We take a look at how elite organizations prioritize talent management — and how startups are enabling other organizations to do the same.
For most companies, talent management involves slow, intermittent processes that rely on outdated technology. But now new HR tech startups are emerging to help organizations change this.
Companies traditionally complete annual, semi-annual, or quarterly reviews to provide performance evaluations and collect feedback from employees. This is often done offline, and once results are filed away the data becomes obsolete.
This outdated system is insufficient for millennial employees, who especially value continuous career development and regular feedback.
A study by HR company Ultimate Software reported that 42% of Millennials want feedback every week — more than twice the percentage of every other generation. And nearly 90% of millennial respondents to a Gallup poll said “professional or career growth and development opportunities” are important parts of a job — a much higher percentage than non-millennials.
With so much demand for employee engagement, the talent management space is ripe for technological advancement, and startups are quickly emerging with new solutions, looking to simplify and modernize how organizations manage and develop employees.
See the interactive market map and full HR Tech collection here.