There is a war of talent in the market, Demand has increased for a skilled talent but across the globe the skilled talents have shortage in the market. Every organization is fighting to hire potential talents from market. "One company hires and other pays the competitive offer to buy the talents"
An extensive new Korn Ferry report finds that by 2030, more than 85 million jobs could go unfilled because there aren’t enough skilled people to take them. The $8.5 Trillion Talent Shortage
Identifying high-potential talent
Identifying high potential employees is one of the biggest challenges for organizations. It’s also important to remember that not all high performers have high potential.
Internal vs External: If an organization is looking for high potential talent, the first step is to look at internal employees who could be potential enough to be trained and groomed in months or years, however hiring from the market is the second option if business looking for someone immediate or if they don’t find caliber internally. High-potential employees are a valuable asset to every company. They are not only productive workforce also encourage those around them to do better.
They always have a goal and make an impact on the team and business.
They create a valuable ecosystem.
Characteristics of HIPO :
The characteristics of a high potential employee (sometimes referred to as HiPos) are likely to vary between organization’s. They have the potential, ability and aspiration to be successful in leadership positions. Typically, HIPOs excel in their current roles and have a hunger for more. As per Thomas.co, talent assessment brings out the following characteristics.
- Talented in their job role.
- keen to pursue leadership opportunities.
- On board with company culture
- Empathetic and emotionally intelligent
- Calm under pressure.
- Collaborative workers who perform well in groups
- Able to use their initiative and work autonomously.
- Trusted and respected by their colleagues.
- Open about their personal career goals.
- Happy to receive feedback and adjust their performance accordingly.
- Willing to take on responsibilities outside of their job description.
- Motivated to develop new skills
- Interested in the future success of the company
According to a Harward Business survey, the following facts are revealed:
For the past 15 to 20 years, Harward has studied programs for high potential leaders. A recent survey with 45 companies worldwide about how they identify and develop these potential employees. Interviewed HR executives at a dozen of those companies to gain insights about the experience they provide for high potentials & about the criteria of getting on and staying on the list. They guided input from HR leaders, they met & interviewed managers designated as rising stars.
Half of survey respondents said their top teams spend less than 10% of their time developing high-potential leaders.
As per the research, high potential exists whether or not companies acknowledge them and whether the process for developing them is formal or informal. Of the companies studied, 98% reported that they purposefully identify high. Developing the people they think will lead their organization into the future.
93% of survey respondents said that high-potential employees get promoted faster than other employees do. Self-fulfilling prophecy or great selection?
Source : Are You a High Potential? (hbr.org)
Some of the resources: high-potential employees
The Care and Feeding of High-Potential Employees | Blog.SHRM.org
Are You a High Potential? (hbr.org)
