Business-related magazines, as well as the internet, are bursting over survey results telling how difficult hiring is. At the same time, according to HBR, only 28% of talent acquisition leaders report that internal candidates are a valuable source of people to fill vacancies.
Is it because when you hire from outside, you don’t have to pay to train your employees? Alternatively, you don’t see or know how to look for potential? Or, you’re not interested in promoting people in your organizations?
What do you measure?
The fact is you get what you measure. The other one, according to Matthew Bidwell, is that outside hires take three years to perform as well as internal hires in the same job. That causes internal staff to spend time and energy, finding a job that suits them better elsewhere.
I want to think in most cases, it’s just that companies don’t have the understanding or knowledge to find out and see the talent and capabilities they have.
Most of the people in organizations have a desire to be something great. Yes, there are also ones that are just working there, but rest assured those will be noticed. Some people are more talented than others. Some are also louder than others.
What is that great high potential? “High potentials 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.”
Studies show that only max 5 % of your staff are high potential. So how to make sure the rest 95% you still need for your business can use their full potential?
Get to know your people
When was the last time you really talked with your team members or colleague? Discussions are the most straightforward thing anyone can do to spot a hidden potential. There can be a developer who practices standup- comic and speaks seven languages fluently or manager who travels abroad to teach people on his holiday. When new tasks arise, you could also ask your team members who do they think would be best suited for the job.
Start expecting and designing ways to work towards future
Things we do today aren’t the ones we’re going to work within five years not necessarily even in two years. Start anticipating the change and build whatever you’re doing with the future in mind.
Study, learn and study once more
Make staying up to date something everyone wants to do. Incentivize your employees to stay open-minded and continuously curious. Courses, coding, user interface design, new languages, economics, trade policies, innovations — if it has something to do with your current or future goals, you should recommend it.
Reward for best ideas
The most useful ideas usually come from inside, if you let people shout them out. Praising for a “Let’s try new things” – culture and rewarding ideas often flattens the level to propose things, and increases the flow of new ideas. This is also one way to notice how people think.
Challenge and be challenged
Lead with the example and show how you challenge others and let others challenge you. Trust people with more significant problems and see how they handle those. Lack of perceived future opportunities is one of the main reasons people leave. Show that your company can provide a bright and challenging future. Being challenged also makes sure you can stay agile for the changes and ahead of the market.
When people feel they are heard, the company’s culture is supporting innovation and new ways of thinking as well as creating roles, you can unleash the hidden potential in your existing team, build agility and expand profits more then you thought you could.