Good Example Of Case Study On Using Performance Management To Win The Talent War
1) In today’s globalized world, organizations are at war with each other; this war is on acquiring human resource talent, thus named the talent war. This article informs us about the scarcity of top talent, that is, employees and or management that have the skills and ability to perform at top level within an organization, thus producing most of the output that helps an organization succeed.
Organizations are at war with each other in acquiring top talent; their main goal is to hire the top performers in the market (DiChristopher, 2014). The basic purpose of this article is to help an organization understand the importance of top talent and how to retain them.
2) Since the war is at its all time high, it is very important for a company, be it small or large, to retain its top talent. Why and how to retain top talent is the main question. People who fit into the top talent category do not have an issue in finding a better job that guarantees them more. And once top talent leaves, it is difficult and costly for the organization to find a replacement. It also results in diminishing revenues for the organization. Thus creating the need for a company to retain its top talent, for which a company needs to, put in a lot of effort.
3) It is important to note that winning the talent war is one of the strategic plans that ensure the survival of an organization in a highly competitive market. A study that had been published in 2012 showed that the performance of a company or a team etc lied in the hands of the top talent.
It has been mentioned in the article that 10%-20% of the production of a company came from 1-5% of employees who happened to be the top performers of the company. not only did an organization benefit from retaining the top talent, but also cut down on the costs which would have been incurred if the company was to lose its top talent, which would like in between 1.5-2.5 times what the annual salary of the employee was.
4) Performance management, when incorporated the right way within an organization, is what helps in retaining the top employees. Since it is very clear that the top employees account for most of the work and output given by the company, it is essential to retain them.
Retaining this top talent is becoming harder as it is becoming scarcer. Technology and finance are easier to adapt to as it is widely available, but human resource is not and many factors account for that. Hence, performance management is on way to retain top talent, which will help the organization survive in the market.
5) How to retain top talent via performance management is the key concept being discussed in the article. Performance management is an ongoing cycle and, once the cycle is complete, the company goes one step further in retaining its talent.
Via this program, a company can create individualized development plans. This helps keeping a track of the performance of every employee while differentiating the performance levels between employees as well. Top talent employees look for work that challenges them and are a brain booster for them. Work that is fun and meaningful, performance management helps the top talent achieve that via discussions with the management and defining job roles.
Performance management should also present top talent with career growth. This reels in the employee as they know that their career will grow if they stay with the organization. Top talent also like to be rewarded according to their performance level and work in put, if this is measured and employees rewarded accordingly, they are bound to stay with the organization (Thomas n.d.)
6) This article shows that the author believes that if performance management and the recommendations are taken up by an organization, it will thrive while retaining its top talent. What has been ignored is how well the management is willing to accept the requirements of top talent and whether they are willing to reward them equally or not.
If a talented employee has a horrible boss, they may be willing to leave the organization only due to that reason (Horrible bosses drive away top talent - survey, 2015). The work environment being provided by an organization is not even considered in the article.
7) Implementing the performance management cycle listed in the article would help an organization greatly in maintaining and fulfilling the main reasons that top talent looks for inside a company.
This would make the top talent feel appreciated and happy, resulting in them putting more effort into working for the company. But the HR manager must also make sure that the management accepts this cycle and acts on it.
8) If the HR manager ignores the reasoning listed in the article, then the company is bound to lose the talent war. This would result in diminished revenues and lower market share.
The top talent working for the company would look for better opportunities and accept on that offers them what the company without accepting the reasoning did not offer.
9) The first question that I would like to ask the author is, what is that what if one key employee’s manager is unwilling to let the employee from advancing in his career then what should be done.
It is true that many top talent tend leave their jobs due to the pressure and un-acceptance of their immediate boss. If the performance management is to be performed by the boss, he would not be willing to convey the work and production by that employee. Even if the company is willing to compensate the employee but he or she may not be willing to accept only because of the boss then the situation becomes difficult to tackle as it cannot be conveyed directly to the manage to stop doing so, without proof.
The second question that would be asked is how would you identify your top talent?
It is the habit of many people to take credit of what other may be have done, so how does one know the origin of the work.
The article does not list any possible way of identifying the top talent, whether it is based on some characteristic of a person or if it is their work result that determines if they fall in the top talent category. It is important to identify the top talent before planning to retain them or score their performance appraisal(Nurturing the top talent in your organization, 2015)
The third question that I would like to ask is if a company is facing a shortage in top talent then how should they find and acquire top talent?
This article helps in retaining top talent, but there is a need for companies, who may lack such talent to acquire it as well. It is not easy to do so; hence there must be some way in identifying the steps in acquiring the talent (War for Talent - time to change direction, 2014). Acquiring part of the talent wars holds just as much importance as retaining top talent.
DiChristopher, T. (2014, Dec 4). Companies face looming war for talent: Challenger. Retrieved from CNBC: http://www.cnbc.com/id/102239005
Horrible bosses drive away top talent - survey. (2015, April 22). Retrieved from Fin24: http://www.fin24.com/Economy/Horrible-bosses-drive-away-top-talent-survey-20150421
Nurturing the top talent in your organization. (2015). Retrieved from Halogen Software: http://www.halogensoftware.com/ae/learn/how-to/nurturing-the-top-talent-in-your-organization
Thomas, A. (n.d.). 5 Things Successful Companies Do To Retain Top Talent. Retrieved from Select International: http://www.selectinternational.com/blog/bid/148239/5-Things-Successful-Companies-Do-To-Retain-Top-Talent
War for Talent - time to change direction. (2014, June). Retrieved from KPMG: https://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/war-for-talent/Documents/war-for-talent.pdf