Talent pool management builds future leaders and motivates the entire organization to aspire big.
Organizations across the globe strive to identify and manage talent. These are highly capable, intelligent, and quick learning resources that we are talking about. A hike in salary package, grade, or designation may not keep them motivated for long.
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More About Talent Pool Management
What does it take to manage high potentials?
Talent Pool Management is the process of identifying, managing and retaining top talents for a company. The main goal of TPM is to retain high performing talent who are quick learners, great team players and who fit into the organization's culture. Talent pool management is used to find internal candidates for open positions in your company. The goal is to hire individuals who match the job profile well and do so quickly. This method typically has higher conversion rates since it reduces the number of resumes sent out into the marketplace.
What are the benefits of talent pools?
The talent pool is essential for two reasons: 1) to build a strong team that can execute efficiently and 2) to attract great talent. If you don't have a talent pool and hire external people, they will cost you much more money. And hiring people from outside often leads to failed projects because you do not understand what they are doing and cannot control them. Having a solid internal team is crucial because when things go wrong, you want to be able to turn around quickly and fix mistakes. So having a talent pool means you can find the best person who matches your needs and then train them up while keeping them motivated. This saves you the time and energy of recruiting new hires who might not work out.
High potentials definition
High potentials (hipots) are the human resources that can grow into leadership roles quickly. This includes those who exhibit desired competencies, drive, ambition, ability to work well with others, and exceptional communication skills. Every organization have to define the DNA of its ideal hipots because what works for one organization may not work for others. Subsequently, the identification and development of hipots will be based on this DNA.
What is the HR process for identifying high potentials?
The human resources process starts when the company realizes they have talent in its organization. This occurs when someone has shown exceptional performance or lack of business results, causing the company to reevaluate how well the current team members perform. When the company knows they need additional help, it is necessary to identify who those candidates are. Once these candidates are shortlisted, the next step is to conduct a formal interview with them so that the company can determine whether or not they're a fit for the role.
High Potentials vs High Performers
High potentials are employees who have demonstrated the ability to quickly learn and grow two or three levels in the leadership ladder within a stipulated timeframe. At the same time, high performance is only about the current role. A high performer may fail if they are promoted to the next leadership level. All high performers need not be high potentials, whereas all high potentials are high performers.
What does it take to manage high potentials?
High potentials require a lot of time and effort. These employees usually do not want to be managed because they think their job is easy. Management requires patience and persistence because these talents need to learn how to be productive and also need to follow clear management procedures. If you are a manager who needs to deal with high potentials, here is some tips for making the process work: 1) Be patient when dealing with high potentials. They can be difficult at times, but you should remember that they are worth the effort. 2) Give them responsibility. This is why you hired them, after all! 3) Make sure you hire smart people. 4) Make sure to reward good performance.
Importance of leadership training for high potentials
The main purpose of leadership development programs for high potentials is to help participants develop some specific skills they need to lead others at work -- for example, empathy, assertiveness, conflict resolution, influencing, public speaking, team building, etc. These key skills are needed for leaders to be effective communicators, influencers, managers, coaches, trainers, etc.
Why do high potentials leave?
When someone develops a strong desire for something and finds the strength to follow through by doing what needs to be done to achieve their goal, they become known as "high potential". The next step is to become famous. This means having a lot of attention from others but also making money. However, most people don't want to give up their comfort zone to move forward. Most people stay where they are instead of risking everything to chase their dreams. They think that if their dream doesn't work out, they won't be able to live without their daily routines, jobs, or families.
High potentials leave for various reasons, including lack of motivation, ambition, and skills. Many of them also leave because they find a better opportunities elsewhere. High potentials also tend to leave for two frequent reasons: either they don't believe they've got what it takes to succeed, or they're afraid of failing and making mistakes. The latter often results from personal experience - they've failed before and want to avoid similar experiences. Hence it is essential to monitor and mentor highpots consistently,
