As businesses the world over deal with the current pace of change and resulting uncertainty, the most pressing HR challenge they face is “Talent” Shortage
“At the end of the day, the company with the best team, the best people will win in the long run.” (GE)
There is no debating the fact that as businesses the world over deal with the current pace of change and resulting uncertainty, the most pressing HR challenge they face is ONE – “Talent” Shortage. It is important to note that “Talent” here is referred to not just in terms of manpower or human resources but more so in the context of:
· The right people, in the right roles
· The right people, enabled and engaged right
· Those employees who display a high degree of capability to take on and succeed in higher/leadership roles aka High Potentials (HiPos)
Research conducted by Right Management reveals that some of the biggest challenges today are around engagement and enablement of top talent:
· 50% of organizations the world over find it more difficult to retain top talent
· 47% of organizations face issues with regard to accelerating leadership development
· 44% of organizations find it difficult to engaging and motivating top talent
This research also highlighted that these challenges are more pronounced in Asia-Pacific as a function of the region’s growth. Clearly, few, if any would dispute that the shortage of skilled talent is real and the disparity between supply and demand will only become greater over time. It is in this scenario that we need to enable and engage the special minority of the workforce (HiPo’s) optimally as they may have what it takes to drive and sustain a significant percentage of business success. While this presents a clear opportunity for businesses, it also places considerable strain on them to ensure that they are able to not only identify and develop High Potentials but more so ensure that they are able to optimally nurture and engage them to ensure High Performance.
When organizations strive for 100% ‘talent’-organization alignment, this is when they can truly focus on impacting this section of the workforce to be optimized fully. Not only does this super charge workforce productivity but it also impacts business sustenance in the long run by way of having a solid talent pipeline in place.
So what are the secret ingredients that drive and sustain multi-dimensional engagement for HiPo’s to ensure that they perform to their truest potential...? The answer lies in a constantly evolving balance between what their role/job offers and what the organization offers – the engagement paradigm that we at Right Management swear by! HiPos need stimulating work, a differentiated experience of how they are recognized, the right guidance, involvement and the chance to grow. If not, the immediate fall out of course is to risk them becoming disengaged and not performing at their truest potential. The larger and longer term impact is also on their career aspirations and organizational alignment and retention.
First off, HiPo’s need both - roots and wings. Roots, in the form of the right roles where their potential can be optimally used and Wings, in the form of positions where new capabilities can—or must—be acquired. Towards this, assessing HiPo’s objectively for ability and aspiration both ensures the right role fitment and correct mapping of the way their careers unfold and progress. When it comes to R&R, what goes a long way is creating a differentiated experience by way of presenting further opportunities to allow their potential to unfold fully and then rewarding the same by paying for performance.
Next in line is the right kind of guidance and supervision. It’s a delicate balance to strike, for managers who manage HiPo employees, between managing them closely vs. backing off at the right time to let their true capabilities emerge as HiPo’s test their limits – a trait which comes naturally to HiPo’s and only fuels the drive more. Research conducted by American Management Association also highlights that about 66% of organizations believe that ‘managing performance of direct reports’ is a highly critical component of a leader’s/manager’s role.
Last but not the least, make them feel Involved! In everything, right from strategic planning to how they would like to contribute more in their immediate roles. One can never involve a HiPo enough, their drive to excel only opens up more and more avenues where they can make meaningful contributions.
The bottom line is, HiPos are a special lot, and deserve to be enabled and engaged differently to help them make an even larger and more meaningful impact…!
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