Talent management and performance management serve two very different purposes. The former is about recruiting, retaining and rewarding employees, while the latter is a more niche examination of employee performance using metrics and feedback. For more content like this, check out Acorn Labs: http://acornlabs.education/

1. Talent Management vs
Performance Management
Which One Helps Your Organisation Stay Agile?

2. Talent vs Performance Management
While they have similar names, talent management and performance
management serve two very different purposes.
The former is about recruiting, retaining and rewarding employees,
while the latter is a more niche examination of employee performance
using metrics and feedback.

3. Talent
Management

4. What are its main factors?
Talent management includes anything that encourages strong
performance and empowers employees to fortify their career
pathways. Think recruitment, learning and development, performance
management, and retention.

5. Why is it important?
Recruitment is only a 1/4 of the job. Retaining and developing talent
that is unique to an organisation and its needs is the name of the game.
Talent management ensures businesses have the right resources when
needed, a real-time succession plan, improved employee engagement
and less turnover thanks to strategic hiring.

6. Steps to implement a strategy
1) Identify key organisational goals and priorities
2) Spotlight any organisational drivers and challenges
3) Undertake a skills gap analysis
4) Build HR objectives and priorities
5) Track and measure new HR directives.

7. Performance
Management

8. What are its main factors?
While traditionally it was all about promotions, remuneration and
discipline, today the focus is holistic.
That means setting expectations to employees, continuously
monitoring individual performance, giving weight to certain behaviours
and thought processes against organisational standards, recognising
outstanding performance and developing employees’ ability to self-
evaluate.

9. Why is it important?
It’s vital not only to an employees’ day-to-day work but also their career
with their organisation. By clearly outlining the responsibilities and
success criteria of a job role, employees are motivated to perform
better and strive for innovation.
These employees therefore require less oversight from managers and
lead to more efficient teams which leads to a higher performing
organisation.

10. Steps to improve your strategy
1) Define your organisation’s mission and then set objectives and
performance goals that will achieve those
2) Identify and consult key stakeholders
3) Create team-specific objectives across the organisation and then goals at
the individual employee level
4) Track progress to monitor employee workflows and the effectiveness of
metrics and execution.

11. Better
Together?

12. Talent & Performance Management
The common ground between talent management and performance
management is that both are built on organisational goals, with the
intention of driving value for the business.
Creating a plan for both requires a little organisational soul-searching
but leads to higher productivity, efficiency and ROI in the long run.

13. You can learn more about this topic by
checking out the full article:
https://acornlms.com/resources/performance-talent-
management-tips