Page 34 - Banking Finance February 2022

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greater skill and increased rate of pay. Promotions are applicant tracking system to help and manage the
the major attractions in the banking career. workforce of the interview process and carefully
interviewing applicants to select the strongest
8. Competency mapping: candidate.
One of the major steps of the TMS is competency
mapping which helps in categorizing the potential and 2. Performance management
the hidden talent of the employees. Once employees have been hired, it's essential to have
the right process in place to successfully manage them.
9. Performance appraisal: HR technology and service solutions in areas such as
Moving ahead it is very important to evaluate the time and attendance can help track productivity and
performance of employees periodically to find out their performance regular review process helps keep lines of
level of efficiency. So, it is a vital function of the TMS to communication open between management and staff,
develop some standard methods to make the employees allowing works to get feedback and where they need
understand how far they are from the expected to improve their performance.
standards so that their performance can be improved.
From the organizational point of view, performance 3. Career management
appraisal is very important to improve the quality of Managing your employee's career path can help
work force. Therefore the processes of performance increase satisfaction while reducing costly turnovers,
appraisal helps to evaluate and improve the building on the information collected during annual
performance of the employees so that they can give reviews, companies can learn more about employee's
their best to achieve the goals of the banking sector as strength and interest with that in mind it's possible to
well as achieve better career satisfaction. work with employees on long term career development
plans. Whether you are dealing with someone on the
10.Succession planning: management tract or someone interested in being a
The future of a banking business can be scary, even highly skilled individual contributor, career management
when that business is successful. Sometimes, is a critical component of talent management and
organizations that are doing well feel an even more employee satisfaction.
overwhelming pressure to get the right plan in place
and avoid any succession problems. TMS plays a major 4. Leadership development
role to overcome from this scenario. Identifying a good leader within your organization is a
vital part of the talent management process. Once these
The banking organization with the introduction of talent high performances, high potential individuals have been
management in their system represent their faith in their located. Business need to consider the best way to
staffs by referring to them as "Talent", establishing the belief retain them over the long term. Often, this process
that it will be their people that will help the organization to requires a focus on training, stretch assignments and
achieve their goals. Organization places a high premium on mentoring.
talent and has made talent management efforts, making
sure that the welfare and personal development of their 5. Organizational strategy
employees is at the forefront while taking business decisions. Talent management activities rarely happen in isolation
In order to follow a smooth an efficient talent management instead strategic recruiting and support of workforce
in the emerging banking system. development begins with a company level
commitment,, your HR may play a leading role in making
We should follow the following this happen from identifying talent management as a

strategies: strategy clarity to determining how and where that
focus will be applied. Focusing on talent management
1. Recruiting is a critical component of your broader workforce
The foundation of talent management is hiring the right management strategy because recruiting, training,
people the best recruiting processes support those Retaining and promoting the right people are essential
efforts by carefully defining job description using an steps in reaching your staffing goals. While human

34 | 2022 | FEBRUARY | BANKING FINANCE