Talent Management Software vs Succession Management Software
Managing talent and ensuring business continuity is key to any organization's success. In this modern age, many companies are looking towards utilizing software to automate and manage HR processes. Two popular software under the HRM umbrella are Talent Management Software (TMS) and Succession Management Software (SMS). Though they might seem similar, there is a significant difference between these two software types. Let's take a closer look at TMS and SMS and discover those differences.
Talent Management Software
Talent Management Software (TMS) is designed to aid companies in managing their workforce from hiring to retirement. TMS provides a wide range of applications, from tracking resumes and job applications to training and performance management. These applications are used to identify, attract, develop, and retain employees. Here are some of the features of TMS:
Features of Talent Management Software
- HR administration and payroll management
- Recruiting and applicant tracking
- Performance Management
- Training and development
- Succession planning
Succession Management Software
Succession Management Software (SMS) is designed to help companies ensure business continuity by identifying and developing key employees for leadership roles. SMS automates the process of finding the right individuals and allowing them to gain the necessary skills to take on leadership roles. Here are some of the features of SMS:
Features of Succession Management Software
- Create a succession plan
- Identify and track talent
- Analyze employee performance
- Create career development plans
- Manage employee retention
The Difference
Though they might seem similar regarding features, the main difference between TMS and SMS is their focus. While TMS is designed to manage employees throughout their lifecycle, SMS focuses on identifying and developing individuals for key positions.
TMS can be utilized in larger organizations where talent development and retention are priorities. Similarly, SMS is best suited for companies that value succession and business continuity, especially when developing and identifying individuals for leadership roles is at the forefront.
Conclusion
To sum it up, the choice between TMS and SMS is dependent on the company's objectives and requirements. Companies who want a comprehensive solution for managing their workforce should opt for TMS. On the other hand, SMS is the right choice for companies that value identifying and developing key employees for future leadership positions.
That's all for now. We hope this post was helpful in clarifying the differences between TMS and SMS. If you have any questions or suggestions, drop us a line in the comment section below.
References
- Wang Yan, Wu Jin, Wan Jiafu, Liu Yunhua. “Application of Talent Management System in the Company's Human Resource Management”. Journal of Physics: Conference Series, 2019, p. 012125.
- Morrell, D. L. (2019). "Exploring succession management-a case study of how one organization tackled the challenge".聽Journal of Business & Leadership: Research, Practice, and Teaching,聽5(1), 156-167.