Performance management human resources

1. Performance management human resources
Before we can discuss how important talent management is to a company we first need to
define talent management. There are many definitions out there, but it can be explained
briefly as developing, nurturing and retaining people with the abilities and aptitude to
meet business goals.
Managing talent is not something that a company falls into - it's a deliberate undertaking
that can be advantageous to the company and each of the individuals within the
organization. To begin the process, Human Resources must strategically analyze the
current process and integrate the following:
• Recruitment - presenting the company so that the right people will be attracted
and desire employment.
• Retention - initial a reward and support program for existing employees.
• Employee Development - constant learning and development.
• Leadership Development - development programs for employees with high
potential.
• Performance Management System - feedback and measurements that nurture and
support employee performance.
• Workforce Planning - keeping up with changing workforce; include older
workforce and plan for future skills shortages.
• Business Culture - presenting a positive way of performing.
Companies can benefit from developing and retaining the workforce they have and
individuals can benefit from a company that encourages and develops them to meet their
aspirations. A Performance Management System is vital to achieving the goals of both
the company and the individuals. The specific needs are different for each company but
the common elements include -
• Employee Development - focus on personal development and plans for formal
and informal training.
• Salary Review - compensation can be linked to performance and review should be
in the process.
• Personal Performance - related to tasks, responsibilities that can all be linked to
compensation review.
• Business Performance - Individuals/Teams - track business goals as related to
groups and teams within an organization.
Organizations can save hundreds of thousands of dollars by not only retaining the talent
that are already working for the company, but increasing performance of the same
individuals by working with them and initiating a performance management system. If
the employee feels valued and on a career path where they will personally benefit -

2. production tends to increase and the employee is far less likely to seek employment
elsewhere.
Initiating a talent management plan can also be used to attract the types of employees that
you want to join your organization. This process will enable you to learn what types of
people work best in the organization; where improvements can be made and how to make
adjustments as business and culture change. Performance Management System and
Talent Management plan can work hand in hand to improve the overall environment of
the organization.
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