Identify and Develop Employee Potential
•Download as PPTX, PDF•
1 like•886 views
The document discusses strategies for identifying employee potential and developing employees. It notes that employee turnover costs US companies $160 billion annually and that high-performing employees are likely to leave within six months. It then provides tips for identifying employee strengths, including using performance management and self-assessments. The document also discusses developing employees through leadership training, coaching, mentoring, networking and aligning work with life interests to prevent burnout. Key strategies highlighted for motivating and retaining employees include seeking feedback, challenging employees, offering autonomy and regular manager check-ins.
Recommended
Recommended
More Related Content
What's hot
What's hot (20)
Similar to Identify and Develop Employee Potential
Similar to Identify and Develop Employee Potential (20)
More from BambooHR
More from BambooHR (20)
Recently uploaded
Recently uploaded (19)
Identify and Develop Employee Potential
- 2. bamboohr.com bizlibrary.com Cassie Whitlock Director of Human Resources BambooHR Libby Mullen Learning & Development Manager BizLibrary
- 3. It’s not a nicety; it’s almost a business imperative. – Bill Pelster, Deloitte Consulting LLP “ ”
- 4. “Employee turnover costs US companies about $160 billion a year.” Source: Gary Curneen, Professional Coach and Blogger 1 in 5 high-performing employees say they're likely to leave in the next six months. 1 in 4 of all employees say they're likely to leave in the next six months.
- 5. How do you identify and provide the right opportunities to help employees reach their potential?
- 6. How to Identify Employee Potential
- 7. bamboohr.com bizlibrary.com People who use their strengths every day are six times more likely to be engaged. Focus on Employee Strengths
- 8. bamboohr.com bizlibrary.com Tap into Performance Management
- 9. bamboohr.com bizlibrary.com Managers’ Observations ● Current work ● Leadership competencies ● Job performance over time
- 10. bamboohr.com bizlibrary.com A self-assessment should include: ● Consistency, 1-5 or 1-10 scale ● Open-ended questions ● Adaptability and future-thinking Self-Assessments & Feedback
- 11. “50% of high performing employees expect at least a monthly sit-down with managers, but only 53% say they are getting the feedback they want from their superiors.” – Wrike.com
- 12. How to Develop Employees
- 13. bamboohr.com bizlibrary.com Not always your top performers ● Autonomous ● Emotionally Intelligent ● Driven Internally and Externally ● Lives out the company’s culture Who are HIPOs?
- 14. bamboohr.com bizlibrary.com More Than Climbing the Ladder Broad Shoulders Deep Expertise
- 15. “The art of matching people to jobs that allow their deeply embedded life interests to be expressed.” – Harvard Business Review
- 16. bamboohr.com bizlibrary.com ● Observe ● Listen ● Ask ● Challenge Customize with Job Sculpting
- 17. bamboohr.com bizlibrary.com Establish Leadership Training from the Beginning
- 18. bamboohr.com bizlibrary.com Coaching ● Communication ● Performance Management ● Business Acumen ● Emotional Intelligence
- 19. bamboohr.com bizlibrary.com Mentoring ● Formal (the individual’s manager is not the mentor) ● Takes place outside the line manager relationship. ● Is focused on professional development that may be outside of the mentee’s area of work ● Interest of the mentor is personal in that the focus is on the mentee to provide support both professionally and personally ● Relationship may be initiated by mentor and/or matched by organization. ● Relationship crosses job boundaries
- 20. bamboohr.com bizlibrary.com Mentoring: ● Mainly volunteer, and can provide help in developing outside the confines of the mentee’s work. Coaching: ● The responsibility of direct managers. Feedback and performance management are ways coaches can help employees grow. Mentoring vs. Coaching
- 21. bamboohr.com bizlibrary.com ● Current leaders at organization ● Coworkers in same department ● Coworkers in in different departments Networking Opportunities
- 22. “Nearly 95% of HR leaders consider employee burnout to be the biggest threat to an engaged and productive workforce.” – Kronos Incorporated and Future Workplace Avoid Burnout
- 23. “Deeply embedded life interests do not determine what people are good at—they drive what kinds of activities make them happy. At work, that happiness often translates into commitment. It keeps people engaged, and it keeps them from quitting.” – Harvard Business Review Align with Life Interests
- 24. What strategies are you currently doing to motivate and retain employees? (Type in the chat)
- 25. How to Motivate and Retain Employees
- 26. bamboohr.com bizlibrary.com Seek Employee Feedback
- 27. bamboohr.com bizlibrary.com Challenge Employees ● Goal setting ● Provide resources for constant learning and development ○ “Learning cannot just be an afterthought—it must be a core focus of any strong organization,” says Kevin Griffin, an IT advisor at Falco Enterprises and former CIO of GE Capital. ● Increase responsibilities
- 28. BizLibrary’s values boards Motivate & Reward
- 29. bamboohr.com bizlibrary.com Autonomy 1. Create boundaries 2. Give your employees “freedom to fail” 3. Provide the right tools to reach their goals
- 30. bamboohr.com bizlibrary.com Manager One-on-Ones ● Create psychological safety ● Offer personal observations—not conclusions ● Ask open-ended questions ● Leave time for personal connection
- 31. ● Identify employees’ strengths, including those that are less visible ● Leadership training, coaching, mentoring, and networking opportunities for developing high- potential employees and avoiding burnout ● How to use feedback, recognition, rewards, and autonomy to motivate and retain your people Key Takeaways
- 32. bamboohr.com bizlibrary.com Questions? Receive a free job posting on our ATS and full HRIS for one week. We will contact everyone within the next few days to set this up. BambooHR Schedule a demo of the BizLibrary solution. We’ll contact you shortly to set up a demo BizLibrary
- 33. bamboohr.com bizlibrary.com Thank you! Follow BambooHR and BizLibrary on social media: bamboohr.com/blog | bizlibrary.com
Editor's Notes
- Brett Hello and welcome! We're excited to be partnering with BizLibrary on today’s webinar - How to Develop High-Potential Employees in Your Organization. We have some really great content for you today, but before we get to know our presenters a little better, we have a few housekeeping items to cover. First off, we’re happy you’re joining us today! Please feel free to submit questions throughout the webinar using the chat feature on the interface. We will have a Q&A session at the end of the webinar, time permitting, and will address as many questions as we can. Also, we will be sending out a copy of the slide deck and a recording of the webinar to all registrants within three business days, so check your inbox for that. Make sure to also check your spam folder if you don’t see it hit your inbox as some filters move our emails there. Lastly, this webinar does qualify for 1 hour of SHRM credit. If you attend for at least 50 minutes of today’s panel, you’ll automatically receive that certification information within the next three business days. Our system tracks your time automatically, so you shouldn’t need to worry about tracking your time.
- (Brett) We have two amazing presenters on today’s webinar. First from BambooHR Cassie Whitlock Who is the Director of Human Resources at BambooHR Cassie started her career in the accounting world but working with small and medium sized companies, the HR function was always handed to her. She loves the intersection of business and humans, and believes that when companies focus on the human aspect of their people, the people in turn focus on the business needs. She enjoys her work most when she can take her talents in data, processes, and human psychology to make someone's day better. She believes that HR strategy is largely accomplished in the details of how you manage the daily tactical items. From BizLibrary We have Libby Mullen who is a Learning & Development Manager at BizLibrary. Bio: Libby’s favorite aspect of her role is developing employees, managers and leaders to realize their maximum potentials. Libby has over 25 years of experience in education, training, and business consultation, both in the higher education realm and in all verticals of the business sector. Building positive partnerships, solving business challenges creatively, and bringing out and developing the strengths in others are what makes Libby “tick.” Libby is a fervent writer, an experienced public speaker, and is most passionate about the importance of life-long learning in helping employees to take initiative to become “Smarter Every Day.” At home, Libby is a mom to five boys. With that, we’ll hand it over to Cassie and Libby.
- (BIZ) INTRO: (notes) Thanks Brett! Hello everyone! Your people are your organization's most valuable asset, and companies are now realizing that upskilling their current talent can solve common business challenges like, employee retention, succession planning, talent attraction, and employee engagement. The ability to provide professional development to your employees and help them grow has now become a competitive advantage.“It’s not a nicety; it’s almost a business imperative,” said Bill Pelster, a principal at professional services firm Deloitte Consulting LLP. (https://www.chieflearningofficer.com/2017/05/08/reskill-workforce/)
- (BIZ) But, the problem is that many organizations struggle to identify the best development strategies and career paths for their employees. And if employees—particularly high-potential employees—feel they don’t have the right growth opportunities in your organization, they’ll start looking elsewhere. And we all know that turnover can be very costly to an organization, and the cost of losing a high-potential employees can be even greater. According to Wrike.com, employee turnover costs US companies about $160 billion a year. “Replacing an employee can set your company back as much as 2x their annual salary. And with high performers delivering approximately 400% more in productivity than the average employee, losing even a few of your star workers can have an astronomical impact on your bottom line.” Not only do high performing employees cost more to replace, but new research by SAP and Oxford Economics( https://hbr.org/2014/11/what-high-performers-want-at-work) shows that less than 50% of them are satisfied with their jobs, and 1 in 5 say they're likely to leave in the next six months, compare that to the report that 1 in 4 of all employees are likely to leave in the next six months, making the idea of having the ability to retain top talent a lot less comforting for companies. So, Cassie how can we help our high performers reach their full potential before they start thinking about walking out the door? https://www.wrike.com/blog/employee-retention-true-cost-losing-best-talent/
- (BHR) Overview of content How do you identify and provide the right opportunities to help employees reach their potential? Covering these steps: Identify Develop Engage and Retain
- (BHR) (strengths, unique contributions)
- (BHR) According to Gallup… people who use their strengths every day are 6x more likely to be engaged in their jobs and more than 3x more likely to report having an excellent quality of life than those who don't people who know their strengths are 8% more productive teams that focus on strengths every day have 12.5% higher productivity Not all strengths are obvious; raw talent vs hidden strengths Here are a few examples of less obvious strengths: Communication skills Planning skills Problem-solving skills Tenacity and endurance Resiliency
- (BHR) Performance management According to Gallup: Fewer than three in 10 employees in the U.S., U.K., Spain, France, and Germany strongly agree that their performance is managed in a way that motivates them to do outstanding work. Keep it simple and meaningful Do it frequently Who’s meeting expectations? Who’s exceeding them? Standard vs Exceptional (team member under performing in a few areas, found strength) So Libby what can managers do to help us in this area?
- (BIZ) This may be a “gimme,” but having your managers observe their team is an excellent way to identify skills and opportunities that are present in high performing employees. Managers should observe employees’: current work - but not micromanage leadership competencies (communication, natural leadership abilities, getting along with co-workers, have initiative to take the lead) job performance over time
- (BIZ) Along with observing, managers should encourage employees to do their own self-assessment. A self assessment should include: Consistency, 1-5 or 1-10 scale - makes it easier to evaluate for the employee and manager If text only questions are included, make sure to use open-ended questions Adaptability and future-thinking, the assessment should be created for the person to achieve their goals in the future too After employees have done their own self-assessment, it is the managers role to provide feedback that will help improve the skills the employees highlighted in their self-assessment that they could improve upon. Remember, feedback should always be a two-way street. And consistency is important.
- (BIZ) “50% of high performing employees expect at least a monthly sit down with managers, but only 53% say they are getting the feedback they want from their superiors.” - Wrike.com
- (BIZ) Once you’ve identified employees’ strengths and potential, you need to focus on development
- (BIZ) Before we get too deep into the development of your higher potential employees, we must understand what constitutes a high potential. Autonomous Emotionally Intelligent Driven - Internally and Externally Lives out the company’s culture BIZ Examples of recent employees who have the company values, and have received promotions…. It’s important to remember that these employees may not always be your top performers. Now that we have an idea of the types of characteristics high potential employees have, let’s learn how to develop their skills.
- (BHR) Development means more than just helping employees climb the ladder Not all high-potential employees will be cut out for leadership or even want leadership roles Other routes for career development: Broad shoulders Diversifying skill set, learning new skills, taking on new responsibilities Deep expertise Furthering experience/knowledge of job
- (BHR) Harvard Business Review defines “job sculpting” as “the art of matching people to jobs that allow their deeply embedded life interests to be expressed. It is the art of forging a customized career path in order to increase the chance of retaining talented people.”
- (BHR) Being successful in a job doesn’t always mean being happy in a job (presenting and being an introvert) This primarily happens at a manager level: Observe and listen to what employees like/don’t like about their work Ask questions Challenge employees to reflect on what kind of work they love Sometimes this requires a small change of adding a new responsibility; other times it may mean more substantial change like a new role
- (BHR) Training people to have the proper influence where they are BHR value “Lead from Where You Are” Example: one employee started a cross-team learning program that would allow members of the Marketing Team to learn about new skills and areas of expertise from their peers Introduce during onboarding For leadership development you need to consider a multi-faceted approach. You can’t focus on just one tool to become a great leader.
- (BIZ) One of my favorite ways to develop employees is through coaching. This is a subject I’m particularly passionate about. So, what is coaching? Coaching is a process. It’s not an event. It’s not just a relationship. It’s not about friendship. It’s not about power or a hierarchy. It’s a process driven relationship with a clear objective, and that goal is to help the subject of the coaching to improved performance. How can you become a good coach? Communication Active listening Ask rather than telling Performance management Cassie talked about this one earlier Business Acumen Professional level understanding of the way businesses operate and function Ability to make sound business decisions Sound foundation in the core industry in which organization operates Emotional Intelligence Managing Up strategy - give examples how this helps you be a better coach. Coaching is an excellent way to develop employees. Another great way to develop employees is with mentoring.
- (BIZ) Mentoring is not managing, but can be equally vital when it comes to developing employees. In order for a mentor/mentee relationship to prosper, the following must be established and understood. Formal, the individual’s manager is not the mentor Takes place outside the line manager relationship. Is focused on professional development that may be outside of the mentees area of work. Interest of the mentor is personal in that the focus is on the mentee to provide support both professionally and personally. Relationship may be initiated by mentor and/or matched by organization. Relationship crosses job boundaries.
- (BIZ) Mentoring vs. coaching when it comes to developing Mentors are mainly volunteer, and can provide help in developing outside the confines of the mentees work. Coaching is a responsibility of direct in-line managers. Feedback and improving of their employees is their main responsibility. Both relationships are important to grow in order for the employee to develop into a high performer.
- (BIZ) Networking with current leaders or positions that the high potentials aspire to be at is a way to develop employees in a way that most companies do not think about. *Biz example: LG Panel during Onboarding. One characteristics of high potential employees is that they value relationships with their co-workers. It’s important for the development of an employee to not only network with their department, but to make sure the organization is providing opportunities through their culture that offers cross-departmental networking and collaboration.
- (BIZ) Employee burnout has become a growing issue in today’s young workforce. And just recently become an official a medical condition. “A study conducted by Kronos Incorporated and Future Workplace in the United States of America found that nearly 95% of HR leaders consider employee burnout to be the biggest threat to an engaged and productive workforce.” https://blog.o2employmentservices.com/high-potential-employee-characteristics-hunting-the-hipo So, how can we help to avoid employee burnout? By improving employee engagement. Employee engagement: Not a disease it’s a symptom Problems that often are attributed to low employee engagement Poor management Lack of trust No work/life balance Strategies to improve these issues: Learning and development - for managers and employees Constient feedback and autonomy - “Freedom to Fail” Setting clear boundaries for working and personal life
- (BHR) Can’t push too hard too fast Finding what employees actually enjoy/want to do Going back to “deeply embedded life interests”(Harvard Business Review) “Deeply embedded life interests do not determine what people are good at—they drive what kinds of activities make them happy. At work, that happiness often translates into commitment. It keeps people engaged, and it keeps them from quitting.” Managers should identify what these interests might be and find development strategies to match Brett and I were discussing this - being part of a team
- (BHR) Chat - how are you currently motivating and retaining employees? **get a few options from audience (Cassie reads 3 and Libby reads 2 comments in Q&A chat box)
- (BIZ) *How does Biz motivate and retain employees? And once we’ve develop these employees, we want them to stay. What are some ways we can motivate and retain employees, especially high potentials Cassie?
- (BHR) As Libby referenced ealier, leadership should be inviting feedback First learn what your people want/don’t want How we do this at BHR: Employee feedback, employee surveys (eNPS) Dive into individual comments Find trends/common elements Manager level, how can I offset your weak areas, and get out of your way for strengths Libby how to you use employee feedback to drive engagement and development?
- (BIZ) If you have low employee engagement at your organization, chances are that your employees are not challenges enough, causing lack of motivation, which can be a contagious symptom that can spread across an organization. (https://www.benefitspro.com/2012/09/21/challenging-employees-boosts-engagement/ ) Some ways to challenge employees: Goal setting Provide resources for constant learning and development "Learning cannot just be an afterthought — it must be a core focus of any strong organization," says Kevin Griffin, an IT advisor at Falco Enterprises and former CIO of GE Capital. https://www.cio.com/article/2868419/how-to-improve-employee-retention.html Promote creativity Increase responsibilities Always make sure managers are following up with the employees and weighing the impact on the extra work, to make sure it’s not pushing them backwards. And make sure that employees are being recognized and rewarded for their efforts.
- (BIZ) Only 3 in 10 employees strongly agree that in the last seven days they have received recognition or praise and according to Gallup, employees who do not feel adequately recognized are twice as likely as those who do feel adequately recognized to say they'll quit in the next year. (source: Gallup – State of American workplace) Also a study from feedbackacademy found that 69% of employees say they would work harder if they felt their efforts were better recognized and 78% of employees said being recognized motives them to do their job. How to motivate and reward? *BizLibrary’s Value board example *BHR example of how they recognize and reward
- (BIZ) An often overlooked strategy to motivate and retain employees is to give them autonomy. Now, this doesn’t mean to let them do whatever they like, or make them work in isolation. When your employees have autonomy, that means they have your trust. Building an autonomous workplace can take some time, if it’s not the norm. But, it only takes a few steps to start. Create boundaries Giving your employees “freedom to fail” Provide the right tools to reach their goals Having autonomous employees means you give them a lot of responsibility, but for them to succeed they should not go it alone. Constant feedback is imperative to motivate and retain employees.
- (BHR) Another way to retain is to have powerful 1:1s Development efforts will only go so far without help and follow-up from middle managers The manager-employee relationship is vital: managers account for at least 70% of the variance in employee engagement scores (Gallup) How to make the most of one-on-ones: Make it clear that one-on-ones have no impact on raises or promotions so employees can be open (psychological safety) Offer personal observations rather than conclusions Ask open-ended questions that allow employees to express how they feel Leave time for personal connection
- (BIZ) So, let’s wrap things up here.Extend invitation to connect with Cassie and Libby on LinkedIn. Starting with some key takeaways then we will answer your questions. Our first takeaway is to remember to identify employees’ strengths, even those that are less visible, with manager observation, feedback and self-assessments. Second remember the strategies like leadership training, coaching, mentoring, and providing networking opportunities to help develop your high potential employees and avoid burnout. And finally we learned how to use feedback, recognition, rewards, and autonomy to motivate and retain your people Great, now let’s get to your questions! Brett, have we had any come in?
- Questions and offers slide Questions: Rita Dahlgren: In our organization we discovered that sometimes coaching can be interpreted as micromanaging What are some ways we can better differentiate between coaching and micromanaging? We have two great offers. Receive a free job posting on our ATS and full HRIS for one week Schedule a demo of the BizLibrary solution. You can request these in the survey you’ll receive post event and we’ll contact you shortly QUESTIONS: Rita Dahlgren: In our organization we discovered that sometimes coaching can be interpreted as micromanaging Jamie Morriss-Benoit: What is the ideal number of direct reports you are coaching? Flor Gomez: How do you implement and manage a mentoring or coaching programs in a organization of 125K employees? Jill Mendelson: Some of the nonprofits I work with don't have the staff resources to focus on performance and staff development in a significant way. What are steps that can be considered to start off? Megan Bianco: Do you have a favorite tool or two to help early-career folks identify their own strengths? Jamie Morriss-Benoit: What is the general amount of time you use for each one-on-one? Sonya Dukes: How do you coach associates that feel they have nothing else to learn or no other opportunities to grow? Brad Simcik: Do you let people know that they have been ID'd as a HIPO, or anything less than a HIPO?
- Thank you again for joining us for today’s webinar - we hope you’ve been able to get some great takeaways that you can start implementing in your organization to improve your recruiting and retention. If you enjoyed today’s webinar, check out our content library for more great webinars! As a reminder, we’ll be sending out the recording and slide deck from today’s webinar to all registrants within the next three business days, so be watching your inbox and spam folder for that. We’ll also automatically send out SHRM credit to anyone who attended for at least 50 minutes today. We want to give a big shout out to our partner BizLibrary - thanks for teaming up with us on today’s webinar and for sharing your insights and best practices. Please make sure to reach out to our presenters on LinkedIn - they’d love to connect with you. And follow BambooHR and BizLibrary on social media. We both regularly deliver great content that can help elevate your teams and organizations and would love to see you at our next webinar.