Talent management is a key component to business success in the current economy as it allows companies to retain top talent while increasing productivity.
Savvy leaders realize the importance of developing their internal bench strength today to competitively address the organizational demands of tomorrow.
In reality, identifying and adopting the ideal components needed to support an integrated performance and learning management process is complex and time-consuming. For mid-sized organizations with limited resources, it’s even more challenging.
Developing an organizational performance management process typically marks the first step toward a more integrated approach to talent management in mid-sized companies.
During these formative stages, it’s best to take a systematic approach based on best practices that strengthen both the employee and the bottom-line, performance outcomes of your organization.
The very phrase “best practice” is subjective and carries many meanings depending on an organization’s culture.
What might be a best practice for one organization or industry may not be successful or acceptable in another.
So where do you begin as you attempt to make the grade in developing an effective talent management process based on best practices? Begin by focusing on the five core internal performance management components necessary to support your key business priorities.