Friday, March 11, 2016

The Two Important Components of People Management

People are the most invaluable asset in any business. They are not just cost or even resource, but the human capital worth investing in a smart way.

People are always the most invaluable asset in businesses. People Management is both science and art; hard and soft.Talent Management and Performance Management are two important components in it: Talent Management (TM) focuses more on the people element of the organization; where Performance Management (PM) is more about the overall alignment of various organizational functions towards shared vision, mission, and objectives. Both PM and TM are important in any organization if functions and objects are aligned properly. PM is about building sustainability into the organization; and TM is about building talent competency of the business -finding, renewing and protecting the right of talent. Unless the right talent is there, Performance Management cannot salvage sustainability. What are the emergent trends in TM/ PM to manage today’s digital workforce more effectively?

Data based talent management: Digital Talent Management is about combining traditional face-to-face sequences with digital platforms to train and develop talent. Learning and development platforms with social features, for peer learning, coupled with web training /webcasts for diverse teams across geographies, are being increasingly adopted by companies across sectors. Data-driven talent management will bring business leaders together across the organization to share their experience and insight wherever there is a gap in the system, help to streamline and identify root causes immediately, and give practical guidance for improving and ordering HR data and using it in creative ways to gain predictive insight and competitive advantage. The continuous capability development approach makes them more innovative, responsive, and agile as the markets change. Data-rich, information-sharing culture creates business harmony. By creating an environment for people to come together, to interact and to exchange different views on common topics of interest may create harmony and trust and eventually will benefit the organization. Redefining employee engagement is also a challenge facing organizations to unleash the collective human potential of the business. Focus on passion and the creative environment to consider Maslow’s Hierarchy of Needs. Higher levels of engagement come from recognition, feedback, growth, and opportunity. While compensation and benefits are important, they are only the foundation. Top performers are looking for growth, recognition, career opportunities, and learning. Organizations should continuously monitor employee engagement through social communication channels with people at all levels. Building a sense of purpose and mission, to build a strong corporate brand to attract top talent.
•Creating a vision and path for workforce analytics
•Engaging workforce planning & deployment & development based on performance
•Doing social network analysis to develop digital talent pipeline, improve effective communication & collaborative innovation
•Embracing futuristic trends such as visualization and proactive presentation

Continuous Performance Management: Digitization has a direct impact on the way companies manage talent and their performance. Performance management systems and processes are gradually moving away from a static, unidirectional, and time-bound avatar to a more dynamic, continuous, and interactive state. Improved transparency, goal tracking, real-time feedback, and enterprise-wide acknowledgment/recognition of achievements are some of the key drivers, which result in the adoption of digital and social performance management systems. The purpose of PM is to align corporate goals with employees’ career goals, encourage talent growth, create synergy by putting the right talent in the right position in the right time to achieve an ultimate business result. Digital performance management is no longer a static annual activity but becomes a dynamic continuum.

People are the most invaluable asset in any business. They are not just cost or even resource, but the human capital worth investing in a smart way. From gap identification to goal setting and measurement, the combination of PM and TM elements makes a business successful. PM and TM is one system and software with the set of different modules that track to measure the employee's performance as well as help to shape business culture and make the engaged workforce.


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