As part of my ongoing postings with regard to 360 degree feedback and performance appraisals, I want to try and keep these practices within the wider context of ‘Talent Management’.
Much has been said around this term, and there are numerous intrepretations of what it means – not unsuprisingly, it varies from one organisation to another as they attempt to firstly define what ‘talent’ means to them, and secondly as they agree what ‘managing’ this pool of talent actually entails.
Without veering off into too much detail at this stage, two elements that we feel are essential within any talent management initiative, are that of performance appraisals and 360 degree feedback; in effect, a measure of ‘what’ someone does and ‘how’ someone does it.
These processes sit within a talent management cycle of attraction/recruitment, management, development, and retention.
Performance Appraisals and 360 degree feedback fundamentally underpin both management and development, but naturally feed into a sensible recruitment policy and retention strategies too.
Properly attended to, these core processes create a virtuous circle of better retention through higher levels of engagement as individuals feel invested in and cared for, thereby reducing attrition and offering better visibility of an organisations’s talent, leading to reduced recruitment costs as internal staff are effectively moved around and ‘up’ the hierarchy.
This is a very broad and high level view, with other benefits to be discussed, but for now it serves to simplify what has often become seen as a very complicated process.