Professional services firms have historically overlooked the importance of a formalized and systematic talent management process. However, more and more firms are now finding value in having a methodical human capital management (HCM) practice in place. In fact, 74% of AE firms reported that they are tracking revenue per fulltime equivalent and other financial metrics that are related to HCM according to the 41st Deltek AE Clarity Report.
Even more interesting, technology companies have become aware of this desire for HCM, and a countless number of HCM software packages have flooded the market. Nonetheless, most of these HCM software offerings are generic to serve any industry. But Deltek, the leading software solution provider for professional services firms, noticed that this specific market vertical has unique needs and released Deltek Talent, an HCM designed for professional services. Here are some ways Deltek Talent adds value for human resources (HR) professionals.
Recruit and Hire Top Industry Talent
Finding and attracting top talent in the professional services industry is becoming extremely competitive. Essentially, firms are realizing that the quality and experience of their people has a significant impact on the quality of projects they deliver. Therefore, quickly enticing the “right” people is becoming priority.
Deltek Talent offers benefits such as:
- Faster talent acquisition
- Enhancing visibility and insight into the applicant pipeline
- Improving communication with applicants, candidates and hiring managers
- Putting new hires to work faster with an automated onboarding process
Firms likely receive numerous submissions from potential candidates for new job openings, and unfortunately, not every applicant meets the minimum job requirements. However, those applicants can still be good fits for different positions that may open in the future. With Deltek Talent, HR managers can create “talent pools” which organize applicants based on their qualifications and provide a group to target for new positions that are within their skill sets.
Provide Development and Advancement Opportunities
To retain top talent, firms must show that they are invested in their people. This could involve coaching and learning opportunities, certifications, or laying out a clear path for career development. Deltek Talent provides the perfect platform for firms to demonstrate that they are invested in the advancement and professional development of their employees.
The Learning Management System (LMS) within Talent allows HR professionals to:
- Reduce compliance risks with expiring certifications
- Create individual learning plans to ensure employees achieve their goals
- Improve employee engagement
Even more, the Deltek Talent LMS is designed to support the continuous educational needs of professional services firms. Some key features of Talent LMS include:
- Easy tracking of required industry specific training and certifications
- Maintaining organizational compliance and managing certification programs
- Using automatic reminders and notifications about expiring certifications
- Creating and tracking individual learning plans with industry specific courses from RedVector
- Storing internal training documents creating a one-stop shop for all learning materials
Long gone are the days of annual reviews. Today, HR professionals view annual reviews as an antiquated method for performance management. The trend now is for ongoing improvement by providing instant feedback about performance. With a continuous improvement model, firm leaders and managers can recognize positive or handle less than acceptable performance on an ongoing and regular basis. This ensures employees are always aware of areas they excel at or need to improve upon.
The performance monitoring tool within Deltek Talent significantly benefits HR professionals by:
- Reducing performance management cycle times
- Recognizing and rewarding top performers
- Greatly improving employee engagement and motivation
Seamless Integration with Deltek Vantagepoint
A huge benefit of Deltek Talent for Vantagepoint users is that it fully integrates with the following Vantagepoint modules:
- Resource Planning
From the moment a new applicant’s information is captured, it is stored within the Talent platform. Once a candidate becomes an employee, Vantagepoint creates a new employee record from that information. The integration collects data such as first, middle, and last name, email, home address, phone numbers, and social security number, eliminating duplicate entry of information across firm departments which saves time and reduces errors.
Manage the Entire Employee Lifecycle with Deltek Talent
HR professionals will finally get the tools they require to make them more productive and efficient in their roles. With Deltek Talent, professional services firms can enjoy the benefits of an HCM solution designed to meet their unique industry needs. Is it time for your firm to formalize an effective talent management strategy? Find out more about how Deltek Talent can help create an automated, employee focused HCM plan.