What is Talent management
What is Talent Management? The definition of Talent Management may differ from vendor to vendor or from one analyst company to another. Primarily, the Talent Management functions comprise of talent acquisition, learning, performance management, career, and succession planning. Though many individual elements of talent management have been there in the market for quite some time, the demand for talent management has grown in the past couple of decades as a cohesive, integrated, and well-connected function.
The overall market for talent management solutions is estimated at $5 billion and continues to grow at approximately 12% annually. These findings reinforce the energetic character and continued development of the talent management suite marketplace.
Transform your process of Talent Management function with best-in-class processes.
Effectively, managing employee performance has never been more critical. The goal of performance management is to use a set of integrated management practices designed to help achieve the two main objectives of maximizing employees’ potential and increasing employee satisfaction.
To succeed, you need a workforce that clearly understands the strategic business objectives and has the ability to adjust course as the business evolves quickly. The biggest challenges faced by any organization can range from fierce competition, limited budgets to maintaining razor-sharp focus.
SAPSuccessFactors Performance & Goals help your organization ensure strategy and goal alignment, continuously improving workforce performance through ongoing coaching and feedback, and accurately evaluating and recognizing top talent.
Why Goals are essential for your organization?
Organizations achieve their strategic business objectives by setting up organizational goals and linking them to the expected outcomes, thus successfully guiding employees’ efforts.
Organizations use cascading goals or translating goals from one level of the organization to the next to ensure alignment between the organization’s strategy and individual employees’ activities and goals. This is an effective way of achieving its overall strategic objective.
SAP SuccessFactors Performance and Goals management help organizations develop goals instantly with recommendations from the goal library of more than 500 SMART (Specific, Measurable, Attainable, Realistic, and Timely) goals. Organizations can continuously update employee effort, success probability, and comments with features like Mobile Goal Management. It helps organizations give managers more control over goal execution along with the ability to set cascading goals and see an individual, team, or company-wide progress.
Continuous Performance Management
Many surveys and studies show an overwhelming employee preference to receive feedback as they complete projects or through one-on-one meetings with their managers.
Continuous Performance Management, as the name suggests, takes place throughout the year on an ongoing basis. It is a continual holistic process, as opposed to the traditional annual appraisal-based system. Regular, more frequent feedbacks feels more natural for both manager and employee and help develop a more healthy, authentic workplace relationship.
Continuous Performance Management or CPM helps create near term objective and goal setting, regular one-to-ones (or “check-ins”), and real-time feedback. CPM brings transparency back into the traditional performance management process by limiting subjectivity and speculation.
SAP SuccessFactors Performance and Goals management now offers advanced and best-in-class CPM to stimulate more continuous dialogue and feedback between managers and employees, helping them have more structured conversations about how to align and improve performance.
Employees: Get the feedback needed to succeed
- Document progress and prioritize work based on performance goals
- Capture and share performance achievements with manager
- Lightweight, simple, and mobile
Managers: Provide regular and practical guidance to employees
- Get a complete view into what the team is working on
- Get structure to facilitate 1:1 discussion
- Share simple and regular coaching with employees
HR: Ensure performance conversations happen
- Track how often one-on-ones happen in your organization
- Remind employees and managers to have performance conversations
- Give managers basic guidance on how to do performance coaching
360-degree feedback - full-circle view of performance
360 Degree Feedback is a system or process in which employees receive confidential, anonymous feedback from the people who work around them. This typically includes the employee’s manager, peers, and direct reports and, in some cases, customers.
In some cases, 360 Degree Feedback also is effectively used to evaluate the work of project teams consisting of various team members.
Some of the benefits of 360 Feedback are improved Feedback from more sources, team development, organizational need assessment, mentoring needs assessment, training need assessment, and interpersonal skill assessment.
SAP SuccessFactors 360 Multi-Rater enables you to combine self-feedback with anonymous input from colleagues and external sources to have the most comprehensive view of the performance of employees in your organization.
With 360 Degree Reviews, you have an independent development tool that is not directly tied to compensation or promotion decisions and is geared toward personal development. You can offer your managers and employees clear insights into their strengths and weakness. The 360 Degree Reviews offer a full-circle view of performance that provides better insight for coaching and development and ensures more accurate, useful, and fair assessments.
The 360 Degree Multi-rater reviews help you:
- Develop comprehensive feedback: Incorporate self-ratings, peer review, and upward assessments for feedback at all levels
- Gain a holistic performance perspective; get feedback from outside employees’ hierarchies or departments, and gaining a broader view
- Automate workflows, staying ahead of deadlines with integrated e-mail reminders and requests, including automatic routing of forms among managers, employees, and peers
- Identify hidden strengths and weaknesses: Pinpointing skills, competency gaps, reward drivers, and other performance trends
Use limited compensation budgets effectively, making pay decisions with valid, objective, and anonymous feedback to gain a candid perspective
Some of the benefits of using SAP SuccessFactors for your performance management process.
Following are some of of the great benefits of using SuccessFactors for your performance management process :
- Get better quality reviews, promote faster user adoption, and increase completion rates with a simple and engaging experience for everyone
- Capture a more balanced and complete view of employee performance with “Ask for Feedback” and 360 Reviews
- Eliminate writer’s block and provide more meaningful feedback with Writing Assistant and Coaching Advisor
- Identify top and bottom performers based on their competencies with Team Rater and Team Overview
- Reduce the risk of using inappropriate language in reviews with Legal Scan
- Ensure objective, fact-based decisions around performance and compensation with Calibration