“Behind every Successful Organization, there are its Successful and well engaged Employees”
This is no longer just a statement but a way of life now for all Corporates and on this note , I am glad to share my views with all of you on the fundamental and growing trends of “Talent Management.”
Today Organizations clearly realize that they must have the best talent in order to succeed in the hypercompetitive and increasingly complex global economy.
However , if we start to think about employees as “Assets”, then we’ll think about “Talent Management” in a new way. It’s not just a way to integrate HR processes, it’s a series of strategies, programs, investments, and promises that make everyone’s life, work, and career better.
Talent Management also known as Human Capital Management covers all key aspects of an employee’s life cycle from selection, development, and succession and performance management.
Here are the 5 Best Practices for Effective Talent Management –
- Align Individual and Organizational Goals (MBO – Management by Objectives
Companies need to make sure that the employees are all focused on contributing to the organization’s success. We need to make sure that the business goals are cascaded in the value chain & the organization is making progress towards the business goals. All employees are aligned to the vision & mission of the organization.
- Regular Employee Connect to Manage Performance
Performance appraisal is a critical opportunity for managers and employees to discuss performance highlights and challenges & any development needs. To perform at their best, it’s critical for employees to get regular feedback on what they are doing well and areas for improvement, and to discuss skill gaps and career aspirations with their managers. This is the time when most managers and employees put plans in place to address performance gaps or expand an employee’s skills. It’s one of the most effective ways to keep performance on track.
- Periodic Feedback & Coaching sessions to Optimize Performance
Ongoing feedback helps everyone maximize their performance. While ideally managers and employees should be having conversations about performance on a regular basis, they often fail to do so except in the context of a formal employee evaluation, hence, it is crucial to have periodic sessions. We can use tools like 360 degree feedback, GROW model, SCARF technique by Dr. David Rock considering the suitability of the organization.
- Reward Top Performers
Recognizing who your high performing and high potential employees are, is always critical. While we may not be able to reward them with salary hikes or monetary rewards always, we can always have a succession plan or career progression plan to enable them for high challenging roles.
- Succession Planning
An organization must create a talent pipeline for critical roles and competencies. A talent pool based succession plan challenges an organization to identify the critical skills and competencies it needs across the organization to succeed over the long term, not just the leadership roles it may need to fill. It then helps you identify and groom your high-performing and high-potential employees to fill these needs when they arise.
Furthermore, HR must adopt risk management strategies covering the entire gamut of activities from protecting confidential information and data, to risks associated with hiring or turnover.
With Talent Management best practices in place, we can build a world class workforce that is aligned, inspired and delivering exceptional results, helping the organization achieve its strategic goals.
Finally I am happy to share our HR mission and assure everyone that all our efforts and interventions shall be aligned with this objective over a period of next couple of years and consistently after that as well.
“Mynd to become a “Great Place to Work” and qualify in top 50 Companies all over India by FY2020”.