human capital, talent, & performance management

7/27/2019 Human Capital, Talent, & Performance Management

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HUMANRESOURCEMANAGEMENT(QM 205 PEOPLEMANAGEMENT & TEAMSKILLS)LESSON 5HUMAN CAPITAL, TALENT, &

PERFORMANCE MANAGEMENTELIZABETH CRESCINI ESPINAS


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TALENT MANAGEMENTAn organization's attempt to RECRUIT, KEEP, and TRAIN

the most gifted and highest quality staff members that

they can FIND, AFFORD and HIRE.

It also refers to the anticipation of required human capital of an

organization and setting a plan to meet those needs. The field

increased in popularity after McKinsey's research and subsequent

book on The War for Talent.

Principle

--- business is only as good as itspeople, their ideas, theirexperience, the way they do things and their attitude as they do

them. The mindset of this more personal human resourcesapproach seeks not only to hire the most qualified and valuableemployees but also to put a strong emphasis on retention.

Thereby giving business managers an especially important role

to play in recruiting, developing and retaining desirable staff

members.


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Three major key capacities

the capacity to develop talent,

the capacity to deploy talent,

and the capacity to draw talent from elsewhere--"talent management" is usually associated with

competency-based management.

Decisions are often driven by a set of organizational core

competencies as well as position-specific competencies.Competency set

knowledge,

skills,

experience,

personal traits (demonstrated through defined behaviors)

--older structure includes education, tenure, and diversityfactors but are now considered obsolete in talentmanagement since this creates unnecessary bias.


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Activities

--succession planning, assessment, development and high

potential management which focuses on coordinating andintegrating the following:

Recruitment

Retention

Employee development

Leadership and "high potential employee"development

Performance management.Workforce planning.

Culture


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This strategic and integrated approach is a way to increase the

effectiveness of companies by improving the performance of

the people who work in them and by developing the capabilities

of teams and individual contributors which will show benefits in

Critical economic areas: revenue, customer satisfaction, quality,

productivity, cost, cycle time, and market capitalization.

Tips in achieving a single,unified approach to talent management

Talent Strategy and Workforce Plan Are Tied to CorporateStrategy.

Talent Management Processes are Aligned to the TalentStrategy

Talent Management Processes Share Inputs and Outputs Competency Model as a Common Language

Technology Enablement for Talent Management

Change Management as a Foundation.


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HUMAN CAPITAL MANAGEMENT(HCM) is an approach to employee staffing that perceives people as

assets (human capital) whose current value can be measured andwhose future value can be enhancedthrough investment.

--It is also referred to as the development of all labor-related issues

that impact a firms strategic and operational objectives, including:

the employment of people; the development of resources; and the

utilization, maintenance, and compensation of their services aligned

with the job and organizational requirements.

-- a strategic approach to people management that focuses on the knowledge,

skills, abilities and capacity to develop and innovate possessed by

people in an organization.-- It is also a set of practices related to people resource management. These

practices are focused on the organizational need to provide specific

Competencies and are implemented in three categories: workforce

acquisition, workforce management and workforce optimization.


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The applications that help to enable human capital managementinclude:

Core administrative support:

Personnel administration

Benefits administration

Payroll

Portal/employee self-service Service center

Strategic HCM support:

Workforce planning

Competency management

Performance management

Compensation planning and strategy


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Time and expense management

Learning (education and training)

Recruitment (hiring and recruitment) Onboarding

Contingent workforce management

Organization visualization

Other HCM: Reporting and analytics (workforce analytics)

Workflow


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PERFORMANCE MANAGEMENT

-- Is a process by which organizations align their resources

systems and employees to strategic objectives and priorities

-- An assessment of an employee, process, equipment or

other factor to gauge progress toward predetermined goals.

-- the process of creating a work environment or setting in whichpeople are enabled to perform to the best of their abilities.

It is a whole work system that begins when a job is defined as

needed. It ends when an employee leaves your organization.

An effective performance management system sets new employeesup to succeed, so they can help your organization succeed.


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An effective performance management system provides:

enough guidance so people understand what is expected of

them. enough flexibility and wiggle room so that individual

creativity and strengths are nurtured.

enough control so that people understand what the

organization is trying to accomplish.

Process and Stages

Develop clear job descriptions

Select appropriate people with an appropriate selectionprocess.


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10 Tips in selecting and hiring

1. Improve Your Candidate Pool When Recruiting Employees

2. Hire the Sure Thing When Recruiting Employees3. Look First at In-house Candidates

4. Be Known as a Great Employer

5. Involve Your Employees in the Hiring Process

6. Pay Better Than Your Competition7. Use Your Benefits to Your Advantage In Recruiting

Employees

8. Hire the Smartest Person You Can Find

9. Use Your Web Site for Recruiting

10. Check References When Recruiting Employees


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Provide effective orientation, education, and training

Onboarding Tips

1. Familiarity Breeds Contentment2. Let New Employee Orientation Be - Simple and Interesting

3. Dont Make New Employees Learn The Hard Way

4. Make New Employee Orientation Personal

3 As of teamwork in education and training:Accommodate: Give new team members the tools they need to

do work.

Assimilate: Help them join with others so they can do work

together.Accelerate: Help them (and their team) deliver better results

faster


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Provide on-going coaching and feedback.

4 Types of FeedbackVerbal, Visual, Written and Reviews

Negotiate requirements and accomplishment-based

performance standards, outcomes, and measures

Types of systems and measures

1. Comparative Standard Evaluation System

2. Absolute Standard Evaluation System

3. Behaviorally Anchored Rating (BARS)

4. Management by Objectives (MBO)

5. 360 degree feedback method


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Conduct quarterly performance development discussions.

What to discuss and provide to empower:

1. Share Leadership Vision2. Share Goals and Direction

3. Provide Information for Decision Making

4. Delegate Authority and Impact Opportunities, Not Just More

Work5. Solve Problems: Don't Pinpoint Problem People

6. Listen to Learn and Ask Questions to Provide Guidance

7. Help Employees Feel Rewarded and Recognized for

Empowered Provide promotional/career development opportunities for

staff.


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Design effective compensation and recognition systemsthat reward people for their contributions.

Things to consider in determining effective compensation

package

1. Determine Salary Philosophy

2. Find Comparison Factors for Salary

3. What Goals Must Salary Help You Achieve?

4. Assess the Competition and Labor Markets

5. Create Salary Ranges Within Your Organization

6. Recognize Your Benefit Package Role in Salary Satisfaction

7. Determine Bonus Philosophy and Potential8. Communicate Your Salary Philosophy and Approach

Assist with exit interviews to understand WHY valuedemployees leave the organization

human capital, talent, & performance management

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