What are any organization’s most crucial and valued assets? The most precious asset in every organisation, aside from the services it offers or the products it manufactures or distributes, is, of course, its people.
The talent that an organisation is able to attract will determine the speed at which it can function, the happiness of its customers and stakeholders, and, ultimately, the main differentiators between success and failure within teams, departments, and the organisation as a whole.
With this in mind, we can hold on to and enjoy the things we enjoy in our life for considerably longer by taking care of them and investing time and attention in them.
The same concepts, unsurprisingly, apply to the people in your organisation. Finding quality, highly-skilled individuals who offer the right blend of knowledge, aptitude, and behaviours that align with your organization’s values is difficult at any time, but as most HR professionals will attest, finding quality, highly-skilled individuals who offer the right blend of knowledge, aptitude, and behaviours that align with your organization’s values is even more difficult.
According to a recent analysis, the Coronavirus problem hasn’t made CEOs and HR professionals any less concerned about skills shortages, with four-fifths actively concerned about how this could affect their hiring plans, up from half in 2012.
But, if we, as HR professionals, recognise how difficult it is to recruit talent, what call to action do we need to make in the aftermath of the ongoing Coronavirus pandemic? Our talent management strategies, the richness of what they encompass, and how we now step up to deliver on our organisational pledges to retain and develop the future leaders of our company are the answers.
Talent Management For Difficult Times
At its foundation, talent management is a plan for an organisation to identify and anticipate its future prospective demands. Even the most qualified and seasoned hire will have room for advancement. When we consider that each organisation is fundamentally different, with its own set of subtleties, possibilities, and problems to overcome, it becomes clear that talent development in the context of each organisation is critical.
There’s no denying that the globe is in turmoil, with the worldwide epidemic leaving a wake of firm closures, restructures, and unavoidable mergers and acquisitions. Even for organisations that are reorganising in response to financial challenges caused by Covid-19, Talent Management must remain a significant strategic priority.
Business unpredictability, on the other hand, necessitates a new sort of talent management, one that can cope with the demands of stretched supply chains, operational issues, and shrinking resource availability. For challenging times, talent management must match the challenges of uncertain settings and an unclear way ahead.
Who Are Your Favorite Stars?
Who are the brightest lights in your company? The objective of Talent Management is to find, develop, and deploy the most valuable personnel. While there are many varying interpretations of what talent is, in HR terms, it often refers to those employees who will have a substantial impact on organisational success by contributing now with the abilities they already have. Or in the future, given their potential.
Candidates, by their very nature, commit to doing their best to guarantee that their skills, talents, and distinctive characteristics stand out to potential employers in the talent acquisition process. Any candidate’s major goal is to highlight what makes them special, what abilities they have that can make a significant impact, and areas of their capability demonstrated in prior similar situations.
The distinction between a star candidate and a star employee, on the other hand, is significantly more complex. After a person has been employed and the probationary time has passed, it’s all too common for candidates who appeared to have the potential to be great employees to fade away completely. These people often supply the internal human capital infrastructure that allows businesses to function, but they may not be able to solve future leadership problems.
People managers and HR can use talent management as an active process to identify individuals who show not only strong capability in their current role, but also the necessary key behaviours, aptitude, and tenacity to suggest they have the ability to take on larger or more complex roles in the future. These individuals are typically classified not only as top performers but also as high potential leaders and stars.
What exactly is a HiPo?
Employees with high potential are likely to be the most valuable assets in your company. Due to their ability, involvement, and application of their talents, combined with current experience as part of their work, these remarkable individuals are simple to notice by management. HiPos are employees who are identified by management to Human Resources as those to watch and who are most likely to become substantial contributors to the organisation in the future.
Employees with high potential frequently show a better ability to advance in their professions than their counterparts, attaining greater degrees of accomplishment. These people frequently show a desire for senior positions in their careers, as well as ambition, perseverance, and intentions to advance as rapidly as feasible.
Others that are classified as HiPo usually have higher levels of inherent skill than those around them. As a result, high potentials pose a risk because they recognise their own talent and appeal to employers, putting them in a position of strength that might lead to them leaving employment soon if they don’t feel valued, developed, or engaged in.
The benefit of identifying high-potential employees, on the other hand, is enormous. When examining output and organisational results, they frequently discover that the highest-performing few deliver the best overall set of results. The benefits of identifying high potentials for an organisation are clear: not only are their skills and abilities there to be harnessed for optimum results, but they are also future leaders to be groomed.
What Does a HiPo Appear Like?
Knowing what a HiPo looks like is a smart place to start if your company has yet to establish a plan for identifying high potential and talent managing them to maximum benefit.
#1: Go for it!
High-potential individuals are motivated to accomplish – For high-potentials, high performance isn’t always enough; they’re inspired and driven by the fact that good isn’t always enough. These people understand what it takes to advance in their jobs and careers and will work hard to attain it.
These people have a lot of ability and constantly show up in their roles with a lot of expertise and good results. Their qualities, as well as their day-to-day performance, are obvious as being ones that will convert effectively to more senior roles.
#3: Desirable Characteristics
HiPos are known for exhibiting the types of behaviours that managers and HR professionals find desirable. A cooperative working style, a strong capacity for learning and adopting new abilities, and high levels of emotional intelligence are just a few examples. These folks frequently possess strong social skills and the ability to adapt to a variety of personality types and styles. All of this points to the possibility of leadership, which necessitates the capacity to effectively adapt to various people and types.
#4: Staying Calm in a Tense Situation
HiPo’s may feel overwhelmed by the problems that a scenario presents, but any underlying stress is rarely obvious from the outside. Those who have a high proclivity towards HiPo are sometimes described as being unflappable. They can adjust, pivot, and perform in even the most stressful of situations, indicating a strong inner compass and flexibility.
#5: A desire to be in charge
High-potential individuals have a strong desire to lead, which they extend to both themselves and those around them. Opportunities to lead smaller teams, where HiPos frequently demonstrate strategic thinking to adapt to difficulties and opportunities as they arise, are an early indicator of leadership skills.
In these difficult economic circumstances, the call to action for talent management is clear: recognise individuals who stand out as top achievers and invest in their growth. The value that high-potential, high-performing workers may provide to a company is immeasurable.
The effective use of HR software, such as RisePath HRTeam, is a vital contributor to an organization’s success in discovering talent. Risepath HRTeams‘s Performance Management module may help you figure out who your future innovators are, who your top performers are, and what influence they have.
Finally, it’s important to remember that talent management exists to assist the organisation in achieving its goals while also providing tremendous benefits to individuals.