The world around us is experiencing rapid changes, presenting both challenges and opportunities for organizations. In this era of uncertainty, it is crucial for employees to continuously enhance their skills to remain effective. However, studies indicate that 70% of employees feel they lack the necessary skills for their jobs and recognize the need for continuous retraining (Gartner, 2018). To navigate these dynamics, organizations must prioritize their talent strategy, which includes establishing a formal system for leadership assessment and potential identification for experts.
By implementing a robust an expert assessment process, organizations can accurately evaluate the capabilities and potential of their experts to see if they have the drive and potential to be a Functional Leader. Our CORE™ Expert assessment plays a crucial role in this regard, as it involves assessing an individual’s current performance, work experience, and key personality characteristics. This comprehensive evaluation helps organizations predict an employee’s potential for future success in higher-level roles involving greater scope, scale, and complexity (Chamorro-Premuzic & Pillans, 2016).
By determining which experts can and want to be Functional Leaders, organizations can invest in their development and provide them with opportunities to grow and contribute to the company’s long-term success.
Predicting an employee’s potential is essential for building a solid leadership pipeline. Research suggests that only 30% of high performers should be classified as high potentials (Corporate Leadership Council, 2005). While high performers consistently meet or exceed expectations in their current roles, high potentials possess the ability to excel in positions of increased responsibility. It is crucial for organizations to distinguish between the two and focus on nurturing high potential individuals who have the capacity to drive future success.
To establish an effective leadership pipeline, organizations must go beyond simply assessing an individual’s performance. They need to predict potential accurately by evaluating an employee’s current effectiveness and ability to handle greater responsibilities. This predictive approach allows organizations to identify and groom individuals who possess the necessary qualities to thrive in future leadership positions. By investing in the development of high-potential-experts, organizations can reduce their reliance on external hiring, which is often costlier and less efficient (Gartner, 2018).
Predicting success and identifying high potential expert employees can significantly impact an organization’s performance. A weak leadership bench can hinder growth and lead to suboptimal decision-making, resulting in missed opportunities. Moreover, external hires often require additional time for onboarding and integration into the company culture, which can further delay progress. Internal promotions, on the other hand, tend to be more successful and seamless, as employees are already familiar with the organization’s values and objectives (Gartner, 2018).
To ensure a successful leadership pipeline, organizations must establish a comprehensive process for leadership assessment and potential identification. This involves expert evaluation, predicting an employee’s potential, and differentiating between high performance and high potential individuals. By focusing on nurturing high potential employees, organizations can cultivate their own leaders, drive growth, and minimize the need for external hiring.
In conclusion, understanding high potential and implementing effective leadership assessment processes are essential for organizations seeking long-term success. By accurately predicting potential and investing in the development of high potential expert individuals, organizations can build a strong leadership team and drive their business strategy with confidence.
