Answer to question 1 of unit 1(HRM)
Identify and explain five metrics used to evaluate HR performance
The reality in our society is that the most commonly measured workforce metrics do very little to help to HR Managers and business leaders achieve real insight into maximizing their human capital investment. To make better business decisions regarding their workforce, leaders need to see the connections in their workforce data and examine comprehensive workforce topics.
In order to achieve true business impact, Employers should be measuring 5 critical performance indicators:
The indicators are therefore broadly categorized in the following formats. These are:
1. Talent Retention Management
2. Recruiting Effectiveness
4.Compensation and Pay Management
5. Performance Management
TALENT RETENTION MANAGEMENT
Talent Retention Management is an organization's commitment to recruit, retain, and develop the most talented and superior employees available in the job market.
So, talent management is a useful term when it describes an organization's commitment to hire, manage and retain talented employees. It comprises all of the work processes and systems that are related to retaining and developing a superior workforce.
What appears to differentiate talent management focused practitioners and organizations from organizations that use terminology such as human capital management or performance management, is their focus on the manager's role, as opposed to reliance on Human Resources, for the life cycle of an employee within an organization.
Practitioners of the other two employee development and retention strategies would argue that, for example, performance management has the same set of best practices. It is just called by a different name.
Talent management does give managers a significant role and responsibility in the recruitment process and in the ongoing development of and retention of superior employees. In some organizations, only top potential employees are included in the talent management system. In other companies, every employee is included in the process.
Talent management is a business strategy and must be fully integrated within all of the employee related processes of the organization. Attracting and retain talented employees, in a talent management system, is the job of every member of the organization, but especially managers who have reporting staff (talent).
An effective strategy also involves the sharing of information about talented employees and their potential career paths across the organization. This enables various departments to identify available talent when opportunities are made or arise.
In larger organizations, talent management requires Human Resources Information Systems (HRIS) that track the career paths of employees and manage available opportunities for talented employees.
RECRUITING & EFFECTIVENESS
On the other hand, selecting great staff is key for business success. Talented people who continue to develop skills and increase their value to your organization and to your customers are your most important resource. Here's how to select and retain these people and create an environment in which they continue to thrive.
The primary elements of any plan to improve the quality of the staff you employ include improving the quality of new hires, identifying and retaining superior employees, and developing employees (especially those with high potential for growth). A performance development approach to providing job expectations and feedback will assist with this process.
At the same time, we need to take a look at underperforming staff. Ask whether each individual is in the wrong job. Determine whether we have provided specific and clear requirements so the individual knows what you expect from him.
The most important outputs for the performance appraisal, from each person's job, may not be defined or...
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