Talent Management strategy and its implications on an increasingly competitive workplace
Step by step talent management process:
- Identify organization goals
- Understand the requirement. What are your organizations important level priorities or goals?
- Sourcing and attracting the talent.
- Recruiting and selecting the Talent.
- Training and Development.
- Employee Retention.
- Competency mapping.
- Performance appraisal.
- Succession planning.
Talent management can be a function as thorough as the HR department itself or a small bunch of initiatives aimed at people and organization development. Different organizations utilize talent management for their benefits. This is as per the size of the organization and their belief in the practice. It could just include a simple interview of all employees conducted yearly, semi-annually or quarterly discussing their strengths, Weaknesses and developmental needs. This could be utilized for mapping people against the future initiatives of the company, potential roles and for succession planning purposes. There are more benefits that are more widely ranged than the ones discussed above. They are:
- More Strategic planning, Hiring and management.
- Improved Employee Experience = Happier Employees
- Ability to Tap into the Expertise of Partners – No in-house lab for conducting pre-employment screenings? No problem, an aligned talent management system leads one to identify the right partners to handle specific aspects of one’s HR functions, allowing one’s internal team to focus on their other core responsibilities.
- Access to Accurate Data Drives Smarter Business Decisions. From recruitment, to benefits management, to training and ongoing performance assessments, unified HR systems align services throughout the HR lifecycle. This end-to-end view of employee information gives management a better aid to see patterns and trends within operational data, making it easier to determine how decisions will affect other areas of the company. Plus, one can reduce roadblocks significantly by making each area of company work together using correct & alinged data following implementation of a single HR system across company
- Right Person in the right Job.
- Retaining the top talent.
- Better Hiring:
- Understanding Employees Better:
- Better professional development decisions.
- Apart from this having a strong talent management culture also determines how organization rate their organizations as work places.
To assure a highly effective Talent Management System, the following key elements must be in place, beginning with onboarding, which is frequently inadequate:
- Employee Development.
- Performance Management.
- Career Development.
- Succession Planning.
The Bersin by Deloitte Talent Management Framework describes all the elements of talent management.
Bersin by Deloitte Talent Management Framework
As “Talent management” is a set of integrated organizational processes designed to attract, manage, develop, motivate, and retain key people, the goal of a talent management program/model, however is to create a highly responsive, high-performance, sustainable organization that meets its business targets. For more information on this topic, we recommend learning about Bersin’s Talent Management Maturity Model. It has 4 levels, all described below.
Bersin’s Talent Management Maturity Model
Agencies like Deloitte are giving talent management services to their clients. They help improve enterprise learning and talent management strategies, processes, and systems. Some of the other companies obsessed with a customer experience include PPR Talent Management group. For the past two decades, The PPR Talent Management Group has excelled at one thing: RECRUITING…finding the right people for the right jobs. They specialize in attracting, screening, selecting, and onboarding qualified candidates. Their services encompass the entire spectrum of recruitment and staffing options for their clients.
Some of the advantages/pros and the disadvantages /cons of having a Talent Management system are outlines below.
- Help in ascertaining the right person is deployed in the right position.
- Contributes in retaining their top talent.
- Better hiring by hiring assessments
- Helps in understanding employees better and shaping their future.
- Promotes effective communication across different disciplines.
- The implementation of talent management program could be expensive in terms of time, resources and financial costs.
- Lack of support from line managers can impede the level of commitment from employees.
- A core drawback of talent management is, it can contribute in raising the conflicts between HR and management by not reaching to proper agreement or consensus.
Companies need to recognize that applications and technology alone cannot address the entire talent management challenges. Getting the support from every department can be a challenging task. Talent management process demands to have the involvement of business process owners who have the authority to break down organizational silos. Proper communication needed from every front to deal with the circumstances more effectively. At certain circumstances, companies may not be prepared internally to deal with the looming talent shortages and critical skills needs. Successful orchestration of business and talent starts with a holistic talent management plan but practical implementation involves top management consideration and support. A new Bersin by Deloitte report suggests that HR will face 10 major talent management challenges over the coming year – one of which will be to focus on improving the work experience for employees while driving productivity. “HR leaders will have to work harder to understand what drives results,” said Josh Bersin, principal of Bersin by Deloitte. “New digital technologies, increased transparency in employment brand and work practices, and the need to compete vigorously for talent are all disrupting the workplace.” Bersin predicted that organisations will be challenged to design a more engaging and productive workplace if they want to attract and retain employees in the new always-on, hyper-connected world of work. As such, he encouraged HR leaders to focus on bold, inventive HR strategies that can help drive bottom-line impact. In a company’s relentless pursuit of seizing competitive advantage, all the improvement initiatives and programs have a common denominator and that is the employee. Fix- it programs depended on the commitment, motivation and special talents of employees who ultimately determined if the program would succeed or fail. With the playing field levelled by technology, the new advantage lay not with purchasing a faster widget maker but with acquiring, developing and retaining talented employees faster and more efficiently than the competition. Is it any wonder that the next brave frontier for competitive advantage shifted to Talent Management with the new millennium?
Improving an organization’s talent management practices however, isn’t a silver bullet approach but rather a multi-pronged strategy that tackles challenges on at least four principal fronts, and they are: recruitment, performance and learning management, leadership development, and bottom-up communications. The only true and authentic business differentiator in the long run is the firm’s employees! It is their collective talents, enthusiasm and loyalty that are the firm’s future. Firms who use talent based technologies to help them more effectively identify, manage and grow talent in this new millennium will most assuredly survive the uncertainty of approaching white water that may be just around the bend.
With this, we would like to introduce SuccessDart that brings in nuances of continuous feedback, and social recognition to keep employees engaged. It allows you to leverage concepts of MBOs and OKRs to drive business outcomes. As the fundamental goal of performance management is to promote and improve employee effectiveness, SuccessDart is a tool that can help you implement Employee Evaluations at your workplace in an efficient, streamlined and automated manner to help in a continuous process where managers and employees work together to plan, monitor and review an employee’s work objectives or goals and his or her overall contribution to the organization. SuccessDart is a tool that can help you implement Employee Evaluations at your workplace in an efficient, streamlined and automated manner. You can distribute your Organizations strategy through ˜Goals™, measure performance by defining ˜Competencies™ and use Reports to spot achievements and pinpoint Roadblocks. ‘Competence’ and ‘competences’ are broader concepts that encompass demonstrable performance outputs as well as behaviour inputs, and may relate to a system or set of minimum standards required for effective performance at work. A ‘competency framework’ is a structure that sets out and defines each individual competency (such as problem-solving or people management) required by individuals working in an organisation or part of an organisation. Competency frameworks, when done well, can increase clarity around performance expectations and establish a clear link between individual and organisational performance. Human capital management (HCM) practices are focused on the organizational need to provide specific competencies and are implemented in three categories: workforce acquisition, workforce management and workforce optimization. In recent years, the term HCM system has begun to displace human resource management system (HRMS) and HR system as an umbrella term for integrated software for both employee records and talent management processes
SuccessDart, a SaaS application addresses the performance Management pillar of Talent Management system (TMS). TMS is an integrated software suite that addresses the “four pillars” of recruitment; performance management; learning and development; and compensation management. What is performance management? According to A Handbook for Measuring Employee Performance, performance management is the systematic process of: planning work and setting expectations, continually monitoring performance, developing the capacity to perform, periodically rating performance in a summary fashion and rewarding superior performance. Corporate performance management is the area of business intelligence (BI) involved with monitoring and managing an organization’s performance, according to key performance indicators (KPIs) such as revenue, return on investment (ROI), overhead, and operational costs. Corporate performance management (CPM), also called business performance management (or sometimes enterprise performance management), is an “umbrella term” used to described the methodologies and processes that help you manage the success of an organization. You can think of corporate performance as the collaborative accomplishments, successes, and failures of an organization.
The Performance Management Evolution
One Third of the US Companies have abandoned traditional performance appraisal systems. They are in the process of implementing a continuous and on-going performance feed-back to the employees. Technology companies i.e. Adobe, Jupiter Systems, DELL Microsoft, IBM etc. and market leaders like Google, Microsoft and KPMG have all abandoned annual performance review process and embraced a continuous mode of evaluating a new generation of employees to fulfil the need for agility and the centrality of team work. Enter Continuous Performance Management System. Deloitte as a professional services firm also has moved away from traditional PMS. It gives project leads and assign them in 4 categories on a quarterly basis to provide detailed performance snapshots.
As you can see, many big companies like Accenture and Infosys are shifting away from an annual ‘performance management’ process to a new ‘performance achievement’ approach that includes real-time, forward-looking conversations about setting priorities, growing strengths and creating rewarding career opportunities for the employees. The new age thinking of ‘performance achievement’ approach will focus on the achievements and talents of each employee. It will result in a holistic view of performance and potential and guide in appropriate decision making relating to rewards and career. Employees today demand instant feedback, increased collaboration and better transparency SuccessDart addresses these changing needs of the companies in Talent development. System like Workday performance management framework allows you to configure a variety of templates (periodic or continuous) to evaluate your global workforce and unlock its potential. … Foster a collaborative dialogue between employees and managers and configure your performance review processes to meet your unique needs. It has the following modules:
Align | Measure | Success
To introduce continuous performance management at your workplace, do not look further. SuccessDart is a tool that you can use to reap the benefits of continuous performance management system. It is efficient, streamlined and automated.
The Administrator Module of SuccessDart lets you configure the system for your Organization. For a typical Small to Medium Enterprise, the entire Set-up can be made in less than a Week. This is a one step process. You will be able to add new employees and make changes to the initial set-up any time. The Administrator module is a core module of SuccessDart.
Define the review process for your Organization. Customizable workflows and system driven scheduling. Setting up the evaluations is a onetime set-up process, which is typically done at the beginning of the year. The process involves creating and assigning the review forms to the concerned employees. Below mentioned is a screenshot of SuccessDart’s self-evaluation page which includes inputting your comments next to deliverables and that in the feedback box.
Goal setting Module
The Goal setting module promotes two-way communication and agreement on goals through the Goal setting module.
SuccessDart introduces the Goal Setting Module which allows employees to set their Goals based on their KRAs. The Employees get the forms approved by their managers and use this form for their Evaluation. The Go Darting module lets your employees collaborate with managers and identify their organizational goals. Employee can edit the description of all KRAs in the Goal setting module. Below mentioned screenshot is one of the interfaces of the Goal Setting Module.
This is an optional module of SuccessDart.
Work Flow User Module
The workflow module includes the self-evaluation and manager’s evaluation module.
Once an Employee is assigned with an Evaluation Form, SuccessDart lets you carry out Self, Manager and Managers Manager Evaluations. The Self Evaluation of an Employee is performed by the Employee himself.
Once the Self Evaluation is completed, the Evaluation Template is pushed to the Employees reporting manager. The Manager rates the Employee and sends it to his superior. This process is configurable. He can also suggest Improvement plans, point out shortcomings and congratulate the Employee on achievements. The final score of the Evaluation is sent to the Employee for acceptance. Once the Manager Evaluation is complete, the Evaluation Form is routed back to the Employee for acceptance. The result of the Evaluation Process reflects the overall performance of the employee.
SuccessDart lets you view your Employees’ performance, identify talent and spot road-blocks through the Reports module. Once evaluations are assigned, In order to track the progress and the performance of employees in the evaluation, SuccessDart offers 2 -Fold reporting.
- Get to the know the status of your Employees in the evaluation process.
- Send Reminders to people who are lagging.
Go Darting Module
Rewards, recognition, instant feedback and social recognition.
Now give your colleagues the benefits of instant feed-back and social recognition using the Go-Darting module. You can now send your Compliment/Feedback to any employee in the organization along with one of our SuccessDart’s emoticons. This will be shared publicly – giving opportunity for all present to chip in and exchange High-fives in real time. In addition, all Darts received will be collated and presented to concerned parties during the review period. Thus, leading to informed and accurate performance reviews!
360 Degree Feedback / Multiple Raters
Get feedback from multiple stakeholders and avoid rater bias. The external evaluator module lets Managers seek the feedback of external raters on the employee’s performance. A typical employee, over the course of a day would interact with several people both within and outside the organization.
Multiple feedback points
For more Information, refer to http://www.successdart.com for details on SuccessDart.