How to identify benchmark and develop high potentials into successful leaders
High potential at work can be seen as a high probability to be successful, capable and talented of exceptional performance for now and in the future. I have worked with many clients across verticals and have realized the fact that potential means to realize the talents one was born with and to continually learn and develop these talents. One just needs to realize this. Many organizations feel that keeping and finding high potential employees is a growing challenge and key responsibility of the management.
So, how do companies identify talent or high potential in employees? Following indicators can be considered to spot HIPO employees in an organization:
- They confidently put forth their points in meetings
- They think like the leader, not the manager
- They seem to be cool, calm and collected
- They have an innate ability to build strong relationships – externally and internally
- They have an openness to change and growth
- They have the ability to inspire and motivate others
- They bear the courage to make the right decisions
- They are aware of their strengths and weaknesses
- They have the ability to identify and develop that talent
- They have broad, comprehensive knowledge of the business, and are committed to the success of the business.
Unfortunately, a whopping 73% of the top global businesses approach the most common method for identifying HIPOs – a single rating or nomination by the candidate’s direct line manager.
A recent industry study suggests high-potential employees (HIPOs) bring 90% more value to the organization than the non-HIPOs. However, many organizations are not making the optimum use of the asset, as 70% of HIPO programs do not show any business yield or ROI hike. A typical HIPO employee program falls under strategic planning consulting services and a management consultancy firm can best handle it.
What does a HIPO program do?
- A HIPO program accurately spots high-potential employees.
- Benchmarks the HIPO employees against the competition.
- Nurture HIPOs through impactful on-the-job learning.
How would an organization nurture and develop these HIPOs?
- Mentorship – High potentials need exposure to senior executives and role models of leadership. A few companies let their CEO and other senior level executives meet one-on-one with the people on the leadership development track. This way, the HIPOs know that they are the part of the talent pool and get to know learning opportunities and feedback from mentors. Studies suggest HIPOs are more productive, earn more, are more productive, and are more engaged.
- Job rotations – Many firms use job rotations as the primary strategy to develop HIPOs. Rotations could include cross-moves or cross-functional roles, foreign assignments, change management initiatives, networking opportunities etc. Change in circumstances leads to the growth of the employee. Although job rotations can get expensive, organizations need to consider the company’s strategic goals. Will this particular job rotation bring value or achievement of the goal? If yes, then that particular dimension should be explored by the HIPO.
- Opportunities: I remember at a quarterly Performance Review, the HR put forth an action plan to a high potential employee. The deal was to own the entire department output. Though it was a challenging statement, it worked in favor of the HIPO employee. The employee led the team and took it to another level until the next quarter. Giving opportunities to HIPO employees urges them to break the mental blocks and drive further.
- Build Collaborative Culture – Through company culture, organizations can create positive experiences for the HIPOs where they feel valued, that their work has a purpose and they have an exhilarating future ahead of them. With strong and positive interpersonal connections, HIPOs feel the urge and need to grow even better.
The world of work is changing at a faster pace and it requires flexible and adaptable people. This is where companies require a talent pool to take on the future pedestal. Find, groom and retain your potential stars with the best management consultancy in Mumbai. At Cerveausys, we can develop successful leaders and take your business to new horizons of prosperity and well being. Do call us +91-7709992257 or email us at firstname.lastname@example.org to know more.