Developing leadership talent is a crucial function of performance management. This conference will address how to assess and develop high potential talent, and how to manage performance in a way that both fuels your leadership pipeline and ensures that your talent performs to the best of their ability. Performance management systems have evolved from evaluative to a developmental and results driven framework. The inputs from personal development plans, performance appraisals, and competency frameworks provide necessary information for identifying top leadership talent in an organization.
Organizations today use a plethora of assessment tools to identify and develop the talent pool required to meet their current and future objectives. Performance management has evolved as a facilitative and a strategic process aimed at improving organizational and individual effectiveness by identifying and developing talent in a planned and integrated manner.
On the other hand, leadership development is also an integrative framework that is interconnected with other systems within an organization. It should be integrated with major organizational strategies, culture and other crucial processes and sub processes for attaining the predetermined objectives.
According to Mercer’s 2013 Global Performance Management Survey, conducted on 1,050 organizations in 53 countries, “just 3% of organizations worldwide report their overall performance management system provides exceptional value”. Top of the list, in terms of the key drivers behind this, is the skill of managers in how successfully they set employee goals, provide feedback, evaluate performance, and link performance to critical talent management decisions.
Only 58 percent of managers were deemed ‘marginally skilled in providing career development coaching and direction’, by survey respondents, and, only 7 percent of managers were felt to be ‘highly skilled at having candid dialogued with their direct reports about performance’.
In summary, research is telling us that businesses feel there is a deficit in leadership and management skills, and this is impacting on how successfully employees are performance managed and developed in the workplace. But a major part of the problem is the lack of clear strategy when it comes to developing leaders. So what is it that organizations can do to proactively resolve these issues?
In order to try and improve this gap between leadership skills and performance management, businesses need to think differently about what they believe makes managers truly effective, and then develop a learning and development strategy around this. The best companies for leadership recognize that high levels of emotional intelligence, commitment to continuous learning and analytical thinking are now critical at every level of the organization.
The traditional notions of “carrot and stick” to motivate staff will not deliver high performance, instead, organizations need to focus on assessing and developing future managers on what is required to manage the workforce in the modern economy.
TMA’s Assessing & Developing Potential and Performance Summit will share cutting edge strategies in the two talent management processes that more directly impact the bottom line, performance management and leadership development. Join us to find tools to effectively measure, manage, develop and ensure alignment between current performance and the skills necessary to achieve business goals.