We all want a purpose in life, don’t we?
Who wants to sit at a desk every morning, not knowing why he or she bothers going to work every day?
Sadly, it’s a mentality that is plaguing more and more high-performers whose development aspirations went out the window with their company’s profit.
According to a survey conducted by i4cp, 76% of respondents said performance management is very important this year, but a meager 23% said their companies are very effective at actually doing it. (http://www.i4cp.com/productivity-blog/2010/01/28/20-years-and-counting-leadership-development-once-again-the-most-critical-issue-facing-organizations-in-2010)
“Finding and developing the right leaders has been considered a top challenge for companies for decades,” said Jay Jamrog, SVP of Research at i4cp, in the report cited above. “Given the volatility of the last year and the accelerated pace of change in the economy, companies should be treating leadership and development as both an urgent survival tactic and a business opportunity.”
“The companies that get it right – and several high-performing companies are doing it right already – have potential for great success.”
Another recent survey by Deloitte, found 65% of surveyed executives are highly to very highly concerned about losing high-potential talent in the year after the recession ends.
Are you one of these execs worrying your high-performers might ditch you as soon as the opportunity presents itself?
The important question is: what are you ACTUALLY doing about it?
If you’re stuck, the following are a few key recommendations for getting you started.
1. Identify your high performers, and help them assess their strengths and development needs. Then work in partnership with them to create an Individual Development Plan, and support them in executing the plan.
2. Open the lines of feedback and communication to discuss corporate and personal development goals with your high performers. If you’ve already done so in the past, maybe it’s time for an update. Make sure your superstars know how their personal goals and dreams may be in alignment with the organization’s goals and plans for the future.
3. Link compensation more directly to organizational and individual performance. Wherever possible, use self-funded incentive plans to create meaningful rewards and distinctions between superior and standard performance.
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Great article, Terry…timely and very important!