All organizations carry within them untapped leadership potential- employees whose potential is far more than they are at present doing. However, most businesses do not identify and develop this potential and they end up losing productivity, turnover and not achieving organic growth.
What distinguished the industry leaders and their rivals is the ability to detect the potential leaders and invest in them. Companies that get it are able to produce sustainable leadership pipeline at the same time increasing employee engagement and retention rates that directly translate to the bottom line.
The conventional performance management systems tend to fail in the areas of identifying future leaders. An employee may also be the best in his present line of work and yet lack the traits required in achieving leadership success. On the other hand, a person who is average in the job they are doing at the present may have a colossal potential of becoming a leader. This disengagement implicates that it requires organisations to look beyond annual performance appraisal.
Identification of employees should involve evaluation of various aspects of employee competencies. The ability to learn at agile pace, or to fast learn and implement the new knowledge in other scenarios, is the difference between people who can and cannot adjust to changing business environments. Other key indicators to look at are the communication skills, integrity and intrinsic motivation to help the organization achieve success.
Strategic Emerging Talent Development
Having identified the employees with high potential, the second important step to be taken by the organizations is to put in place planned development tracks. This demands the abandonment of the one-size-fits-all forms of training and development plans to develop individualized development plans that would recognize the strengths and growth areas of every person. Mentoring by the top leadership is especially dynamic, because they get the new leaders institutional wisdom, advice on dealing with the organizational politics, and modeling of what good leaders should do.
The cross- functional project assignment provide invaluable learning experience since it opens up the high potential employees to various departments, business models, and problem solving strategies. Stretch assignments – assignments that are a bit above an employee skill level – develop confidence and competence at the same time. Talent development leadership programs that are specifically designed to develop high potential talent assist in developing important skills in strategic thinking, team building, and change management.
Developing a Culture of Recognition and Growth
Companies need to understand that there are high-potential employees who should not be considered only because of their present contribution to the organization but also because of their dedication to growth and development. The value of development is nurtured in an organization by making the entire organization recognize learning achievements, project successes and the portrayed leadership behaviors. The strategy is also an indication to the other employees that they can progress by showing the potential and desire to develop.
One of the impactful investments that an organization can make is to identify and develop high potential employees. By going beyond the outdated performance measurement, the design of individual development tracks, and the culture of acknowledging and compensating growth, companies open a wealth of value. The outcome is a pipeline of competent leaders who are willing to become change agents, leader their teams through change, and establish long-term organizational success. This internal leadership development commitment in the current competitive world is not a choice, but it is a strategic necessity.
