Ten Steps to Retain High Potential Employees
Every company wants to capitalize on their high-potential employees to ensure the greatest amount of success, though sometimes their corporate culture sabotages their goal.
However there are 10 simplistic ways to help maximize high potential employees.
1) Tell Them They Are Special
It is human nature that employees want to be praised for a job well done. This is especially critical for high-potential employees. In a Center for Creative Leadership survey, only 40% of employers formally tell high-potentials their status. Companies that fail to acknowledge their employees pay a steep price with a higher turnover rate with this crucial demographic.
2) Align Individual and Company Needs
Top talent not only appreciates but wants to be directly involved in planning their development. This group does not like to be dictated to. The planning process should be a dialogue where both sides wants and needs are balanced appropriately.
3) Give Real Responsibility
High-potentials thrive the most when they are truly held accountable for something that is a significant assignment under their control.
4) Show Flexibility
Companies need to be flexible in offering creative solutions that respect lifestyle needs and while still providing the opportunity for advancement. An inflexible assignment, especially relocation with young children and a working spouse, can create serious problems and become a morale buster.
5)Utilize Strong Mentors
Mentors can go a long way in the success of a high-potential employee, who want access to people in the hierarchy. Also, substantive exposure to top decision-makers and not just ‘face time’ is essential in the development of high-potential employees.
6) Develop Leaders
High-potentials are aware of current workforce trends and therefore what they want and need from a development program. Companies should consider what their high-potentials are saying.
7) Use a Systems Approach
This approach does not require a costly and/or sophisticated software. The process for creating criteria, evaluating performance and analyzing administrative compliance should be provided.
8) Use a Transparency Test
Employee morale decreases when the selection process is viewed as unfair or has a built in favoritism component. Make sure your policy is open and upfront to avoid any misconceptions.
9) Get Buy-In From The Top
Initiatives like this are set-up for failure without the direct buy-in from the company’s top leaders.
10) Only Offer What Is Possible
Always weigh carefully whether or not your company can truly afford to pay the total rewards that high-potentials like to receive.
