Talent Management is basically, one has to manage to Human Resources i.e. people who are exists in the organisation. When we talk about Management of Talent, we need to take care of the following :
- Their Compensation and benefits
- Rewards Administration
- Leadership
- Systems and process
- Involving the Talented people in decision making process
- Make them more responsible
- Respecting their ideas etc
- Directing and controlling the strategies
- Not only inviting them in Strategic planning but to execute them
Performance Management is consisting of the following :
- Review the performance appraisal like Behaviour, Output etc., little bit different than usual
- Show the significant difference between a Star performer and poor
- Rating Analysis based on BARS
- Do the potential appraisal as per the customised need of the organisaion
- Identification of Training needs and fulfilling the gaps
- Competency development and mapping
- Modernisation and normalisation
- Identifying Personal Development Plan
- Initiating Performance Improvement Plan
- Developing Transactional Metrics/Operational Metrics / Workforce Analysis
- Developing Business Intelligence
- Developing Leadership skills etc.
Both are different tasks and having intechangeably having close relationshisp and a very challenging tasks.
Hope I have clarified the doubt.
Srinivas