In this article we will explore how you can manage talent effectively based on our experience and leading edge thinking.
Here are 5 key tips on how to manage and optimise talent within your business:
1. Use a measure of Current Performance to create your first ‘shortlist’:
Although Potential should be the defining measure for your High Potentials (HiPos) we should not forget the lessons already learnt. You’ll need to identify people already demonstrating certain abilities / competencies based on current performance to meet your future needs . You don’t need ‘geniuses’ and please, no need for an IQ test in this day and age! Instead consider what they’ve achieved educationally, work achievements to date and general ability to process and problem solve. Do you have reliable performance management ratings? Performing well in a current role should be factored in. Also, does this person share your company’s core values and do they have essential leadership competencies such as team leadership and an ability to collaborate and influence?
2. Assess for Potential:
Many companies have “high performer” programmes, full of people who have done well in the past. This is no assurance that they have the potential to assume more senior roles and will do well and thrive in what is likely to be Volatile, Uncertain, Complex and Ambiguous (VUCA) conditions. For example, at Opes we measure three factors to assess an individual’s Potential including motivation, reputation and key underlying capabilities such as learning agility, determination and resilience. Using our team of Business Psychologists to conduct a deep dive on these factors we provide a reliable and comprehensive profile of Potential that can be combined with current performance measures to help you identify your top group moving forward.
3. Develop your High Potentials:
Identification to top talent is only a first step. Transforming Potential into “Readiness for appointment” to a key role will require a structured personal development programme. In our experience this should go beyond theoretical learning and include real challenge such as stretch assignments and support such as coaching and/ or mentoring. Change takes time, which is why our programmes will last for at least 12- 24 months
4. Involve your Board:
Managing the risk around talent management is a key board responsibility and of major interest to shareholders. Involving the Board can include activities such as routine talent reviews and these can be supported by providing your top talent with exposure through the assignments, presentations or special projects. This provides invaluable experience for your High Potentials and enables your Board to deepen their understanding of the leadership talent pipeline.
5. Share top talent:
Motivate unit leaders to share their High Potentials with other units. This experience will fast track their ability to move to “Ready Now” for appointment. It will allow them to gain broader exposure to your company’s operations and see how the organization’s parts collaborate to execute strategy. Cross functional assignments also provide opportunities to master new business challenges, such as managing a turnaround or launching a product in a new market. These assignments also enable rising stars to broaden their influence and network within the business.
Opes provides a blend of assessment, coaching and powerful organisational change programmes throughout the UK and Ireland. Get in touch today for a confidential consultation