Developing High Potential Employees
What makes an employee high potential? Educational background? Technical expertise? Top productivity? The answer is one that continues to elude many managers and organizations, leading to constant turnover, high training costs, and poor performance. Defining “high potential” then, may well be the first step toward developing the employees most likely to succeed within your organization.
High potential tends to mean different things for different organizations, but research suggests it refers to the top three to five percent of a company’s personnel who both a) consistently outperform their peers across a multitude of metrics and b) most exemplify the organization’s values and culture. Viewed from within a competency framework, this means a high potential employee is one who best fulfills the core and job-family competencies set by your organization.
So how do you find and develop high-potential employees in a cost-effective and efficient manner? You use an integrated competency framework to build role profiles and then create assessments that compare internal and external candidates against those profiles. This directly addresses two top talent shortage problems: lack of technical competencies and lack of workplace competencies, two areas that together make up more than half of the reasons companies say they can’t fill jobs.
Such an approach also is especially helpful when searching for internal talent to fit an open position – an elusive match that often appears downright impossible. Competency-based job profiles help to improve both retention and performance and to reduce hiring costs by ensuring you are hiring from the start the correct people for each position. An integrated talent management system like this also can increase profitability and shareholder returns by as much as 22% according to some studies.
As you can see, it’s easy for your company to move beyond the 54% of organizations that say they can’t adequately fill customer’s needs because of a lack of qualified talent. It is simply a matter of starting with competencies first, and then finding the employees and candidates who are the best fit. With an integrated competency framework, your organization can do exactly that – inexpensively, effectively, and quickly.
Retaining Talented Employees via an Integrated Competency Framework
Employee retention is one of the largest problems facing companies today. Every organization has its own way of handling the issue, from competitive compensation packages and flexible schedules to interior promotions and regular evaluations. Goals like improved retention, however, are always easiest to meet once they are clearly stated. What does “improved” employee retention look […]
Addressing Skill Shortages
We have all heard the old adage, “You’re only as strong as your weakest link.” This is particularly true in business. If we want a strong, efficient, and productive company, we must ensure we have strong, efficient, and productive people, but how do we do that? An integrated competency framework can help. Competency models enable […]
Two Things You Don’t Know about 360-Degree Feedback and Should
Multi-source, or 360-degree, reviews are quickly becoming one of the most frequently utilized forms of assessments in companies. It’s surprising then that so few businesses truly understand the two most important things about them. 1) Despite the manner in which many companies use it, individual improvement is not the primary advantage of 360-degree feedback. While […]