Chapter 3: Performance and Talent Management Flashcards
Define Performance
It refers to how well an individual, team, organisation completes tasks and achieves goals. It should be realistic, measurable and should benefit both the organisation and employees
Why is performance important
For achieving organisational goals
Improving productivity
Employee Development
Motivation
Decision-Making
Customer Satisfaction
What are the types of Performance Information
Trait-based Information: attitude, teamwork, initiative
Behaviour-based information: customer satisfaction, effective communication
Result-based information: sales-volume, cost reduction
What are the 5 Performance Measurement Methods
1) Critical Incident Appraisal Methods
2) Graphic Rating Scale
3) Behaviorally Anchored Rating Scales
4) Forced-choice Rating Method
5) Management by Objectives
What is the Critical Incident Appraisal Methods of Performance Methods
It means recording specific instances of employee behavior that significantly impacted the job (+ or -)
It works with documentation, feedback and evaluation
It is best for jobs where incidents directly impact performance and that focuses on behavior and not traits
What is the Graphic Rating Scale of Performance Methods
It is when employees are evaluated on job-related criteria (quality of work, punctuality) using a scale (1-5)
It works with a predefined scale, simple ratings and reviews
It is best for quick assessments, large organisations and is easy to use
What is the Behaviorally Anchored Rating Scale of Performance Methods
It combines Graphic rating scale and critical incident appraisal methods, ratings based on concrete actions, specific examples
It works with behavioral anchors, rating and evaluation
It is best for jobs that require specific behavior
What is the Forced-choice Rating Method of Performance Methods
It uses predefined statements about employees
It works with predefined statements, forced choices and scoring
It is best for reducing bias in evaluations and using a fact-based, objective evaluation
What is the Management by Objectives of Performance Methods
It is a goal-setting method, where employees and managers set objectives that are measurable
It works with goal-setting, performance evaluations and feedback
It is best for roles that involve clear, measurable goals
What is Strategic Talent Management
It is identifying the most important jobs in a company that provide a long-term competitive advantage
Why use Strategic Talent Management
1) Development of current employees and hiring outside talent
2) Establishing a balance of ownership over career development between companies and workers
What are the Scope of Talent Management
1) Target jobs (hey functions) by identifying the right jobs that will be the focus of talent management efforts
2) High-Potential individuals which shows promise for advancement in the organisation
3) Competency Models: Show the KSAs for various jobs
What are the approaches to keep High-Potential Individuals engaged
Recognize their talents
Include them in the development process
Provide good mentors
What are the steps of Talent Management Process and System
1) Acquisition and Staffing: Recruiting, Selecting, Placment
2) Talent Management Components: Training, Development, Compensation, Performance Management
3) Results and Work Outcomes: Build management talent, Positive wok attitudes, Retention
What are the steps of Scope 2.0
1) Talent Pools: Create pools of talented people
2) Succession Management: Identify and Prepare the right candidates for succession prior to employee exit
3) Career Tracks: Create series of steps an individual can follow to become ready to scale-up
4) Assessment: Predict a person’s potential for the job
