1. Discuss what talent management is and why it is a consideration addressed by a growing number of employers.
In a competitive marketplace, talent management is a primary driver for organizational success. Talent management is the implementation of integrated strategies or systems designed to increase workplace productivity by developing improved processes for attracting, developing, retaining and utilizing people with the required skills and aptitude to meet current and future business needs. Effective talent management provides one of the most critical points of strategic leverage today.
Offering enormous business value, talent management is complex and continually evolving. Influenced by external factors such as the economy, global expansion and mergers and acquisitions, critical success factors for effective talent management include alignment with strategic goals, active CEO participation and HR management.
2. Based on your experiences, as well as the chapter information, what are some good “rules of thumb” for conducting successful appraisals interviews?
Clarify the job duties
Communicate expectations and standards
During the appraisal period
During the appraisal
Communicate performance to employee
Identify areas that are working well or need improvement
Listen to employee’s input or request for changes or additions to the performance evaluation. Consider whether to revise the evaluation prior to signing and final processing.
3. Congratulations you have recently been promoted and are the company’s new Human Resources Manager! You have offices in several countries, how would you evaluate different compensation packages for employees who are located throughout the world?
As the new Human Resource Manager I would evaluate different compensation packages for employees who are located throughout the world based on the culture and standards in their respective country. Expectations and working conditions vary from place to place and certainly would be different from the United States compared to Japan.
4. What are some key performance indicators that are used by organizations in which you have been employed? How did managers explain the importance of these KPIs, and were any rewards tied to them?
Introduction: Key performance indicators are the measures that lets managers know how well the company is performing with respect to critical success factors. If attracting and retaining profitable customers is a success factor, then key performance indicators includes measures like customer loyalty scores, customer referrals and repeat business (Mathis et al, 2017). By establishing most useful key performance indicators, an organization can move its employees towards performance that makes a difference in company’s outcome. These key performance indicators also enable a company in planning its compensation as well as budget planning for future.
Discussion: In any organization, there is always pressure to achieve target on time and to increase the performance to achieve these targets. Company needs to make sure its employees apply skills and achieve the desired outcome. Key performance indicators come into play here which reflects employee’s performance in achieving their goals and objectives. Main objective of a performance management is to set goals with the team members. Key performance indicators help a company when establishing rewards or recognition practices by making sure that these rewarding is directly tied to the key performance indicators that are already set (Anderson, K. (2011)).
An effective key performance indicators must be well defined, quantifiable and must be communicated well throughout the organization. Where I work, key performance is defined by how early the work is done to how effectively it is done. They check on individual’s performance day to day and assign work accordingly. For a contracting employee, they have pay for every extra hour they worked. For a direct employee, this is provided in the form of incentives or benefits. However, setting these key performance indicators in an organizational level isn’t that simple. Base for setting up efficient key performance indicators is by setting up strategic map and understanding the consequences between company’s target and its human resource management.
Conclusion: To ensure that all the activities align with company’s strategies, performance management comes into play to make sure employees comply with these activities. Whatever the key performance indicators are in an organization, they need to meet the company’s mission and vision. The main goal of a company is to have a manageable and efficient HR scorecard with measurable key performance indicators.
Mathis, R., Jackson, J., Valentine, S. and Meglich, P. (2017). Human resource management. 15th ed. South-Western Cengage Learning
Anderson, K. (2011). Metrics pave the path to world class.[online]. Managing accounts payable. ISSN 1080-5753. Retrieved from: http://web.ebscohost.com/ehost/pdfviewer/pdfviewer? vid=7&hid=11&sid=a294ed98-abe3-4394-8cf0-ab8353d1d74c%40sessionmgr12