Keeping Your Top Talent, Mistake #2

Keeping Your Top Talent, Mistake #2

Practically every company these days wants to keep their top talent, even though they may be letting go of others due to the economy.   The Harvard Business Review (5.2010) reports that programs aimed to keep top talent are often not very effective.
 
Mistake #2: Equating Current High Performance with Future Potential.
Research quoted in the May 2010 issue of The Harvard Business Review shows that “more than 70% of today’s top performers lack critical attributes essential to their success in future roles”.  In practical terms, most companies are wasting a lot of their development dollars.  Authors Martin and Conrad Schmidt believe that three attributes define a high potential:  ability, engagement and aspiration. 
 
I have worked extensively with the research and authors of the Succession Architect© Talent Management Tool (Lominger/a division of Korn Ferry), which provides a survey that, used in a 180 degree assessment format, produces a macro score that enables a company to compare one employee to another.  This produces a rich discussion among key executives that lessens the “personality factor” and adds key development actions for each high potential/high performer.  Development dollars can then be targeted to remedies that align with the company’s strategy.

 
For more ideas on retaining your Top Talent, see HBR 5.2010.