Page 36 - Banking Finance February 2022

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remain committed and loyal. They should invest in nurturing 4. Retain Top Talent
talent and supporting employees to sustain strong Once you have the best employees, you need to keep
organizational performance and uplift future business growth them. With all of the employee information hosted on
of the Indian Banks. one platform and neatly organized into an online
profile, you can track performance reviews, goals, skills
Talent management is a big part of an HR planning process. and career aspirations to make sure your employees are
This involves mapping out the employee needs for the happy and on the right track. Having a TMS in place to
organization based on strategic objectives. HR directors capture all of that data makes it easy to analyze and
often sit on executive management teams to align recruiting report on which employees need developing, monitoring
and retention strategies with company goals and strategies. or even promoting.
In the race for top talent, companies that use HR planning
know what they need from employees and what workers 5. Employee Development
expect in exchange for their abilities and performance, A good integrated TMS should include options for
giving those businesses a talent management advantage. employee learning and development. It enables
employees to take courses, develop skills and in some
The Indian banking system should consider the following cases pursue certifications relevant to their professional
advantages of the Talent Management system and development. TMS solutions also collect data on what
incorporate them in their smooth running of the business skills an employee has and allows the HR team to assign
procedures which would result in attaining the maximum training which the employee can then access from their
output of the organization and serving for the customer personal profile.
satisfaction in a better way which is the ultimate goal of
the Indian banking. As TMS have the following advantages: 6. Improved Employee Experience
As we know, employee turnover is something to be
1. Connecting and Sharing Data avoided at all costs. A TMS that integrates with payroll
The right TMS can integrate and align core HR improves the employee experience by allowing access
processes. While much of the data collected through a to pay slips, holiday requests and management of sick
HRMS is stored and can be difficult to reach and analyze, leave. Organizational charts can also be included, letting
an integrated TMS shares data across the entire system employees know the reporting and management
allowing for easy access. This gives a clearer structure of the company.
understanding of what that data means for your
business and enables you to make informed, strategic 7. Increase Employee and Manager
business decisions. Engagement
The engagement in your bank can be increased by
2. Strategic Hiring Process implementing a TMS. The employee profile empowers
Having a TMS can help you recruit those really talented employees and managers to interact with the
candidates that everyone is after. By integrating tasks employee's professional career progression. An
such as posting job descriptions, tracking applicants and integrated TMS solution encourages them to invest in the
making it easy to manage offers, a TMS streamlines your organization and align their daily work with the business
hiring process, allowing you time to focus on the goals while also focusing on their personal goals.
candidates.
8. Right Person in the right Job
3. Improved on boarding Experience Through a proper TMS banks can analyze employee's
An organized and efficient approach to on boarding is skills and strengths. The skill or competency mapping
achievable with a TMS. You can create employee profiles allows you to take stock of skill inventories lying with
which hold all of the information and data collected the organization. This is especially important both from
during the recruitment and hiring processes. the perspective of the organization as well as the
Automating the new hire paperwork can save both you employee because the right person is deployed in the
and the new hire time which you can then use to focus right position and employee productivity are increased.
on the new recruit. Also since there is a better alignment between an

36 | 2022 | FEBRUARY | BANKING FINANCE