But alarmingly, our global research on Talent Management shows that only 13% of HR and business leaders have confidence in their leadership pipelines.
Through our more than 34 years of advising CEOs and HR executives on leadership transitions, our consultation begins with addressing the following three most common myths about high-potential development:
Myth #1: High performance equals high potential. All high potentials are high performers, but not all high performers are high potentials. Both are important, yet there are differences in how and where to make investments to engage and develop them. Research indicates that only 20% of high-performing managers are rightfully considered to have high potential for advancement. Organizations can often invest in the wrong people by basing their expectations on past required capabilities for leadership roles, mistaking high performers for high potentials.
We advise organizations to first identify high-potential talent—those individuals who can become future leaders—and determine the criteria that makes that talent valuable to them. Past performance is an important indicator, but it’s not the only criteria. Identifying high potential requires a two-step process of: 1) soliciting management input to identify an initial list of candidates; and 2) confirming with a multi-trait assessment of the individuals to assure accurate selection. Gut feelings, likability and intuition must be reinforced by proven methodologies that measure leadership traits such as career drive, aspiration, agility, flexibility and organizational confidence.
Myth #2: One-size development fits all. High-potential candidates can lose interest when development programs miss the mark, are irrelevant to business needs or fail to engage them intellectually and emotionally. To build a leadership pipeline that is both deep and wide, we advise companies to take an individualized approach to nurturing, engaging and retaining high-potential talent. Using our “4E” (Education, Exposure, Experience, Evaluation) approach and best-in-class peer-to-peer learning frameworks, we help high potentials build relevant skills that link learning with business outcomes.
Myth #3: Developing high potentials is an HR issue. Clearly, HR leaders play a key role in creating a high-potential program; however high-potential identification and development is an issue that must be embraced by the entire senior leadership team. Together, HR and the C-suite must financially and culturally commit to investing in a high-potential program to identify and develop their next generation of leaders. To move forward, organizations need a sustained, strategic approach—crossing all departments—to develop their future executive teams.
The Path Forward
Take a systematic approach to talent management and the development of high-potential leaders. Leveraging proven methodology can build a strong pipeline of leadership talent. Assess talent to identify a high-potential leader line-up that is aligned to your business strategy. Develop and enrich the best and brightest within your organization, and activate and engage high-potential leaders to build their loyalty and retention.
By following these guidelines, you will have a solid pipeline of high-potential executives and employees.
Survey: Talent Management: Accelerating Business Performance
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
