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Management - Essay Example

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(2010). Importance Of Talent Management - Performance Management System Vital To HR. http://ezinearticles.com/?Importance-Of-Talent-Management-Performance-Management-System-Vital-To-HR&id=673578
Talent management is an important organizational function for a company…
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Download file to see previous pages... epartment should analyse and integrate the current processes and also the processes like recruitment, retention, employee development, leadership development, performance management systems, workforce planning, business culture etc.
Recruitment is the process of placing right people at the right place at the right time whereas retention is the process of retaining the employees with the help of rewards and supporting systems. Employee development means the process of giving proper training to the employees whereas leadership development is the program for developing leadership skills among employees. Performance management systems collect the feedbacks about the employee performances and take appropriate strategies to sustain or improve it. Workforce planning is the effective utilization of the existing manpower and business culture is presenting a positive way of performing.
Performance management systems are important both for the employer and the employee. If the employee feels that his performances were taken seriously by the organization, then he will improve his productivity and subsequently the organization will also benefit from that. A well defined performance management system may have elements of employee development, salary review, personal performance and business performance. Organizations can save a substantial amount of money retaining the employees and improving the performances of the employees. Talent management plan can also attract employees from outside also and more over it can help the organization in identifying the type of employees needed, areas needed to be improved and fine tuning of the business philosophies based on the changing trends. Thus both Performance Management System and Talent Management plan can work hand in hand to improve the overall productivity of an organization.
The above article has strengthened my understanding about the necessity of performance management and talent management systems in organization. Even ...Download file to see next pagesRead More
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