Front Lines is a guest viewpoint section offering perspectives on current issues and events from people working on the front lines of Canada's technology industry
Traditionally, employee performance and talent management was viewed as a tactical HR function involving job ads, occasional training and employee appraisals. For the most part this was done on spreadsheets or paper documents and the information gathered was filed away and not looked at further by the executive — except perhaps to justify a raise.
However, faced with mounting pressures including the aging workforce and increasing skills shortage, Canadian executives in all industries are becoming more interested in their human assets. In the past few years, leading organizations started to adapt new technologies and strategies in an effort to streamline these traditional HR processes creating a wealth of information that has proven to help companies attain better bottom line results.
Employee performance and talent management systems are now being used to attract, retain, evaluate, compensate and promote employees in a more cost effective and professional manner. But more importantly these new systems help identify and develop key personnel — as well as help organizations align corporate vision and goals. In a highly competitive marketplace, instantly understanding the competencies, strengths and weaknesses of your workforce - and having an online system that not only helps to align and focus employees on corporate strategy but also enforces accountability is a very powerful management tool.
Paul Loucks is the President of Halogen Software.
As a result, employee performance and talent management is no longer just a tactical HR concern. Boardrooms are starting to pay attention.
Canadian companies are faced with numerous issues when it comes to their talent. One of the most prevalent is the aging workforce and the need for succession planning. For organizations to ensure they have the skills, knowledge and leadership to fill key positions they need analyze their current talent and immediately fill any gaps.
Companies are increasingly squeezed when it comes to finding the skilled workers they need to get the job done and reach company objectives. In such a competitive market, companies need to not only attract workers, but create an opportunity for them to grow within the company to retain them over the long term. The functional areas within talent management are designed to foster the ongoing investment in employees, with an eye on retaining workers for the long haul.
Upward pressure is placed on the boardroom as executives look for ways to compete in the global marketplace. In fact, the Society for Human Resource Management (SHRM) has identified performance and talent management metrics as being critical, with many industry experts predicting that these measures will become a standard part of Wall Street critiques and corporate annual reports in the next five years.
Well-executed talent management programs can take many forms, but the most successful programs are online: eliminating outdated paper-based systems and streamlining processes. Web-based systems enable companies to save both time and money, while providing executives with the power to take HR to the next level by making it into a management control system.
Most organizations rely on accounting systems to assess corporate performance, but this is really a look in the rear view mirror. Talent management systems offer a more forward-looking system by providing a whole new level of visibility into how individuals, teams and the company as a whole are performing on a day-to-day basis.
For example, most companies set strategic objectives on a yearly basis, which provide the overall direction for the company. An automated talent management system can be used to map these goals to divisions, teams and individuals. The end result is that everyone has a clear idea of what they are to achieve on a day-to-day basis to ensure the company meets its strategic objectives.
Executives can also look down into the organization to see the goals of any individual or team, providing a new level of visibility and accountability where before they would have spent days sifting through reams of paper. With a few mouse clicks, an executive can track how the company is progressing towards achieving objectives and identify when intervention is required.
For example, Sharp Electronics Canada relies on a Web-based employee performance and talent management system to track its performance management metrics. Using dashboard analytics, the company is able to identify any issues and deal with them in a timely manner, while providing everyone in the organization with a true understanding of how their day-to-day efforts impact the company.
With talent management systems, executives have unparalleled insight into their workforce — who is performing well, who should be rewarded for outstanding work and who is at risk. This enables the executive team and the organization as a whole to take action, keep high performers happy and retain their best employees. Companies can also gain an understanding of where it is positioned from a skills and competency perspective, so that it can constantly improve employees and advance the yardstick of success. Executives are then able to assess whether they have the right people, doing the right things and who they need to attract or train in order to meet tomorrow's strategic objectives.
By streamlining processes with the right talent management technology, executives can quickly and easily ensure they have the right workforce in place, identify where they need additional skills and keep track of the progress made towards attaining corporate objectives. Talent management is no longer just an HR function. For Canadian companies that want to keep pace with workforce trends and be ready for future growth, they should take advantage of this opportunity to track and manage corporate performance and drive it to new heights.
Paul Loucks is the President of Halogen Software and can be reached at 613-270-1011 x254
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