Everyone at your company is valuable in a different way, and each person is an important factor in the company’s success. With that said, there are certain individuals whose talents are particularly suited to executive leadership and innovator roles. These people are your rising stars, and a stellar high-potential employee assessment and HiPo program can help them achieve full potential. With genuinely talented leaders and competent executives at the helm, your company stands a much better chance of long-term prosperity.
The first step in creating a successful high-potential employee program is understanding what high-potential employees are and why it is so important to develop them.
In their Harvard Business Review article, “Are You a High Potential”, Douglas A. Ready, Jay A. Conger and Linda A. Hill describe HiPos as possessing the following characteristics:
This combination of traits makes HiPos ideal candidates to guide your company into the future. But it also means they need the right guidance and training to keep their vision and goals reconciled with those of your business. Left to their own devices, they can easily get derailed and go rogue. The master trainers at Turnkey Coaching & Development Solutions understand the psychology of HiPos. We can help you build an effective high potential leadership program that strategically grooms them to steer your company to long-term success.
According to an international survey by the Corporate Leadership Council, approximately 75 percent of companies are concerned about staffing leadership positions in the future, with almost two-thirds of all companies identifying themselves as ineffective at identifying potential leaders. Does the use of high potential employee development programs make a difference? A Hewitt Associates study of large companies in the United States shows that the answer is yes. When companies deliberately identify and train HiPos, their total shareholder return (TSR) goes up, sometimes dramatically. TSR continues to increase when companies track the progress of their high-potential employees, performing regularly in the 75th percentile. Not surprisingly, HiPo employees who've been properly identified and trained tend to be promoted more quickly than other employees. Whether this is a result of excellent selection at the identification stage or on-target training and development programs is moot. Whether nature or nurture lies behind their success, the value of HiPo development programs is apparent.
Our high potential employee assessment and HiPo development programs are nothing like the run-of-the-mill leadership programs you've likely sent your employees to before. We do not host one-day or one-week events where your company leaders mingle with executives from other firms and listen to so-called "trainers" rehash the same hackneyed leadership clichés that, by now, are probably seared into your brain.
Instead, we evaluate your company and its specific needs; then, we build a program from the ground up to meet them. We customize every program using high potential employee development best practices, including:
Your hi potential employees get the opportunity to work with master trainers who specialize in developing high-potential employees. They have helped many businesses get the most out of their workforce and create seamless transitions between generations of leaders. Our master trainers HiPo program experts put their knowledge, experience and vast resources to work for your business.
When you can use a high-potential program to target these employees, this results in satisfied individuals who are more likely to stay with the company over the long-term. Of the current crop of millennial workers, who made up 53.5 percent of the labor force in 2015 according to U.S. Census Bureau data, 91 percent said they plan to stay at their current job fewer than just three years. With such high turnover rates, it’s vital that companies first identify talented individuals and then invest in HiPo leadership programs to combat attrition. When a company is able to engage in accurate high-potential employee development programs, they benefit from:
Systematic high-potential employee identification also erases the perception from other employees that high-potential employees programs are not applied consistently, or that only a few employees are targeted for HiPo programs. To ensure high-potential programs are applied consistently and that appropriate participants are identified from all levels and departments, companies can engage in the following steps:
Traditional day or week-long high potential employee development programs might seem like an easy way to develop your high-potential employees — after all, that's what other companies are doing, right? — but think about how many such programs you've attended in your career. Then ask yourself, "Am I really a better leader because I attended a few formulaic leadership conferences?"
If you want real results, you need a customized HiPo employee development program custom-built just for your company and with high potential development programs best practices. That's what our master trainers and certified coaches at Turnkey Coaching & Development Solutions have to offer. Typically, we work with both large and small groups of high potential employees to create a comprehensive training and HiPo development program crafted around your goals that prime your business for success.
What kind of background do your master trainers have?
Many of our master trainers have 10+ years corporate experience, thousands of hours of executive coaching, and have served as corporate executives themselves or had Fortune 500 companies as clients. In addition, many of them hold advanced degrees such as MBAs and Ph.Ds.
What kinds of results can my company expect?
The goal of our high potential employee assessment and development training programs is to first establish the results you hope to achieve and then design our program to offer the best chance of seeing those results. Perhaps your organization seeks to reduce turnover, or improve innovation, or perhaps your executives are within retiring age and you want to ensure a ready-now bench of competent leaders. We can design a high potential employee development program to address these needs and more. In fact, many of our clients have reported increased productivity, better organizational strength, cost reductions, higher bottom-line productivity and many other positive results.
How much does a high-potential employee development program cost?
Because we custom design each program based on the client's individual needs, it is impossible to quote an exact cost up front. What we can tell you is this: We offer a variety of participation levels that let you choose the intensity and duration of the high potential development program based on your budget and the time your organization has available to invest.
Studies have shown that companies who choose to invest in their people — particularly their HiPo employees — do better, both in the short term and in the long term. High-potential individuals who receive training are much more likely to stick with their employers and tend to feel more inspired when new challenges arise. In turn, they inspire their peers and the staff members they’re entrusted with. In conclusion, when you choose a tailor-made HiPo development program and apply it to the right individuals, your initial investment rapidly pays for itself.
help them achieve career success and improve your business prospects with a custom-developed high-potential development program from Turnkey Coaching & Development Solutions. Call us today at 281-469-4244 for a complimentary OD / Leadership Development Consultation.