Question

Which of the following factors are important for effective talent management?

1) Large number of highly qualified applicants for each strategic position
2) The use of validated selection and promotion models/procedures
3) Extensive training and development of new employees
4) The use of formal performance appraisal and management
5) The use of multisource (360 degrees) performance appraisal and feedback
6) Linkage of merit increases to formal appraisal processes
7) Above market compensation for key positions
8) High percentage of entire workforce included in incentive systems
9) High differential in pay between high and low performers
10) High percentage of workforce working in self-managed, project-based work teams
11) Low percentage of employees covered by union contract
12) High percentage of managerial jobs filled from within

Answer 1

Important factors for effective talent management include a validated selection process, extensive training and development, performance appraisals such as 360 degrees feedback, merit-based compensation strategies, inclusion in incentive systems, and alignment with organizational culture. Performance appraisals and training are crucial to employee improvement and satisfaction, and management plays a central role in employee growth. Personnel selection that balances skills and personality fit is essential for a strong workforce.

Step-by-step explanation:

The factors important for effective talent management include a mix of strategies aimed at optimizing the performance and development of employees. These include having a validated selection process, providing extensive training and development opportunities, and utilizing comprehensive performance appraisal methods, such as the 360 degrees feedback. Also crucial are compensation strategies like above-market pay for key positions, merit increase linkages to appraisals, and differentials in pay based on performance, which help in attracting and retaining the best talent. The inclusion of employees in incentive systems and investment in self-managed work teams can drive motivation and better performance. Lastly, internal promotion opportunities and adapting talent management to the organizational culture ensure alignment with business goals. These factors are interconnected and contribute to the holistic management of talent within an organization.

Performance appraisals play a key role in identifying areas for employee improvement and training success. An effective performance appraisal system is adapted to the organisation's culture and is correctly implemented to motivate and improve employee performance. Training effectiveness, as supported by research, is a crucial component for organizations, as it significantly contributes to improved job activities and overall performance outcomes. The role of managers in providing feedback, support, and development opportunities should not be underestimated. The approach to personnel selection, prioritizing both fit and skills, is also integral in forming a capable and harmonious workforce.