How To Keep Your Potential Talent
Companies need to take essential steps in order to keep the people they believe may become their future leaders. Potential employees are attracted to companies that are known for providing strong development opportunities. At times, the chosen ones don’t stick around for a long time or don’t live up to expectations and then it becomes important to identify potential talent and give your best to keep them with you. To retain your potential candidates one needs to have clear strategic priorities, candidates must be carefully selected and groomed time and again. One’s culture and strategies determine the effective program for the same.
Following are certain steps which can help you retain your potential candidate:
1) Align Development to Strategy
To attract and retain high potential, an organization needs to have set goals and targets and also the program that it follows must be aligned with company’s strategy.
Organizations need to reexamine their strategies from time to time; this flexibility will further help them make most of the programs. Setting rigid goals about the kind of potential you need for your organization might not turn out to be very beneficial.
Not just HR but senior management team must also be involved in the whole process of talent management and development or else the process may doom.
2) Select with Care
Choosing candidates is an extremely important part of the process. One wrong decision might turn out to be costly. It not just leads to waste of time and energy but also deteriorates employee morale and credibility of the whole program. Due to poor assessment strong and potential candidates are excluded which might turn out to be extremely expensive and therefore it is important to select candidates with care.
3) Identifying promising candidates
Nomination by the employee’s supervisor or via the annual appraisal process marks the beginning of the selection process. Managers can put forward or nominate candidates from their as well as other departments too.
Supplementing appraisals with a subjective view of candidates—like a recommendation by the supervisor’s is therefore recommended.
After having segregated the first cut of candidates, developing reliable assessments of their potential should be the next step. Varied forms of tests such as behavioral and references interviews can be used to carry out the same. Along with internal appraisals, external help too can be taken as it reduces the element of bias and offers a set of benchmarks. Thus, allowing the organizations to compare their talent with the candidates present outside.
Thus the processes as well as the people conducting the assessment both are equally important.
4) Communicating wisely
If your message could not communicate what it was meant to, then it’s a waste. It is necessary to communicate about potential talent employees’ current status wisely and clearly. Appropriate and timely communication leads to improved productivity and enhanced retention. Transparency must be practiced, let people know when they are high potential and when they are not. This helps you remain fair to all your employees and helps employees work towards developing their skills.
5) Rewards and incentives
Classifying high potential talent is a reward in itself. Financial incentives must not be excessive as compensation is just one part of the whole strategy but needs to be properly aligned with firm’s objectives. Internal and external incentives go hand in hand. With need for money comes need for recognition and achievement. Companies must pay candidates well to attract and retain them, without over doing the same. High Potentials are your most vital assets for future and therefore rewards and incentives are a must.