Importance of effective performance management for IHRM managers in 21st century

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Performance Management for every company is very much essential because it helps organization to meet all its goals and targets in efficient and effective manner. In today’s world, everything is changing so fast that employees have to be given proper learning and talent development skill so that they can meet up the company’s goals. Training and development have become traditional aspect for setting up employees’ performance management in any company. Now-a-days companies are investing more in learning and talent development because employees who learn fast can also perform fast. Talent Development is now becoming a big term in every company because it is useful for company to retain their employees for longer term (Hicks, 2016). It also helps in attracting top talent of employees that includes various skills, also help in retention of employees, increasing employee performance etc. L&TD has become main component of PM because it helps in meeting up future goals of company. The main aim of this report is to identify and evaluate the importance of effective performance management for HR managers. It also consists of functional areas of organization which help in attracting, developing and maintaining effective HR team so that company easily achieve its all targets.
According toDavids,2017, it has been observed that 87% of millennials tell that L&TD has becoming more and more important for every organization. Largest professionals said that professional development is more impressive to their career as it is useful for them to increase their productivity. It has also been noticed that those companies who don’t go for properly giving their employees L&TD may not only lose their millennial workers but may also not achieve company’s goals and targets. Advanced technology and HR execs, recruiting experts are now having numerous tools available with them for building a culture of learning and Talent development easily as compared to earlier days. In this one such tool is performance management which can foster TD easily in any organization. This is the main reason why TD is important aspect for PM.
Tracking of growth and settingup benchmarks for employees in organization: Workers in the company can do better if they come to know that what they have to do and what actually they are doing. Using PM tool, HR managers can easily create benchmarks for every employee TD journey. This will be useful for company to track all the growth of employees and employees can also easily that what steps they should take in order to achieve their target. By aligning benchmarks with the organization’s strategies, one could easily focus on achieving overall goals and mission of company (Maycock, 2015).

• Every organization should implement L&TD technique because it builds sustainable culture which helps in retention of employees for longer time period;
• Also, this approach is useful for organization as it always stimulates employees to be more innovative;
• Also, not implementing L&TD in company can give negative impacts to organization because company that implement this technique gives more impressive results as compared to those companies who don’t implement L&TD in their company;
• Also, performance management fosters TD which consists of giving time to time feedbacks to employees. This will be helpful for employees to improve their performance and contributes in achieving organizational goals.

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