Talent management software becoming new standard in coping with workforce shortage

    TORONTO, March 4 /CNW/ - The global talent management industry will grow
to an unprecedented $3 billion (CDN) by the end of this year according to a
recent Bersin & Associates report.
    As baby boomers retire, Canadian organizations are struggling to develop
succession plans and manage their talent. As a result the talent management
software market has been one of the fastest growing segments in HR services.
    The Beacon Group is engaging HR departments to manage their talent by
launching its MyPerformance Talent Management software. The Beacon Group
specializes in designing and implementing Talent Management Software at large
    "A lot of companies still do their performance appraisals on paper or on
word documents," said Michael Sitayeb, Director of Product Development and
Marketing at the Beacon Group. "There is no way to systematically gather all
this information and pull it together to manage an organization's talent
beyond individual decisions".
    "That means companies can't do anything with the data. You can't
establish metrics, you can't analyze factors like turnover, retiring,
promotion and hiring related to performance."
    Career and development planning are critical elements of a successful
Human Resource strategy for growing a company's workforce. This process
involves setting individual professional development goals that link
enterprise level objectives with departmental and individual goals on an
annual or bi-annual basis. MyPerformance helps in this process by allowing
companies to prioritize performance-based decisions, such as promotions,
compensation and retention strategies.
    "Employees can log into their profile at any time to review their goals
and objectives throughout the year," said Michael Sitayeb.
    "Performance appraisals should not be a once-in-a-year event that you
tuck away in your drawer."

    The Beacon Group is an authority and global pioneer in the field of
organizational development. Hundreds of companies across various industries
have used the firm's assessment products and advising services to leverage
their investment in Human Capital. With a strong focus on innovation, The
Beacon Group delivers cutting edge perspectives to corporations facing a range
of organizational challenges. Clients including Mercedes-Benz, McDonald's,
Scotiabank, Air Miles, CTV Globemedia and Manulife Financial have used The
Beacon Group's services to grow their thriving businesses. For more
information visit www.thebeacongroup.ca

For further information:

For further information: and media inquiries on MyPerformance, contact
Michael Sitayeb at 1-866-240-3948 or msitayeb@thebeacongroup.ca

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