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.
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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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