Nurturing the rising stars of the company is practically a very tough task. And every company must have to design some program to retain top talent (best employees) in today’s competitive scenario, as they are the one who brings impact on business results.
Why do companies so often end up with a shortfall in their talent pipeline? Let’s discuss the bottom line of some research:
No doubt, every company needs people who are enthusiastic about the company. But if your budding star performers are among:
This happens because of the outsized expectations of the employees and lots of alternatives available for them in the market. Precisely star employees set a high bar for their organizations because they work harder and often better than their peers. In return, they expect their organizations to treat them well, by providing them with stimulating work, recognition, career growth.
Senior management must use some tactics to keep their talent engaged. For this, the management needs to take the temperature of these valuable employees very often because the retaining talent is especially challenging when multinationals companies are paying careful attention to their satisfaction.
The “high potential” designation is often used, as a reward for an employee’s contribution in a current role. But many times senior management overlooks future results of employees. It’s true that majority of not many low performers have high potential. But it’s wrong to assume that most high performers do.
So, it is better for companies when they try to retain employees who are able, engaging and aspired. What are the attributes that best defines rising stars? Our analysis pinpoints three that matter: ability, engagement, and aspiration.
Senior management must not delegate talent management to line leaders. The reason behind this is these employees are a long-term corporate asset and must be managed accordingly. Sometimes, talented employees can also be hoarded by line managers—collected and protected and certainly not shared.
Researchers indicate that under normal circumstances, high potentials put in 20% more effort than other employees in the same roles. Reward employees in line with his or her contributions.
High potentials are acutely aware of the health of the firm. The company must share their future strategies on a privileged basis with their young leaders and emphasize their role in making that future real.