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Presently, each company has a well-documented and developed benefits and compensations system which has proven definitely necessary for an organization. But is it enough? Should companies stop here? Benefits and compensations systems are either general, applicable to all employees or exclusive to the ones meeting predefined criteria. Most involve remuneration or products and services that can easily be quantified in a certain amount of money.
Individual performance management systems, which offer employees and managers an opportunity to identify strengths and weaknesses in their performance and to establish new directions for improvement, imply following 6 key steps in order be properly implemented.
Having an efficient strategy is one of the key factors that defines organizational success. It should facilitate the fulfillment of strategic objectives, by ensuring that plans are implemented within the required timeline and are meeting their goals. A variable pay system should be implemented in order to ensure that employees are paid adequately based on their capabilities and to provide its staff with a clear message regarding what the company deems important.
Individual responsibility comes together with an organizational culture that is based on values such as reliability, transparency and autonomy. These values imply open mindedness and open communication with employees, trusting them that they will successfully manage and finalize their projects without the need for constant monitoring and control from the management’s side.
Talent management is an important function of the Human Resources department, concerned with attracting, developing, engaging and retaining productive employees. Using metrics to monitor HR departments has been practiced for a while and ensuring high performance talent management can become an important competitive advantage for a company. But what do baseball and talent management have in common?
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