According to a survey we covered yesterday, only 15% of workers feel like they have room to move up the chain or in pay grade at their jobs. When there is no room to grow for employees, especially high-performing ones, they are much more likely to leave the company. Today we’ll look at some of our research into how companies deal with their high-potential employees (HiPos).
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In a recent survey of ours, the majority of respondents (92.3%) said that identifying HiPos is important. However, only 44% said that their company actively attempts to identify HiPos. The difference between these two results is very important. If less than half of organizations are even looking for HiPos, that means over half of them go undiscovered. If they are not identified, their companies can’t find a way to keep them.
The majority (56.5%) of respondents feel that their organization is less than adequately equipped to retain and engage HiPos. If less than half of companies are looking for HiPos, and only about 56% of those are not well equipped to retain and engage them, approximately one-quarter of companies are both looking for HiPos and actively engaging and retaining them.
Why does this all matter? Many experts believe we are in a hiring crisis right now. Companies simply cannot find the quality talent they need to expand. At the same time, our survey found that 53.9% of companies have had HiPos leave their organization. When asked why, the most common responses were “limited opportunity for upward mobility or new responsibilities” (38.9%), “management style” (19.6%), and “inadequate compensation” (16.9%). With management style aside (a problem for another day), inadequate compensation and limited upward mobility make up a large portion of why HiPos leave companies.
If you are concerned about losing HiPos, try this:
First, you must learn how to identify them—if you haven’t already done so. Just knowing who to focus on can make a big difference. If you don’t have the capital to give them a better paying position, consider adding new responsibilities. It’s important when you give them new responsibilities that they get something in return, so they don’t just feel weighted down. Try low-cost perks like flexible schedules, freebies, discounts, paid time off, or things like that.
For more information on our survey, check it out here and here.
Great tips! Another idea for keeping HiPos is to look for opportunities to let the employee work from home for part or all of their tasks. Most people would love to trade in or limit the commute and traffic to go to work for a company. So even if a company cannot afford a pay raise, the employee will get a financial benefit of not having to pay for gas if the company can limit or eliminate a commute for an employee. There is also an emotional benefit that will likely keep the HiPos happy with being able to do some or even all of their job from home. Happiness is worth gold, and it can keep the HiPos from looking for a new company to work for.