ANNUAL REPORT 2023 107 MATERIALITY MATTERS (cont’d) MYEG also has in place a carefully-crafted talent attraction and development process model in place in order to attain those aforementioned ambitions. Detailed here is the Group’s talent development process model: Identifying Goals Attracting the Talent Sourcing the Talent Recruitment Selection Promotion Performance Appraisal Assessment Career Planning Succession Planning Exit Stage Retention Training and Development Identifying the goals To identify what the organisation aims to achieve and what characteristics, qualifications and skills the recruits should possess to realise these goals. Attracting the talent To hire the best talent for the organisation. Organisations at this stage make an effort to attract the best, most talented candidates from the job market. Sourcing the talent The talent management personnel looks for appropriate sources in the job market or industries where the targeted candidates can be hired or recruited. Recruitment This is the first stage of hiring the best, most talented people for the organisation. Skilled and qualified candidates are invited to join the organisation. Selection This is the stage where the objective of talent management becomes a reality, as it is when the truly talented candidates are finally recruited or hired in various roles. Training and development At this stage, the selected recruits are provided with the necessary training to make them more productive and efficient in working towards organisation’s goals. Retention The objective of talent management is not only hiring talent but also ensuring their retention in the organisation. Factors that the retention rate depends on include attractive pay packages, job specifications, safety and security of the employees, personal development of an employee, recognition and culture of the organisation, as well as the compatibility between the job and respective talent. Assessment Periodical assessment of employees’ skills, abilities, improvements and competencies enable the organisation to know if they are a proper fit for employment continuation and promotion. Performance appraisal It is a measurement of the actual performance of the employees in the job. It enables the organisation to ascertain if an employee can be granted extra responsibilities. Promotion It refers to job enrichment. It keeps the energy level of the employees high and they become inspired to continue working for the organization. Career planning If an employee is found befitting to handle work pressure and extra responsibilities well, the management needs to plan his / her career trajectory so that he or she feels elevated and rewarded. Such recognition and rewards inspire the employees to remain with the organisation for a long time. Succession planning Deals with the replacement of employees within the organisation. Employees who have contirbuted their best to the organisation and have been serving for a long time deserve to hold higher positions within the company. Exit stage This is the final stage of the talent management process that ends in the retirement of the employees and therefore they are no more a part of the organisation. Th bj ti f t l t t i t l hi i t l t b t l i th i t ti SUSTAINABILITY STATEMENT
RkJQdWJsaXNoZXIy NDgzMzc=