Performance Management Process
Performance management infers to the guidelines and systems by which the workers of an organization are assessed to determine their performance over a specific period. It is therefore essential that companies should participate in a well-structured performance management process to ensure retention of already developed an outstanding talent. It will also be crucial for predicting a candidate’s performance, management of talent both in the present and future, aligning the work objectives to that of the business and enhancing the overall performance of the company. Acquisition and retaining talent is a crucial factor, and it would be essential to ensure that talent is well- managed (Noe, Hollenbeck, Gerhart & Wright, 2017). I would employ a five- metric performance management process to measure talent to ensure that the organization can attract and retain a high-quality talent pool.
Firstly, I will highly consider the High – potential talent (HiPo), within the organization. I will sort out the best employees who have the ability, aspiration, and potential to be great leaders within the business. Typically, the employees in the HiPo category are easily recognizable as they are outstanding and easily earn respect and trust of other people and are highly flexible in most cases (Derr, Jones & Toomey, 1988). Even though it may be a gradual measure, it can be easy to distinguish the high performing employees from the rest. Secondly, I will measure the candidate’s reactions and see whether it is positive or negative. This reaction assessment can be evaluated right from the hiring stage to the working stage. Getting the employees opinions and thoughts over the company and some related issues would be useful in helping to gauge the reaction of the employees.
Thirdly, I would measure employee engagement and retention to determine whether they have been formal. This would be suitable in deciding whether they are talented in being connected with the company and if they are highly productive. Fourthly, I will measure the external hiring versus internal strategy to aid in determining the best place to get talented employees. The differences between internal promotions and recruitment can be put into consideration. Lastly, the high performer-turnover rate would be essential in determining the rate at which the organization has consistently been losing highly talented workers. Through this, the company can determine the length of time in which the highly talented workers stay within the company, factors that compel them to leave and determining the factors that would be incorporated to assist the company in comprehending the requirements of top talent and making adjustments to be at per with those requirements.
Additionally, the 360-degree feedback strategy would serve as an efficient talent management strategy. This strategy allows the assessors to get response s from the peers, employees, and supervisors and enables the evaluators to have a complete profile of a worker and their behavior (Das & Panda, 2017). It allows the evaluator to have a comprehensive overview of the relent within the organization and the results of the work of all the personnel.
Primary Ideas Linked to the Talent Pools and Talent Review Process
Various duties and responsibilities are linked with the HR (Human resource) team. They are required to be more concerned about the welfare of the employees of a company as well as being able to ensure high performance and being able to give solutions to the multiple human capital problems. One of the most common probable challenges that face most firms is the acquisition and retention of top talent. Therefore, building a talent pool may be an uphill task as it needs a lot of strategic and well- planned measures hence may be challenging in some manner (Sparrow, Hird & Cooper, 2015).
In most cases, it is always easy to attract high-quality talent, but retaining talent always becomes problematic. Depletion of talented workers makes it highly challenging for companies to reach their objectives and goals both in the short and long run
A talent pool infers to a team of employees within a firm that is analyzed and determined for running a specific type of work at their best. They are individuals who mostly possess outstanding skills and abilities and hence are deemed and declared as the best for some particular positions within the organization. There are multiple ways that companies hire and position the employees that are supposed to join the talent pool of the company. One of the methods is the critical assessment and selection of people that are to be added to the specified talent pool within the company (Sparrow, Hird & Cooper, 2015). The other method is the use of an impartial evaluation; for instance, the use of a multilateral assessment that can be used in determine the individuals that have the highest capability of executing the responsibilities as assigned.
Given the significant advantages of creating a talent pool, it is equally essential to conduct a talent review as a way of performance management. One of the fundamental aims of executing he review measure is to get a broad view of a company’s leadership to put the firm in a potion that would make it able to achieve both its present and future objectives (Sparrow, Hird & Cooper, 2015). Moreover, it would be essential to carry out the talent review process as it helps in determining the general condition of the firm’s pool of talent. It could also be used in providing an outline of talent over a specific period on a personal basis to determine and seal any gaps that are identifiable in the leadership of the company.
Suitable Talent Management Objectives to Measure Functional Expertise
Sustainable talent management is crucial in getting the right employees to be assigned to multiple responsibilities. Therefore, it is a mandate for managers in the business to create analytical methods that would be used to provide the sustainable talent. Starting from the final results aspired for and working back would be the most efficient way of developing the objectives to assess the functional expertise. It is always crucial that the talent management strategy should be at per with the purposes of the business and its strategic; therefore, the procedure and the objectives of the company are the ones that will determine the quantity and quality of talent that would be most suitable for high performance of the company. Most studies indicate that the most fruitful companies mostly work under the concept that there is a link between organization strategy and succession management strategies (Chang, 2016). Most of these companies operate under the notion that their success mostly relies on possessing appropriate talent in the right position and within the rightful period.
Recruiting the top talent should be among the prime objectives to measure functional expertise as the talent management process commences with attracting prospective workers. Some of the aspects that would be considered include the benefits of the employees, the company’s culture, and the method used in the selection process. Another objective is to improve the sharing and conjoining of information within the firm. Aspects that would be considered in the emanation and circulation include the business culture and leadership styles. It would be essential for these aspects to consider expertise, flexibility, and knowledge to ensure the efficient performance of the organization.
Primary Components of Global Talent Management in My organization
My organization realizes the concept that acquisition and retention of talent is a crucial but challenging process. He competitive global market makes the demand for talent surpass the supply as each company would like to have the best talent pool. The need for top talent is on the rise as a rise of the needs of adapting to some of the new and upcoming consumer specifications as well as increasing the capabilities of investing in new equipment to gain competitive advantage (Cumberland, Herd, Alagaraja & Kerrick, 2016). The transition in demographics is an essential aspect of global talent management; it gives an overview of the best available workforce. Most of the developing countries have youth as the significant workforce hence making companies adjust to the shifting working population by addressing their requirements; for instance, motivation and work-life balance.
Technology and information sharing are another crucial aspect that should be highly considered in global talent management. Technology has significant implications on today’s business since most of the process require technology to ensure efficient and effective operation (Cumberland, Herd, Alagaraja& Kerrick,2016). It is thus essential for organizations to work towards ensuring that they integrate technology in the hiring, developing of talent, storing of information, and conducting the performance management process.
Diversity is another vital component in the global management strategy. My organization strives to ensure it embraces diversity as a result of the arising differences from the multiple genders, ethnicities, races, cultures, and sexual orientation among individuals. It has the quest of removing all the barriers that bar diversity by ensuring equality when carrying out strategical processes like remuneration, recruitments, promotions as well as transfers.
Procedure That Maximizes A Sustainable Talent Management Strategy
The process that maximizes a sustainable management strategy has to radiate from top management and involve the HR team that would work towards making it successful. In as much as there are many methods of managing talent, there are some of the topmost that would ensure effective and sustainable talent (Taylor, Doherty & McGraw, 2015). The management should be accountable in the succession process, and they should maintain integrity and transparency. Necessarily, the chosen method should include all the primary potions in its succession management strategy. To ensure effective succession, the leaders have to integrate a profound talent review procedure. As part of the talent review procedure, the process integrity would be an effective way of determining the consistency of the review process and the reliability and eminence of the given talent information. The talent review attendance would also be required in getting the number of employees that are most flexible and have the right qualities. Lastly, the Business Strategy Alignment considerations must be referred to; to ensure that the available talent is adequate for the entire organization (Taylor, Doherty & McGraw, 2015). The approaches should also be practical to ensure that the future HR team would be able to integrate it into their strategies and ensure effective decision making.
References
Chang, J. F. (2016). Business process management systems: strategy and implementation. Auerbach Publications.
Cumberland, D. M., Herd, A., Alagaraja, M., & Kerrick, S. A. (2016). Assessment and development of global leadership competencies in the workplace: A review of the literature. Advances in Developing Human Resources, 18(3), 301-317.
Das, U. K., & Panda, J. (2017). The Impact of 360 Degree Feedback on Employee Role in Leadership Development. Asian Journal of Management, 8(4), 962-966.
Derr, C. B., Jones, C., & Toomey, E. L. (1988). Managing high‐potential employees: Current practices in thirty‐three US corporations. Human Resource Management, 27(3), 273-290.
Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Human resource management: Gaining a competitive advantage. New York, NY: McGraw-Hill Education
Sparrow, P., Hird, M., & Cooper, C. L. (2015). Strategic talent management. In Do We Need HR? (pp. 177-212). Palgrave Macmillan, London.
Taylor, T., Doherty, A., & McGraw, P. (2015). A strategic human resource management perspective. Routledge.