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Performance Management

Performance management is a process through which supervisors and employees gain a shared understanding of work expectations and goals, provide feedback, identify learning opportunities, and evaluate performance results. This helps retain top talent. Banks focus on employee retention initiatives as loyalty has decreased and demand for talent has increased competition for workers. It is important for human resources to carefully handle employee separation which can occur through resignation, termination, or absconding.

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Mohammad Abu-Odeh
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156 views

Performance Management

Performance management is a process through which supervisors and employees gain a shared understanding of work expectations and goals, provide feedback, identify learning opportunities, and evaluate performance results. This helps retain top talent. Banks focus on employee retention initiatives as loyalty has decreased and demand for talent has increased competition for workers. It is important for human resources to carefully handle employee separation which can occur through resignation, termination, or absconding.

Uploaded by

Mohammad Abu-Odeh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Performance Management: If is the Process through which supervisors and those they lead

gain a shared understanding of work expectations and goals, exchange performance feedback,
identify learning and development
opportunities, and evaluate performance results (Steps, Individual, & Effectiveness, n.d.).
Performance management would help in retaining the best talent in the organization.
Employee Retention Initiatives: Banks like any other organization focus on employee
retention initiatives.
The old values of loyalty have eroded and greater demand for talent has changed the playing
field for the search and
retention of personnel (Balachandran, Mishra, & Chaudhury, 2010).

Employee Separation: It is one of the most important and crucial function of Human
Resource Department
which has to be handled carefully. There are various types of separation such as resignation,
termination, absconding etc.

Talent management is the additional management processes and opportunities that are made
available to people in the organization who are considered to be talent. (Blass, 2008).

Talent management is the implementation of integrated strategies or systems designed to


increase workplace productivity by developing improved processes for attracting, developing,
retaining and utilizing people with the required skills and aptitude to meet current and future
business needs (Mudoli, 2008). Talent management considered to be closely related to
concepts that include human resource planning, strategic human resource management, and
employability (Brown and Hesketh, 2004; Collings and Mellahi, 2009; Lewis and Heckman,
2006).

The pressure to attract and retain key talent has led organizations to expend increased energy
and resources on talent-related initiatives over the past half-decade (Human Capital Institute,
2008)

Talent management is on the anticipation of future organizational employee or staffing needs,


career advancement, and internal workforce matters (Schweyer, 2004). Talent is associated
with general and contextually relevant competence as a foundation for successful employee
performance and organizational competitiveness (Brown and Tannock, 2009). Talent essentially
includes the competence that is central to individual employability. (Peter (Bassett, Buxton,
Pathania, & Sharan, 2007) pointed out that talent management practices help employees stay,
focus on fit, ease transitions, make the position attractive, manage the "folklore factor.

Firm investments in training result in better organizational performance (Bartel, 1994;


Kalleberg and Moody,
1994; Russel et al., 1985).

The specific strategic focus of talent management systems leads to higher scores in measures
of financial outcomes such as company profit, company and talent productivity and market
value, increases nonfinancial outcomes at the company level such as company attractiveness,
time for replacement, achieving business goals, operational excellence and customer
satisfaction, non-financial outcomes on talent level such as job satisfaction, performance
motivation, commitment, work quality, qualification are improved (Venkateswaran, 2012).
Companies with automated talent systems are better at developing leaders, developing
employees, planning future talent needs, building a pipeline of ready successors. Companies
using manual processes are just as good at hiring the best people, having right people in right
jobs, creating high engagement, improving employee productivity, retaining top performers,
building career paths, promoting employees, overall retention revenue-per-employee (Leonard,
2010)

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