This report provides a comprehensive analysis of talent management strategies suitable for Star Co., a small manufacturing company. It begins by discussing the advantages of developing an in-house HR function, including recruitment, training, and compensation. The report then explores the role of a performance management system in aligning organizational goals with individual employee goals and identifies the most appropriate performance appraisal system for Star Co., recommending a 360-degree appraisal. Furthermore, the report explains how a performance management system can enhance employee commitment and engagement, emphasizing the importance of clear goals, recognition, and rewards. Finally, it identifies potential challenges in implementing such a system, such as manager training and system design, and proposes solutions to overcome these obstacles, such as aligning the system with the company's strategy and ensuring fairness and equity in the appraisal process.
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