116 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 our 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 5P JEFOUJGZ XIBU UIF PSHBOJTBUJPO BJNT UP BDIJFWF BOE XIBU DIBSBDUFSJTUJDT RVBMJàDBUJPOT BOE 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 BUUSBDU UIF CFTU NPTU UBMFOUFE DBOEJEBUFT GSPN UIF KPC NBSLFU 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 5IJT JT UIF àSTU TUBHF PG IJSJOH UIF CFTU NPTU UBMFOUFE QFPQMF GPS UIF PSHBOJTBUJPO 4LJMMFE BOE qualified candidates are invited to join the organisation. Selection 5IJT JT UIF TUBHF XIFSF UIF PCKFDUJWF PG UBMFOU NBOBHFNFOU CFDPNFT B SFBMJUZ BT JU JT XIFO the truly talented candidates are finally recruited or hired in various roles. Training and development "U UIJT TUBHF UIF TFMFDUFE SFDSVJUT BSF QSPWJEFE XJUI UIF OFDFTTBSZ USBJOJOH UP NBLF UIFN 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 QBDLBHFT KPC TQFDJàDBUJPOT TBGFUZ BOE TFDVSJUZ PG UIF FNQMPZFFT QFSTPOBM EFWFMPQNFOU PG BO FNQMPZFF SFDPHOJUJPO BOE DVMUVSF PG UIF PSHBOJTBUJPO BT XFMM BT UIF DPNQBUJCJMJUZ between the job and respective talent. Assessment 1FSJPEJDBM BTTFTTNFOU PG FNQMPZFFT TLJMMT BCJMJUJFT JNQSPWFNFOUT BOE DPNQFUFODJFT FOBCMF 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 organisation. Career planning *G BO FNQMPZFF JT GPVOE CFàUUJOH UP IBOEMF XPSL QSFTTVSF BOE FYUSB SFTQPOTJCJMJUJFT XFMM UIF NBOBHFNFOU OFFET UP QMBO IJT IFS DBSFFS USBKFDUPSZ TP UIBU IF PS TIF GFFMT FMFWBUFE BOE 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. MATERIALITY MATTERS (cont’d)
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