MANAGER TOOL KIT #2 INNOVATING HR
For most companies, it has become a strategic imperative to transform traditional HR methods to adapt with the changing times and needs of the new generation of talent. Let’s look at the innovative HR practices in 5 areas of talent management to help you nurture and grow your organisation’s best asset.
1. Performance Evaluation
Employees perform different functions, engage in varying projects and workstreams. They operate on different timelines to achieve the same company goals. So it only makes sense to view performance from an agile perspective. The one-size-fits-all approach to performance evaluation is best left in the industrial age where people are assessed as part of an assembly line of workers.
It may be time to think about designing appraisal methods that are custom fit for various employee groups. For example, hard metrics are useful for assessing rote workers while customer-facing teams are appraised on qualitative feedback.
2. Coaching
Companies who prioritise culture and value formation are investing in the training of would-be supervisors and managers on how to become effective coaches. We also see significant emphasis on communication and feedback training (the giving and the receiving) in an informal way from their peers and senior management. The idea is to fill the pool of future leaders in-house through self-paced learning.
3. Compensation
The approach to compensation and benefits is changing as well. In retail for example, spot bonuses are awarded as soon as a sales goal is achieved. Studies have shown that compensation is the best motivator when it is immediately awarded after the desired outcome. Instant reward and feedback can work wonders in driving performance, while projecting for an annual bonus is less effective because too much time goes by.
In some companies, salary increases are not dependent on annual performance reviews. For example, increases are only given to employees who put their hand up for difficult projects or go above and beyond their current role to solve big, hairy problems.
4. Recruitment
Recruitment is no longer an exclusive function of the HR department. These days, the fight for talent is so aggressive that companies need to harness teams across all functions to get positions filled with the right people, fast!
Companies are also relying on tech solutions to hunt and track candidates online who are best matched for their requirements.
5. Learning and Development
The challenge for L&D, just like recruitment, is to bring new modules for teams to learn and perform new skills, fast! While there are online learning tools for employees to access on-demand, the question remains whether a digital learning platform is enough to keep your best talent in the company.
L&D needs to pay close attention in the actual “development” part by institutionalising mentorship as an essential component to growing and retaining talent.
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Manager Tool kit # 1 Managing with a Global Mindset
