Accurately Identifying Potential and Turning it into Performance
Organizations are facing a number of issues that require them to fast track their Talent Management Strategy and Programs. Firstly, the statistics relating to organizations accurately identifying the Talent with ‘Potential’ as opposed to just being a today’s ‘High Performers’ is proving to be fraught with risks.
Only 1 in 7 current High Performers actually have High Potential
Up to 30% of executives on Talent Programs were incorrectly assessed as High Potentials
Source: Corporate Executive Board
In addition, 20% of the current workforce will be eligible for retirement by 2020 so it becomes even more imperative to correctly identify, develop and nurture your High Potentials as part of an organization’s Talent Management Strategy and Succession Planning Strategy.
So the pressure is really on organizations to develop effective Talent Management Strategies due to:
- the Boomers retiring, Succession Planning is now urgent
- there is increased competition to attract, develop and retain the best Talent from the smaller Talent Pool
- low historical accuracy in identifying High Potentials
- high risk of losing actual High Potentials but who weren’t accurately identified as such
- a poor ROI on Talent Management Program investment with up to 30% wasted due to inaccurate selection of High Potentials
Factor in today’s rapidly changing business environment is it any wonder we need Talent with the Adaptability to manage change and the Cognitive Agility to handle the speed of change.
Therefore the future leaders need to have Adaptive Expertise – the adaptability, strategic thinking, disruptive thinking, social leadership, innovative thinking as opposed to Routine Expertise – the ability to communicate one’s knowledge, and the ability to reason using previously learned experience or procedures.
However, the Talent Dilemma has several components to optimize success:
- take the ‘guesswork’ out of accurately identifying who is a High Potential
- minimizing the ‘flight risk’ of executives who are incorrectly assessed as not being of High Potential
- maximum ROI on Talent Programs by developing the optimal executives for the Program
- implement Talent Development Programs which enhance Adaptability and Cognitive Agility capability – See ‘Our Solution’ page
“The right hemisphere is particularly adept at processing novel information and the left hemisphere is particularly adept at processing routine, familiar information.”
Source: Professor Elkhonon Goldberg, Clinical Professor of Neurology, New York University School of Medicine