Talent Management - January 2009 - (Page 42)

dashboard by Leighanne Levensaler The Time Is Now The performance management software market is booming, along with the need for strategic business alignment pre-implementation. Organizations struggle with employee performance management strategies. Processes geared toward improvement are almost always well-intended, but results are usually less than satisfactory for all parties. However, performance management ﬁnally may be coming into its own because of two critical factors: a compelling business need for truly integrated talent management, which has been exacerbated by the current economic climate, and a variety of proven technology solutions that automate performance management and other key HR processes. Bersin & Associates’ latest research study published in October delves into performance management from two perspectives. The ﬁrst part, “The Essential Guide to Performance Management Practices,” examines modern performance management, with a special emphasis on how to adapt practices to speciﬁc industries and business conditions. The second part, “The Essential Guide to Performance Management Systems,” surveys the performance management market; examines adoption trends and implementation challenges; and compares and contrasts 25 leading solution providers. Dividing the research into two parts reﬂects the appropriate chronology in performance management. Purchasing and implementing technology without ﬁrst evaluating and reﬁning processes puts the cart before the horse. Technology solutions offer demonstrable beneﬁts, when underlying processes are sound and strategically aligned with the business. The Top Takeaways After boiling down research ﬁndings and hours of interviews, the following major takeaways emerged: • Traditional performance appraisals fail today’s businesses. Some 41 percent of respondents don’t think their performance management processes adequately support the business; 54 percent do not believe performance management processes positively impact employee retention. Sixty-six percent of respondents said their companies are shifting from competitive employee assessments to a model based on coaching and development. Research estimates companies that do so see 50 percent greater business impact from performance processes. Further, modern performance management isn’t viewed as a stand-alone process. Best-practice companies treat performance management as the foundation of their talent management strategies, from compensation to on-boarding to succession management. With an integrated approach, companies have better information on their talent pipelines at all levels of their organizations. Twenty-eight percent of respondents said they are identifying high-potential employees for succession planning. 42 January 2009 talent management magazine www.talentmgt.com

Table of Contents Feed for the Digital Edition of Talent Management - January 2009

Talent Management - January 2009 Editor’s Letter Contents Human Performance Leading Edge Learning Connections Integrate Web 2.0 Into the On-Boarding Experience Show ’Em the Money: Compensation Trends 2009 Transition at the Top How Hollywood Manages Talent and What You Can Learn Get the Most Bang With Limited Training Bucks Life After Layoffs Attract Specific Talent Groups Performance Management: Its Time Is Now Helping the Helpers Advertisers’ Index Editorial Resources Full Potential

Talent Management - January 2009

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