Talent acquisition (TA) applications have traditionally focused on an applicant tracking system (ATS) to track, post and automate the requisition-to-hire process. However, as the TA function in organizations has expanded to compete for talent, TA applications have evolved to cover a broader set of activities such as recruitment marketing, candidate relationship management (CRM) and onboarding. As a result, TA applications are on the market today in a variety of packaged suites that offer combinations of functions beyond applicant tracking. These combined platforms are called talent acquisition (TA), talent management (TM) and human capital management (HCM) suites.
A talent management (TM) suite is an integrated set of modules that supports an organization’s need to plan, attract, develop, reward, engage and retain talent. The modules offer functionality that includes the areas of workforce planning, recruiting and onboarding, performance appraisal, goal management, learning management, competency management, career development, succession and compensation. The functional modules align with the key human capital management (HCM) processes of: • Plan to source • Acquire to onboard • Perform to reward • Assess to develop A boost to demand in the TM suite market has resulted from the delivery of functionality to improve workforce engagement and collaboration. Further, growing demand for greater analytical capabilities and predictive insights to improve decision making in relation to workforce actions has improved the market’s general health.