How would you define what it means to be high-potential talent for succession planning and talent management purposes?
According to Silzer & Church (2009), high-potential talent in a survey of 20 major corporations identified several different common definitions:
By Role - the potential to effectively move into top / senior management roles (35% of companies)
By Level - the potential to move and effectively perform two positions/levels above current role (25% of companies)
By Breadth - the capability to take on a broader scope and leadership roles, and to develop long-term leadership potential (25% of companies)
By Record - a consistent track record of exceptional performance (10% of companies)
My definition of high-potential talent is someone who has the ability, potential, organizational commitment, aspiration, and motivation to rise to and succeed in leadership positions in an organization.
In a Harvard Business Review article, contributors Ready, Conger, and Hill stated, “High potential employees consistently and significantly outperform their peer groups in a variety of settings and circumstances. While achieving these superior levels of performance, they exhibit behaviors that reflect their companies’ culture and values in an exemplary manner. Moreover, they show a strong capacity to grow and succeed throughout their careers within an organization—more quickly and effectively than their peer groups do” (Ready, Conger, Hill, 2010).
High-potential talents would have the social sophistication and interpersonal skills to be leaders. Once an organization has identified high-potential talents, the communication should hold private. Because openly conveying to high-potential talents that they could be superstars could risk disengaging effect on the rest of the workforce. Furthermore, if the high-potential talents don't feel special, if they don't feel invested in, if they don't see themselves as part of the future, or if they don't think the organization is looking after them, they're going to go.
Development plans must be in place as soon as the leader tells the high-potential talents that he/she has recognized their talent. They need to know how the company intends to help them meet their potential. High potentials expect more development, support, and investment. High potentials receive more development opportunities such as special assignments, leadership programs, coaching and mentoring, and other development opportunities from senior leaders (Silzer & Dowell, 2010).
The leader needs to explain how he/she is going to invest in them and help them grow. Otherwise, they'll feel dubious about their future if the company doesn't have a plan to help them become the best they can be.
References
Ready, D. A., Conger, J. A., & Hill, L. A. (2010, July). Are You a High Potential? Harvard Business Review. Retrieved from https://hbr.org/2010/06/are-you-a-high-potential
Silzer, R. & Church, A. H. (2009). The pearls and perils of identifying potential. Industrial and Organizational Psychology, 2, 377-412.