What is the difference between talent management & Performance management?
From India, Pune
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From India, Pune
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Talent Management is basically about managing Human Resources, i.e., the people who exist in the organization. When we talk about managing talent, we need to take care of the following:
- Their Compensation and benefits
- Rewards Administration
- Leadership
- Systems and processes
- Involving talented people in the decision-making process
- Making them more responsible
- Respecting their ideas, etc.
- Directing and controlling the strategies
- Not only inviting them to Strategic planning but also executing them
Performance Management consists of the following:
- Reviewing the performance appraisal such as Behavior, Output, etc., which is slightly different than usual
- Showing significant differences between a star performer and poor performer
- Rating Analysis based on BARS
- Performing potential appraisals as per the customized needs of the organization
- Identifying Training needs and bridging the gaps
- Competency development and mapping
- Modernization and normalization
- Identifying Personal Development Plans
- Initiating Performance Improvement Plans
- Developing Transactional Metrics/Operational Metrics/Workforce Analysis
- Developing Business Intelligence
- Developing Leadership skills, etc.
Both are different tasks and have interchangeably close relationships, making them very challenging tasks.
Hope I have clarified the doubt.
Srinivas
From India, Hyderabad
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22- Their Compensation and benefits
- Rewards Administration
- Leadership
- Systems and processes
- Involving talented people in the decision-making process
- Making them more responsible
- Respecting their ideas, etc.
- Directing and controlling the strategies
- Not only inviting them to Strategic planning but also executing them
Performance Management consists of the following:
- Reviewing the performance appraisal such as Behavior, Output, etc., which is slightly different than usual
- Showing significant differences between a star performer and poor performer
- Rating Analysis based on BARS
- Performing potential appraisals as per the customized needs of the organization
- Identifying Training needs and bridging the gaps
- Competency development and mapping
- Modernization and normalization
- Identifying Personal Development Plans
- Initiating Performance Improvement Plans
- Developing Transactional Metrics/Operational Metrics/Workforce Analysis
- Developing Business Intelligence
- Developing Leadership skills, etc.
Both are different tasks and have interchangeably close relationships, making them very challenging tasks.
Hope I have clarified the doubt.
Srinivas
From India, Hyderabad
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