The immediate issue businesses need to contend with is achieving business results and targeted growth given the lack of sufficient budget. Amidst a budget crunch in employee compensation programs and an impending need to spend on salaries and incentives, one solution would be to look to creative talent management strategies.

With the economy taking a breather, management should start leveraging on other platforms to motivate and compensate staff. One such method is to explore the concept of Total Rewards, an all inclusive package which encompasses income, health benefits, development as well as work-life balance. This presents a holistic value-add to the meaning of compensation, be it specifically for talent or staff alike.

Human Resource managers could position Total Rewards as a comprehensive compensation package applicable for Talent Management by offering varying levels development and health benefits as well as different quantum of incentives at different corporate echelon. Total Rewards should be sculptured to encompass both monetary and non-monetary employee benefits. There is equal appeal for new entrants of the workforce or to the company. It serves as an attraction for those in search of balance in compensation, lifestyle as well as provides a sense of stability. However, having said that, these are the criteria which Talents also value at the workplace.

Compensation and performance must be aligned for parity. The leveraging platform here is learning and development which is a process which Learning ROI is evaluated with KPIs or key performance indicators to measure work achievements.

Communication is of utmost importance to the successful acceptance of any Human Resource or Talent Management strategy and tying in the expectations of business outlook going forward, in tandem with the Total Rewards package is critical. Understand that the best rewards system will fail if they are not communicated appropriately to employees.

Leverage on internal communication via actively organizing relevant activities, staff benefit tie-ups and benefit offerings thereby creating positive talking point amongst staff. Get Top management involved in the change activities as well.

For more on this topic, check out Talent Management – How To Measure Performance of Your Staff here.

An additional value-add would probably for to build in a Business Ethics Barometer which tracks the business ethics compliance of the talent. We suggest that the Business Ethics Barometer be measured by generating response from the 360 degree performance review, hence providing a more holistic picture of the talent. If the company is not utilizing the 360 degree performance review, one alternative is to incorporate into the performance evaluation views of other peers and colleagues. This helps you set a more comprehensive perspective and benchmark for the talent.

Talent Management – Enhancing Performance with Learning & Knowledge Management Tools

With Globalization and technology advancement in the recent 10 years, the approaches of learning and knowledge management in terms of systems and processes have changed greatly. From the traditional classroom and one-on-one learning approaches, the learning process has morphed into online learning or e-learning and collaborative in nature. This has impacted how knowledge information is managed as well.

Learning Management System or LMS is software for delivering, tracking and managing training. Knowledge Management or KM comprises a range of practices used by organizations to identify, create, represent, distribute and enable adoption of what it knows, and how it knows it. Hence, if an organization uses an e-learning or online learning platform, the knowledge management uses online access of shareware for the transference of expertise. Often than not, e-learning or online learning platforms are better leveraged in areas where learning technical knowledge is critical.

One drawback for e-learning or online learning is that it lacks human interaction in the transference of knowledge which is critical in the transference of a wholesome learning experience in the social and emotional intelligence context of it.

A recommended approach to holistic learning is blended learning concept have become very well accepted in today’s high tech high touch learning environment. Essentially, blended learning concepts evolve around both components of online learning as well as instructor-led learning, effectively enhancing the learning experience with the “human touch”.

Online learning or E-learning is most effective for access of static information which the learner previews the background and foundation of the topic in discussion. Having learnt the “basics”, it greatly expedites the instructor-led segment of the learning process whereby the instructor or facilitator transfers the intrinsic value of the topics to the learner.

Soft skills such as business knowledge and business skills require more physical transference. Physical transference tends to elevate the learning experience to a different level.

Some companies which adopt cohesive and centralized organizational structures tend to leverage on this strength via mentoring, coaching or buddy system . This too could form part of the high touch segment of the learning process whereby the mentor, buddy or coach transfers knowledge and skills to the talent.

And remember that all learning activities must translate into contribution in your business growth, either in monetary forms or otherwise.

Interested to learn more, check out Talent Management here

Talent Management is a never-ending process, that manages the start point of a new employee to the end point when termination (of either party) occurs, namely attracting, developing, and retaining talent. Embedded within the process therein lies the essence of critical factors which could spell its success or failures. An expanded definition of talent management is a more comprehensive approach of trying to build those competencies.

There are 4 anchor pillars which governs talent management, namely recruiting, performance management, learning management, and compensation management. Hence, talent management is the end-to-end process of planning, recruiting, developing, managing, and compensating employees. Still this is however, an overtly simplistic and inward looking definition.

Talent Management strategies must begin with the end in perspective. It must blend into the broad perspective of your Strategic Business Plan, supported by the long term growth of your organization, human resource management as well as Business Succession Planning. In essence, it provides the right people to drive the organization and is the bloodline of its growth. Talent Management speaks of and breathes life into your organization.

Talent Management is managing the long term expectations of employees by immersing them into the corporate culture, designing and delivering programs and initiatives to support the personal and professional development of employees which blends into the growth paths of your business plan. It is not difficult to see that there is an element of soft-indoctrination induced into this process.

Hence, in order that the organizations develops and deploys people who can articulate the passion and vision of the organization and make teams with the energy to perform at much higher levels, the organization itself must first create such employees.

Stay tuned for this series of post and articles on Talent Management, exploring the talent management gaps and how to’s in management talent for long term top organizational performance.