According to Berglas, high-potential employees account for 20% of employees and produce 80% of a company's profits.
Identifying and developing high-potential employees within an organisation is therefore of crucial importance. High potentials are individuals who have the potential to become future leaders or to make a significant contribution to the success of the business.
Certain characteristics are common to high potentials, such as their drive, motivation, ability to learn quickly and adaptability.
Companies can use different methods to identify high potentials, such as performance reviews, appraisals and interviews.
It is essential to develop high potentials through training, mentoring and coaching programmes. Investing in the development of high potentials has a positive impact on employee engagement and retention, as well as on overall business performance.
High-potential employees have a unique set of characteristics, including the ability to learn and adapt quickly, the drive to achieve excellence, the willingness to take on new challenges and the ability to influence others.
Strategies for identifying high-potential employees include talent assessment, looking for models of success and growth, and gathering feedback from managers and colleagues. Once high-potential employees have been identified, they should be offered stretch assignments, coaching and mentoring, and put in touch with senior managers to help them develop their skills and prepare them to take on leadership roles.
Here are some employee retention strategies that companies can use:
Creating a positive working environment
Offer competitive compensation and benefits
Offer opportunities for professional growth and development
Offer flexible working conditions
Recognising and rewarding employees for their contributions
Offer clear career paths and opportunities for advancement
Encouraging open communication and feedback
Giving priority to work-life balance and employee well-being
Build a strong corporate culture
Offer benefits and incentives that match employees' values and interests
We need to understand what motivates each employee and tailor retention strategies accordingly.
Traditional approaches to talent acquisition and retention may no longer be effective in today's labour market, and companies need to be more strategic and creative in their efforts to find and retain high potentials. Companies need to focus on building a strong employer brand, cultivating a diverse and inclusive workplace, offering competitive compensation and benefits, and leveraging technology to improve the hiring process. They need to consider non-traditional talent pools, such as remote workers, freelancers and gig workers, to access a wider range of skills and expertise.
This strategy focused on attracting and retaining high potentials does, however, involve potential risks and challenges associated with managing high-potential employees, such as burnout and the possibility of creating resentment among other employees.