Talent management covers the whole journey of the employee, right from enrolling, onboarding to training and upskilling. Performance management alludes to estimating the performance of the professionals based on feedback, metrics and engaging them to further develop efficiency and achieve hierarchical objectives, says YUGANDHAR PENUBOLU
Talent management and performance management are two interconnected but different terms. While the former is a broader task, the latter is just one of the many aspects that come under talent management. Performance assessment is a part of the performance management process that estimates how well the professionals are performing as needed for the job role. It considers the recognizable assignments, behaviors, and attitudes that together comprise “the correct way of doing the work”. Talent management covers the whole journey of the employee, right from enrolling, onboarding to training and upskilling. Performance management alludes to estimating the performance of the professionals based on feedback, metrics and engaging them to further develop efficiency and achieve hierarchical objectives.
The intent of talent management is to guarantee that the organization has the right stock of applicants to understand its essential objectives in the present as well as the future. Talent management depends on four pillars in accordance with business necessities: Sourcing, training, retention, and promotion. Empowering a business to decrease attrition and retain top talent by upskilling them with the latest industry skills takes an effective and efficient talent management process. Using the right technologies available in the market today, HR supervisors can check the adequacy of the ability of talent management strategies. The fundamental provisions of a powerful talent management process or system is to facilitate recruitment, onboarding, retention, succession, learning as well as growth, and most importantly performance management.
Performance management is the process that facilitates setting of expectations so as to provide the employees with objectives in accordance with the organization’s vision or necessities. This process thereby enables organizations to include their staff in improving organizational effectiveness and accomplishing the firm’s main goal and objectives. The employees also get adequate opportunities to explore the different methods that can be adopted to achieve the set objectives. They engage with superiors, peers and juniors in the journey of goal achievement to seek support and manage challenges. Assessment of employees should include evaluation of performance, potential, fitment and development needs.
ROLE OF TALENT MANAGEMENT
Performance enhancement: With top experts in the company, the workforce can arrive at any objective. Talent management is best of all when it amalgamates three key components: rapid allocation of prospective candidates, positive experience of the staff, and a strategic HR department.
Competitive edge: By recruiting and effectively managing talented workers, the firm becomes sustainable and more than ever ready to confront changes and dangers. When it comes to talent management, the right strategy will help in forming a productive team. This is undeniably more helpful than simply having a lot of imaginative and skilled individuals in the company.
Strong employer branding: When the professionals feel valued and and recognize that they will have many opportunities to develop, they are more averse to looking for work somewhere else. The right talent review helps the leadership of the organization with insights pertaining to employee development and facilitate decision making. A robust talent strategy shall enable higher employee engagement and ensure the right people are doing the right jobs.
Inspire others to grow: Having inspiring talent on the team will influence other working professionals and higher satisfaction and productivity.
ROLE OF PERFORMANCE MANAGEMENT
Setting expectations: Supervisors channel the endeavors of individual staff members and groups toward accomplishing the target of an organization by laying out performance objectives and expectations.
Monitoring staff performance: Keeping track and mentoring the workers at regular intervals allows leaders to recognize employee performance at any time.
Developing the ability to perform: Performance management gives business professionals an opportunity to recognize necessities with regard to growth and development. Directors can further develop work processes, teams and new abilities, or provide training. Individuals could benefit significantly if work plans are put in place by them in order to achieve the goals. A work plan is the process of laying down the method that is most suitable for achieving the goal. In some cases, multiple work plans need to be drawn in order to achieve a goal.
Performance rating: This incorporates rating a team member or the whole team inside the organization against components and norms set out as goals and relegating a rating for the record. This should lead into a performance discussion between the manager and individual members. It is also one of the fundamental roles of HR and business leaders to perceive individual workers as well as teams for phenomenal execution and recognize their commitment to the mission of the company.
Every one of the eponymous factors once accomplished helps in driving a vital part of fruitful organizations: Solid employee engagement. Thus, this continues to drive good performance. It’s basically a cycle that all organizations and associations need to comprehend for the sole purpose of achieving growth and development. Thoroughly understanding this concept and utilizing it accurately will assist with guaranteeing that every other business need is being met. Performance management will consistently be a piece of the overall talent assessment and development strategy.
The writer is Founder and CEO, Winzard