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                                   Performance Evaluation and Talent Management

Talent management relies on performance management processes to provide a foundation for identifying and rewarding talented people (Rani & Joshi, 2012).Organization’s Performance and competitive advantage depends on intellectual employees. it is being inevitable for organizations to achieve competitive advantage against competitors (Anwar, et al., 2014).

Talented people possess special qualities, abilities and talents that enable them to perform effectively. Talent management is the process of identifying, developing, recruiting, retaining and deploying these people (Armstrong, 2009). Further Talent management refers to the process of developing and integrating new workers, developing and retaining current workers, and attracting highly skilled workers to work for a company (Rani & Joshi, 2012).

Performance management ensures that they develop their talent by learning from experience through constructive feedback, by coaching and by the formulation and implementation of personal development plans (Armstrong, 2009).

Core Components of Talent Management (Aishwarya, 2011)

Strategic Workforce Planning: This first stage in talent management addresses the needs and goals of one’s organization.

Total Talent Acquisition: Talent acquisition is associated with the use of an applicant tracking system targeted at hiring full-time people.

Employee Development: Organizations must understand each person ‘s ability as it relates to the core competencies identified in strategic workforce planning.

Performance Management: Motivating managers to conduct performance management in a thoughtful and deliberate manner is crucial. 

Succession Planning: Talent management proactively identifies key people in the organization and develops a plan to manage people and positions.

 

Example

According to the Anwar, et al. (2014), Banking sector is paying great attention to develop the effective mechanisms regarding talent management. Workforce challenges and rapidly changing environment are the key causes that banking sector need to develop strategies about managing talent within banks. The practices like attraction, recruitment and engagement plays an important role while managing talent in the banks.  To get benefit from the competent employees and to develop employees in banks talent management must be taken under consideration. Different factors like work-life balance, learning environment and succession planning plays an important role in keeping the employees and utilizing them for company’s advantage. Managerial staff can play its role to reshape the talent management strategies to improve banks performance. Banks can invest time and money in the development of better talent employees. Banks with competent employees, improves the position of the organization.

Conclusion

Most organizations recognize the importance of implementing talent management strategies and practices such as talent attraction, talent retention, learning and development, and career management, in order to improve their performance and to create a sustainable competitive advantage that will permit them to stand out in the market (Aina & Atan, 2020).

Video 01: Performance Evaluation and Talent Management 

                                                        Source: (LinkedIn Learning,2017)

References

Aina, R. A. & Atan, T., 2020. The Impact of Implementing Talent Management Practices on Sustainable Organizational Performance. Sustainability, Issue 12, pp. 1-21.

Aishwarya, M., 2011. Human Capital Management: A Comprehensive Approach to Augment Organizational Performance. Review Of Management , i(2), pp. 44-57.

Anwar, A., Nisar, Q. A., Ahmad Khan, N. Z. & Sana, A., 2014. Talent Management: Strategic Priority of Organizations. International Journal of Innovation and Applied Studies , ix(3), pp. 1148-1154.

Armstrong, M., 2009. Armstrong’s Handbook of Performance Management. 4th ed. Replika Press Pvt Ltd: s.n.

Rani, A. & Joshi, D. U., 2012. A Study of Talent Management as a Strategic Tool for the Organization in Selected Indian IT Companies. European Journal of Business and Management, IV(4), pp. 20-28.

 

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