Talent Management is the process of Identifying, assessing and developing a pool of talent that meets the requirements. It is not just retaining the talent but also about building and enhancing potential which automatically supports the organizations in meeting the goals and objectives. Within academic medicine, talent management activities are those that engage the workforce as a key driver of organizational performance, including quality of healthcare, and promote a strategic and systemic approach to building and sustaining the workforce as a critically important organizational resource.
With the advent of information technology, various IT solution providers have identified the need for solutions which would enable easy and efficient management of the talent pool. Among all medical human capital management (HCM) submarkets, like payroll or time and attendance, talent management is inspected by as an underpenetrated market.
Talent management is a vital element for any organization that expects to survive and thrive. In the field of medical and healthcare, managing talent is even more crucial to the success and sustainability which incorporates mobile functionality, social technology and analytics. Over the last decade, there has been a drastic change in the healthcare industry which has had a positive impact on the overall growth of the medical talent management IT market. In order to raise awareness of the transformative potential of effective talent management to help academic medicine achieve the larger aims of transforming health care delivery. Introduction of talent management based IT solutions to guide effective human capital planning, recruitment, leadership development and retention remains largely under-developed in academic medicine, despite robust evidence indicating positive results for individuals and their organizations. Health care organizations that have implemented and sustained well designed talent management systems and leadership development programs have documented substantial improvements to operating margins, improved faculty promotion rates, greater workforce engagement and performance and reduced patient mortality rates.
Despite the fact that the healthcare industry is subject to continual change due to the evolution of care delivery and payment models, and the rising demand for health services increasing interest in the adoption of technology solutions to ease the burden of manual work by automating processes. The medical and healthcare industry is undergoing a facelift with many new technologies disrupting the workforce management in organizations, of which cloud and data analytics are the most prominent ones. Growth in this market depends on a variety of factors, including the shift from single talent management applications toward integrated talent management suites.
The medical healthcare industry today is facing changes that bring a lot of challenges. Healthcare providers and physicians are harnessing new technology to improve medical procedures and to deliver better pharmaceuticals, which requires people with fresh skill sets and the mind-set, and flexibility to adapt quickly to the evolving landscape are required to successfully utilize the new technology. This is expected to be major key restrain for the market.
The medical talent management software is segmented on the basis of types and breadth of solutions offered by each of them. The first type is the administration software which is implemented to perform tasks like payroll management, time and attendance management and benefits management. The second variation in talent management software is used for assisting in recruitments, training, performance management, business intelligence and succession management. Talent management software can also be segmented on the basis of employee sizes and revenues of the company into small, medium sized and large hospitals. Moreover, on the basis of geography the global market is classified into North America, Europe, Middle East and Africa, Asia Pacific and South America.
Some of the major players offering medical talent management IT market are Taleo Corporation, SuccessFactors, Halogen Software Inc, Kenexa Corporation, PeopleAdmin, SumTotal Systems Inc and Health Tech Talent Management, LLC.
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