High-Potential Identification for your business
Submitted by: Kirsten Halcrow
Scientific studies have long suggested that investing in the right people will maximize a business's returns.
In line with Pareto’s principle, these studies show that across a wide range of tasks, industries, and organisations, a small proportion of the workforce tends to drive a large proportion of organisational results, such that:
the top 1% accounts for 10% of organisational outputthe top 5% accounts for 25%, of organisational outputthe top 20% accounts for 80% of organisational output
WHAT IS HIGH POTENTIAL EMPLOYEE?
A high-potential has intellect, drive, agility, and leadership orientation to successfully undertake broader and complex roles in the future. They drive the overall business performance by delivering superior levels of performance.
WHAT ARE THE COMMON COMPETENCIES THAT HI-PO'S HAVE?
Strategic thinkingCritical decision makingDrive Learning potentialInitiative Navigating ambiguityAdaptabilityPropensity to leadAbility to manage stakeholders
WHY IS IT SO IMPORTANT TO IDENTIFY HI-PO'S IN YOUR BUSINESS?
BUILD A TALENT POOL: Build your talent pipeline so you can fill critical positions when the need arisesDEVELOP: Identifying Hi-Po's gives you an opportunity to develop them by placing them in advanced developmental programs to prepare them for future roles.RETAIN: Losing high potential talent is a major set-back. Hi-Po identification provides you with data to assist you to focus on keeping the right peopleREWARD: Promotions and appraisals are powerful tools to reward high-potential employees and keep them motivated.
HOW DO YOU GO ABOUT IDENTIFYING YOUR HI-PO'S?
Psychometric and competency-based assessments can quickly, scientifically and objectively help your business zero in on high-potential employees by evaluating them on various aspects of abilities, personality, interests, preferences, values and work styles.
Best suited for first-time, junior and middle managers, the assessment process can be used as part of a process of identifying potential and then mapping a development process.
