Measuring the Talent Management Function, Essay Example

The five metrics that I would include in measuring the success of an organization’s talent management function include:

• High performers turnover rates
• Total cost of the workforce
• Percentage of high performers
• Career path ratios and
• High performer rates for new hire

High performer’s turnover rate is a metric, which allows the organization to measure the effectiveness of management in its retention of top talent (Briscoe, 2005). This metric is calculated based on individual managers. The effectiveness of talent management at any given organization should always focus on identifying top talent, grooming it, managing, as well as retaining it (Stredwick, 2009). Loss of top talent or higher performers is negative for any business and is something to avoid at all cost. This is the work of top management.

Another metric in measuring success of an organization’s talent management function is the total cost of the workforce (Stredwick, 2009). The establishment of a relationship between the cost of workforce and talent management is a practice by some of the best managers who aim to achieve best results with reduced overall workforce costs. This can be done through increasing efficiency for recruitment and hiring methods. Managers can be able to build instead of buying best talent by effectively using promotions, mobility, or transfers (Fitz-Enz, 2009).

The percentage of high performers is a metric, which measures percent of population rated as high in performing (Fitz-Enz, 2009). It is best used to measure an individual manager’s ability and responsibility towards developing and nurturing an organization’s talent, which is most promising.

The career path ratio measures the relative upward as well as lateral mobility in the organization and the individual manager does it (Politano, 2003).

Finally, high performer rates for new hire in an organization are a metric that measures success of its talent management function (Politano, 2003). This is through evaluation of the percentage of those hired as being high performing, high potential, or high quality (Briscoe, 2005).

I would assign an equal weight to these metrics because they are unique and equally important in their measurement of the success of an organization’s talent management function.

References

Briscoe, D. (2005). International human resource management. Englewood Cliffs, NJ: Prentice Hall.

Stredwick, J. (2009). An introduction to human resource management. Burlington, MA: Elsevier Butterworth-Heinemann.

Fitz-Enz, J. (2009). The ROI of human capital. New York, NY: Amarican Management Association.

Politano, A. (2003). Chief performance officer. New York, NY: IUniverse.