Accessing talent and performance management
Organizations require more and more to compete in a quickly changing business environment and that's why they need to make better and faster strategic decisions at several stages: recruiting, performance assessment, compensations...
New companies or online companies provide new solutions on talent and performance management to others, especially because it need time to implement a new management strategy.
Indeed, performance management is becoming essential in companies, and especially to build a productive and engaged workforce. The aim is to align all the talents with the business goals. This kind of management is used to help the employees to understand their roles, to be informed of the strategic business objectives and of what they are expected to do or to allow them to be aware of the performance success as viewed by the management and customers...
Several solutions on talent and performance management are used have been adopted by a large number of companies.
So, one of them is to give to the employees access to their own information through a username and password that allow them to check their goals or some reports on their progress... This solution contributes to make the employee responsible of its own career, to allow them to feel empowered in determining the course of their career path and in that way, to participate to the growth of the company.
Another performance tool is to improve communication between managers and employees by teaching managers to engage a constructive conversation with their team.
On other objective is to implement new tools based on the simplicity to allow the company to gain time. For examples, many managers have a lot of good ideas but have a "blank page syndrome". The issue could be to hire a "Writing Assistant" to help managers to quickly find the words for any situations...
The employee performance management encompasses a variety of HR processes used by all the providers of software dedicated to companies:
- the goal management
- the development planning and training
- the workforce and succession planning
The goal management consists in recognizing goals of individual team-member, in resolving conflicts among goals and in prioritizing goals for optimal team-collaboration and effective operations. It makes the employee aware of its mission and it allows to clarify his missions.
The workforce planning has the goal of choosing the right people across the organization in the right place and in the right time.
The succession planning also participates to the implementation of talent management because its focus is specifically on having the right leadership in place at every level of the organization. Indeed the quality of employee work life is influenced by the quality of the leader they work for, what give all the importance of the elaboration of a succession planning
WordPress & JQuery- Businessfast4ward- Internet- access the 19/2010/05- http://www.businessfast4ward.com/talent-management-how-to-measure-performance-of-your-staff/
Compensating and rewarding employees
It is absolutely necessary for a company to have a good system of reward and compensation, because employees feel that their work is not valued, they will loose motivation and maybe even counterproductive, wich may be a very serious issue for the company.
That is why talent managers must be able to create an atmosphere that will increase employee performance... Of course, this is not that simple. There are many different ways to reward somebody's work, and it is hard to find what will stimulate someone, what will make him commited to his work.
Obviously, the first thing that comes to mind is money. If an employee has a good salary, plus a bonus if he meets his objectives, he will certainly be motivated.
The results of a study carried out in 2006 by Innecto Reward Consulting are clear: On the 690 young executives (under 40 years old) in United-Kingdom, 75% of them expect an increase on salary every year, and 66% say that the financial reward is the most important to them.
It is obvious that money have a colossal impact on motivation and careers of employees.
However, compensating and rewarding employees with money is a huge cost for the company. Fortunately, it is not the only way to motivate wokers; on the contrary: lots of studies show that recognition is way more efficient than a financial reward.
Indeed, the Japanese National Institute for Physiological Sciences have impressive results. It appears that when you are complimenting somebody, the area wich is stimulated in his brain in the same that the one for receiving money. Very surprising, but there is more: the consulting firm White Water Strategies found, in 2008, that by recognizing achievements of the employees, the satisfaction for them is equivalent to a raise on salary of 1%. Finally, a study realised in 2004 by the University of Chicago show that encouragements and greeting are almost one quarter percent more effective at stimulate employees than financial incentives.
As this may seems a little bit theorical, an exemple might be helpful. MBNA is a credit card company wich had a problem to motivate its 2600 sales team. In order to solve this matter and increase productivity, the firm contacted consultancy Maritz, which created the HITS! program. This program is a great idea: it consists in offering musical rewards based on the result of each employee, for instance cd, mp3 players, concert tickets,... The sales-team was aware of this new way of rewarding through newletters, posters, meetings. And as a matter of fact, employees were very responsive to this new program, they were talking about it at lunch, breaks, discussing what they have won and what the next event will be.
Thanks to this program, MBNA managed to achieve its sales objectives.
The internal communications manager at MBNA acknowledge: "The programme has provided MBNA with an opportunity to reward our people to the next level. The money-can't-buy prizes on offer have re-invented the whole incentive genre within our corporation."
This program illustrate the fact that there seems to have a new trend in the rewarding policy. Nowadays, it is not just about money. It is still a very important criterion of motivation, but employees seems to care more and more for new ways of rewarding their job, such as extra-holiday days, childcare schemes, flexible working and job stability. Furthermore, a successfult talent manager must not forget recognition, compliments and acknowledging achievements, wich are very efficient tools, because they are as important as rewards for employees, making them more efficient and productive.
- Ross Bentley, Jo Faragher, http://www.personneltoday.com
- Alison Avalos, Marcia G. Rhodes, Derek Irvin, http://www.talentmgt.com
- Stephen P Robbins, Mary Coulter, http://www.scribd.com