What Measurements Matter for Performance and Talent Management?
In our modern age of big data and analytics, the businesses who are able to leverage their information are the ones who are able to get ahead of the competition. Here are a few key measurements to watch when evaluating performance and talent management.
1. Measure Beyond Performance
Performance management is helpful in assessing how well employees are doing against their specific goals to drive revenue and growth within an organization. This type of metric is used frequently by companies to evaluate the success and abilities of their employees. It is limited in its approach because it is exclusively backward looking and fails to enable talent in their efforts to do bigger and better things in the coming months.
2. Workforce Planning Metrics
Talent management measures potential as well as performance, which calls for a broader perspective in terms of helping employees drive revenue and growth. Your workforce as a whole is a deep well of metrics to help define your talent pool and the necessary strategies that will help you be strategic in your goals. Look at the numbers associated with your workforce. How many full-time employees do you have compared to part-time workers and consultants or contractors? Have you been adequately staffed to meet your goals? Are the type of workers you hired adequate support to accomplish the work that you planned? What are your gaps, both in terms of staff and accomplishments? Look to these metrics as a guide for future talent management efforts.
3. Recruiting and Sourcing Data
It’s very helpful when planning your talent management strategy to rely on data provided by your recruiting and sourcing efforts. How effective has internal recruitment been for your company? What type of work is best done by an internal hire as opposed to an external hire. How long is your external recruiting process? You might be surprised how effective internal sourcing is when you need to bring someone onboard quickly who may be better engaged by a new project or team, but has shown great commitment to the company.
4. Succession Statistics
Succession is a challenge many companies struggle to plan for, but it also provides some important metrics that are very helpful in planning for future success. Look to succession pipelinesto ensure long-term business success, where everyone is continuously developed to take on more responsibilities and grow their capacity for future roles. Whether leadership roles are fed into from internal channels or note, knowing the data will help you plan for future succession needs.
Are you looking for consultants who know how to set up the right key metrics for your learning program?
When it comes to measurement and metrics the important thing to remember is what your goals are in evaluating the data. If you could use a hand defining those goals, now may be a great time to call in an expert. The team at Clarity Consultants can help you see the forest for the trees. Contact us today.