1. Session 4 Performance Management System – Performance Review and Appraisal Process 30th May '11 1 GMB 6070 - Session 4

2. Presentation Plan The Strategic importance of talent management Performance appraisal process and methods Performance appraisal challenges Promotion, transfer, and separation management Team work topics 30th May '11 2 GMB 6070 - Session 4

3. Session 4 talent management 30th May '11 3 GMB 6070 - Session 4

4. Talent Management is also known as Human Capital Management (HCM). Is the ability to attract, onboard and retain highly skilled profitable employees. It involves development of skills of new as well as existing workers. Is developing and retaining employees to meet immediate as well as future business needs. Is the ability to shift the responsibility of employees from the human resources department to all managers throughout the organization. 30th May '11 4 GMB 6070 - Session 4

5. Focuses on the role of leaders in developing the workforce to assume future roles and assignments. Is about winning the war of talent because organizations have become aware that having and retaining the best talent assures them of success in the emerging hypercompetitive and complex global economy. Is the awareness that management of talent is critical in the achievement of outstanding business results. A mistake made incorrect hiring has been computed to cost fifteen times the employee's salary in loss of performance optimization. 30th May '11 5 GMB 6070 - Session 4

6. 30th May '11 6 GMB 6070 - Session 4 Strategic Skills Tactical Skills Specialized Skills Discretionary Skills Basic Skills Skills Hierarchy model

7. Strategic importance of talent management 30th May '11 GMB 6070 - Session 4 7

9. Job requirements

10. Selection criteria

13. This can be accomplished through:

14. Effective talent management

15. Helping with change management

17. However it is critical to be quite clear about the correct role and competencies required for a position.

24. Motivation of staff at all levels in the org structure.

25. Managing mid-career employees.

26. Managing variances in different generations

27. Keeping “A” performers productive.

28. Developing and implementing effective PIP programs.

29. Retaining talented employees.

30. Developing effective organizational culture.

31. Engaging employees productively – work life balance.

33. Heightened competition for skilled workers.

34. Effective succession plans.

35. Managing high turnover cost.

36. Integrating and managing global workforces.

44. Train the leaders in appreciating and interpreting the Balanced Score Card (BSC) approach

45. Identify Key Performance Areas (KPAs)

46. Develop Key Performance Indicators

49. Top management should choose the raters or the evaluators carefully.

50. They should have the required expertise and the knowledge to decide the criteria accurately.

52. Many errors based on the personal bias like stereotyping, halo effect (i.e. one trait influencing the evaluator’s rating for all other traits) etc. may creep in the appraisal process.

54. The appraisal process may face resistance from the employees and the trade unions for the fear of negative ratings.

55. Therefore, the employees should be communicated and clearly explained the purpose as well the process of appraisal.

58. It is a systematic periodic and an impartial rating of an employee's excellence in matters pertaining to his present job and his potential for a better job.

60. It imparts benefits not only to the employees but also on supervisors and management.

62. To check current performance

63. Know future potential of the employee

64. Maintain work force

65. Improve performance

66. Determining training needs

67. Personal development opportunity

68. Criteria for promotion, Transfer and discharge