Learning and Talent development are the most important aspect of performance management because every employee who is engaged in learning new things will always try to increase its performance towards organization. Talent development is not small term but it also includes HR who is engaged in hiring, managing, developing and retaining the most talented and excellent employees in company in order to maximize company’s performance. It plays a very important role in implementing business strategies because it is useful in managing one of the most essential assets of the organization i.e. its human resource (Bratton, 2017). Company should try to invest as high as possible in Talent management because it includes attracting top talent, employee motivation, maximizing employee performance, retention of top talent etc. The main purpose of this report is to highlight importance of effective systems of performance management for IHRM Professionals in 21st century. It will also put emphasis on various functional areas of HRM for attracting, developing and maintaining an effective workforce for organization which will be useful for company to achieve all its goals on time.
According to Kontoghiorghes, 2016, from the past decade, it has been observed that human resources are been due to change in numerous factors. Due to increase in competition, complexity, and digital revolution has shifted human resources towards digital, knowledge- based economy i.e. vibrant workforce. This shift from traditional to requirement of vibrant human resource increased the importance of effective systems of performance management. It is important because it is useful for organization to keep all its employees; resources and systems in align in order to achieve all its goals or objectives. In current era which is full of volatility and global business environment, managing talent in order to achieve high performance for any organization is very much important. In this L&D is at top priority because so as to achieve high performance for any organization, it is important to develop, retain and maintain talented and excellent workforce (Collings, 2019). This is the main reason why Learning and Talent Development are as important aspect of performance management. L& D is the timeless & invaluable resource in order to build employee skills, employee motivation & contribution to productiveness & engagement. It is said to be invaluable resource because most learning are associated to the employees’ development objectives identified in performance management process.
McCracken, 2016 argued that it has been observed that many people are found confused between Training & Development and Learning & Talent Development. It is because they assume that both are the one and same thing. Many said that both are having same concepts irrespective of their meaning are different. It has been observed that there is no difference between both the concepts. Both of them are used for maximizing the employee performance in order to achieve company’s goals and objectives.
van den Broek, 2018 said that T&D is a systematic approach in which main focus is on improving knowledge, skills, and attitudes so as to maximize their ability for current job responsibilities. While, L&D is a systematic approach in which employees and leaders are prepared for handling future responsibilities. L&D is more important in current era in order to keep employees ready for handling future situations in organizations. Talent Development is the key aspect because it makes a vital contribution to whole organization performance. Also, many organizations are changing their HRM practices so as to adjust according to new transformations.
From the above findings, following recommendations are as follows:
• L&TD is useful for companies because it creates culture in organization which always stimulates employees to be more innovative and diversified;
• It also helps organization to properly review strategies from time to time and put them into practice. Management should also implement L&TD with the same rigor as they invest in capital, technology, brand development etc.
• Pushing L&TD backside will be giving negative returns to companies because it has been observed that those companies implementing L&TD in their company are giving 2.4 times impressive returns.
• Specific objectives of company should determine companies approach to develop talent otherwise there will be no use of L&TD strategy in company if they are not implemented according to their needs.
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