High potential employees quitting can be extremely costly. Letting your talent know that the company has laid out development programs to prepare them for more senior management roles is one of the most effective ways to mitigate the impact of talent loss.
The question is: how can companies successfully retain and develop their high-potential employees so they will stay with you for the long term?
Read more: Three Pitfalls to Avoid in Leadership Development
How to strategically retain and develop high potential employees?
Retaining your high potential employees (HIPOs)
In our previous article, we have summarised the 12 most prominent characteristics that define a high potential employee. In it, we have emphasised that HIPOs continually seek new opportunities to sharpen their skills.
Engagement plays a critical role in employee retention. According to a CEB study, 55 per cent of HIPOs with low engagement will drop out of the development program. On the other hand, engaged high potentials (who accounted for nearly 60%) express an intent to stay with the company long-term.
To keep them engaged, we have to understand their sources of motivation, what piques their interests. Such information can be acquired from annual performance reviews, interviews, management feedback, etc. Companies should incorporate those insights into each HIPO’s development program, which must be in alignment with the company’s vision and mission.
Read more:6 Strategies to Attract, Engage, and Retain Remote Teams
Having said that, don’t forget your “hidden stars” who have yet to be identified. They will feel undervalued if you leave them out. Be transparent by letting them know they need to improve, which can boost morale. Companies can design a robust career development program for this particular group to bridge their current skill gaps.
Developing your high potential employees
There are plenty of methods to develop high potential employees. The main focus should be on enabling your future leaders to maximise their potential with challenging and motivating experiences.
A few examples of different methods to develop your high-potential employees are:
- Stretch assignments: empower your employees to take on larger-scale projects that can help them earn higher authority and learn new skills.
- Rotation programs: enable your employees to gain knowledge of different business units, their scopes of work, and their approaches to tackling issues.
- Mentorship reinforces HIPOs’ knowledge of the organisation and builds bonds that are necessary for moving into leadership roles.
- Training: in the form of development programs tailored specifically to each high potential’s need, knowledge, and skill set.
Short courses, on-the-job training, higher education, informal learning seminars, networking events, etc., are all practical and common methods in developing high potentials.
Create a collaborative culture by promoting peer mentorship
The traditional executive-to-employee mentoring method, in some cases, is not the best approach to develop high potential Millennials. Mentorship has now transformed into a more collaborative session that enables younger employees to learn from their peers.
There are various advantages of peer mentoring that organisations might not be aware of, such as:
- Enhance skills and generate fresh perspectives;
- Improve an individual’s communication skills;
- Strengthen relationships among colleagues;
- Share relevant organisational knowledge;
- Ensure collaborative support among peers to handle unique future challenges.
To successfully promote peer mentoring programs, your company first needs to have a collaborative culture that focuses on the issues, not the individual, and is non-judgmental when working towards the common goals together.
Infographic: Gen Z’s Expectations for Leadership Are Reshaping Modern Workplaces
Peer mentoring advocates authentic interactions which can lead to more positive work experience, enhanced trust, and help organisations to build collaborative high performing teams.
Designing comprehensive high potential programs
To effectively lead others, your high potential employees need to enhance their interpersonal skills, especially:
Communication
High potentials will be required to work both independently and in team settings. They must be able to communicate without misunderstandings or easily get frustrated, as well as know when to speak and when to listen.
Accountability management
High potentials are some of the most accountable employees. As their responsibilities expand over time, it is imperative to train them to manage their accountabilities effectively. Training also ensures HIPOs are not drowning in tasks beyond their capabilities.
Receptiveness to feedback
Timely feedback and an effective coaching method can turn a challenge into an opportunity. Not only will your HIPOs receive feedback and coaching to improve, but they will also give feedback and coach others in the future.
Ability to handle difficult conversations
There are countless instances where it is difficult to talk to someone about a sensitive subject. It is an entirely new skill set that your HIPOs need to be trained in, in order to handle this situation when the time comes.
Ability to assess others
High potentials need to understand that not everyone will be as productive as they are. Sometimes, issues beyond their control can positively or negatively influence outcomes. HIPOs need to be trained to objectively assess others based on facts, not just on end results.
Ability to empower others
Your high potentials will eventually become leaders and lead others. Thus, it is absolutely necessary for them to understand the detrimental effects of micromanaging, devaluing their subordinates, or failing to enhance their members’ strengths. They need to know the proper way to support, empower, and inspire their team.
Ensure the success of the development programs for high potential employees with a trusted solution
Kick-starting your development program the right way by accurately identifying the high potentials who need to participate in these training sessions.
360-degree feedback is considered to be one of the most useful tools in measuring the potential factor of an employee.
This multi-rater feedback survey collects information regarding an individual from a variety of sources. The results are then analysed to provide the managers with a more well-rounded picture of who the candidate actually is and what he or she is capable of doing.
Read more: A comprehensive guide to 360-degree feedback
The GR8 360o solution provided by TRG Talent allows you to effectively identify the right talent and their leadership development needs.
The main reason the 360-degree feedback system is highly recommended is its ability to measure observable behaviours. The extensive assessment dimensions in GR8 360o allow you to measure almost every possible aspect to determine if an individual is capable of becoming a future leader.
A few dimensions that the GR8 360o tool measures include:
- Communication: assesses active listening, information analysis, and straightforward communication.
- Leadership: assesses integrity, guidance, and task delegation.
- Performance: assesses problem-solving and goal orientation.
- Coaching: assesses talent development, team motivation.
- Responsibility: assesses courage, responsibility and empowerment, risk prevention, and performance management.
- Engagement: assesses vision, empathy, and succession planning.
Plus many more dimensions for you to choose from. You also have the liberty to create your own questionnaire that fits with your company culture, values as well as specific needs.
What are your concerns? Talk to us directly by requesting a free demo now!
