: 
 
Recruit and Hire the Best Talent for Your Job 
Dramatically Improve Performance of Your Team and Organization 
Inspire Employees and Teams to Higher Performance 
Increase Retention Rate 
Reduce Turnover Rate 
Identify, Encourage and Develop Future Leaders 
Cost Effective Assessment-Based System for Accelerated Selection 
Generates Highly Qualified, Screened Candidates - Faster, For Less Cost and with High Retention 
Uses integrated Job Benchmarks and Assessments to Generate top rated screen candidates 
 
Talent management gets a great deal of attention in social business particularly in the human resources department. Fundamentally, it is a question of if talent acquisition and personnel development are changing dramatically in the light of huge jumps in connectivity through social networks as ways to find jobs and learn from others.  
 
not just send them to a seminar every month, but actually really develop that talent and nurture them. Those are the organizations where people really want to work.” 
Great managers see the unique talents of each employee, and then create the role that's a perfect vehicle for those talents.  
 
 there are six key principles in tm: (1) alignment with strategy, (2) internal consistency, (3) cultural embeddedness, (4) management involvement, (5) a balance of global and local needs and (6) employer branding through differentiation. 
 
The differentiated approach.  
Companies favoring this approach focused most of the rewards, incentives and attention on their top talent (“A players”); gave less recog nition, financial rewards and development attention to the bulk of the other employ ees (“B players”); and worked aggressively to weed out employees who didn’t meet performance expectations and were deemed to have little potential (“C players”).4 This approach has been popularized by General Electric’s “vitality curve,” which differentiates between the top 20%, the middle 70% and the bottom 10%.  
 
The inclusive approach. 
 Shell Under an inclusive approach, talent management tactics used for different groups are based on an assessment of how best to leverage the value that each group of employees can bring to the company. 
 
First Merit Bank. Some may find it hard to believe that the most strategic and innovative approach to recruiting isn’t found inside one of America’s most recognized companies, but rather from this bank headquartered in Ohio. Their approach and structure are so innovative that they literally take your breath away. In addition to a great referral program, they are the best in understanding how recruiting can adopt successful approaches such as data mining, customer relationship management, competitive intelligence, niche market targeting, and assessment metrics from other business functions. Forget Cisco, this is the benchmark firm that recruiters should be talking about. 
 
General Electric. Long recognized as “the” benchmark firm when it comes to building a performance culture, GE wins hands down as having the best overall talent management strategy. They prioritize jobs and focus on “game changers.” Their employer-of-choice brand is second to none and they are among the leaders (along with Home Depot) in recruiting from the military. 
Microsoft. Giving GE a run for their money as best in talent management is Microsoft. They excel at workforce planning, redeployment, utilizing analytics, and leveraging the internet. They are also truly world class when it comes to the effective use of contingent workers (you should check out their strategy for leveraging retiring baby-boomers; it is second to none). Microsoft was also ranked #57 on Fortune Magazine’s 2005 100 Best Companies to Work for in America. 
Wachovia Corporation. This hands-down leader in diversity recruiting is also well versed in utilizing metrics and running a fee-for-service recruiting model capable of actually generating revenue by selling excess recruiting capacity to other organizations. Their recruiting strategy is world-class in a relatively conservative industry. 
Starbucks. Given the “less than glamorous” nature of the retail industry, the approach taken by this coffee giant to employment branding and becoming an employer of choice is phenomenal. They also excel at high-volume hiring. Starbucks was ranked #11 on Fortune Magazine’s 2005 100 Best Companies to Work for in America. 
Marriott International. This hotel giant was one of the earliest adopters of employment branding, and one of the few companies to maintain a dedicated focus on the art. While they still excel in employment branding, their diversity recruiting and work with the disadvantaged are world class by any standard. Marriott was ranked #63 on Fortune Magazine’s 2005 100 Best Companies to Work for in America. 
Southwest Airlines. The clear winner for innovation in recruiting, this company not only excels in selection but also scores huge in branding with the launch of its own TV show (Airline). Every employee periodically receives productivity and financial reports so they can act more like owners. 
Booz Allen Hamilton. The things that set this professional services firm apart from the competition comprise a laundry list of “must have” programs for professional-level talent. Their “comeback kids” program (for corporate alumni), career mobility team (for redeployment), and referral program are all extraordinarily innovative. In addition to these programs, they also excel at employment branding. BAH was ranked #75 on Fortune Magazine’s 2005 100 Best Companies to Work for in America. 
Valero Energy. Managing in a place “run by CPAs” requires extraordinary metrics, and Valero comes through with the best metrics in recruiting, bar none. Their use of regression analysis for workforce forecasting is truly best in class. In addition, they have development metrics that demonstrate the relationship between recruiting effectiveness and stock price per share, and they have created a sourcing channel report that demonstrates the ROI in the effectiveness of their best sourcing channels. Valero was ranked #23 on Fortune Magazine’s 2005 100 Best Companies to Work for in America. 
T-Mobile. Excellent work in nearly every aspect of recruiting, T-Mobile is a stand out in both the usage of metrics and online candidate assessment. In 2004, T-Mobile set out to demonstrate the business impact of recruiting and succeeded beyond expectations. With a largely tech-savvy target audience, they also excel at innovation in Internet recruiting.