IntroductionThe identification, development, and retention of high-potential employees is one of the most important areas of research in industrial-organizational (I-O) psychology. Whereas the vast majority of the workforce will perform in ways that do promote organizational goals, the top performers in any organization are those that provide the firm with its competitive advantage. On the contrary, organizations that do not actively seek to identify, develop, and retain high-potential employees stand to lose a lot as top talent may seek opportunities to maximize potential elsewhere—often a competitor. Moreover, the high potential employees are those with the greatest potential to lead the firm in the future, paving the way for effective succession training and management.
Research on the identification, development, and retention of high-potential employees is burgeoning, but there are significant gaps in the literature. Filling those gaps would help organizations create and implement evidence-based practices to ensure the success of the organization, future-proofing it via succession planning. Moreover, organizational practices have yet to keep up with I-O research on developing and retaining high-potential employees. Surveys show that current human resources processes “suffer from subjectivity, bias and disagreements,” (Palshikar, Sahu & Srivastava, 2016, p. 208). On the other hand, research has been increasingly pointing to the need for transparent, formalized processes and procedures that identify high-potential employees and openly cultivate those employees via mentoring, special assignments, and other methods (Zhu & Manjarrez, 2017). It is important to know how high-potential employees respond to specific types of incentives, mentoring methods, and formal approaches to employee training and development. Organizations that apply evidence-based practices to developing and retaining high-potential employees are more likely to receive returns on their investments.
Review of Literature
Somewhere between 40 and 60 percent of global organizations have formal high potential employee development programs, such as fast-tracking, in place (Dries & DeGieter, 2013). The reason these programs are being increasingly put into place in spite of their additional costs is that high-potential employees are known to be “twice as valuable to an organization” compared to the average employee, and are “75 percent more likely to succeed in a senior position,” (Downs, 2015, p. 349). The return on investment in high-potential employees is obvious, particularly when leadership stability and future proofing a company are taken into account as strategic advantages. Some of the most important factors influencing high-potential employees to remain in an organization relate to structural and organizational culture variables including leadership, cohesive organizational purpose, formal development opportunities, the perception of meaningful work, and collegiality in the workplace environment (Letchmiah & Thomas, 2017). Organizational supports play a crucial role in the decisions made by high-potential employees, whether they are formally identified as such or not.
Formal identification procedures are more common in organizations than...
The Importance of Motivation as a Company Strategy The literature abounds with evidence supporting the efficacy of employee motivation as a means of stimulating innovation, productivity, and organizational performance. For example, a survey of over 300 employees in one major organization found that employee empowerment in their respective roles was positively correlated with organizational agility, with empowerment being defined in terms of knowledge access, trust, motivation, and communication. Research on the
Indeed, effective problem solving in these circumstances often requires high levels of creative collaboration (Richards, 2007a, p. 34). In recognition of this reality, employers consistently name the ability to work together creatively as a primary and crucial skill -- even though many organizations have created cultures that undercut individual and collective creativity. In order to solve this problem there is a need of a comprehensive review of the facility management
Employee Engagement Organizations do not exist in a vacuum and require various resources in order to ensure continuity and resilience. The needed resources vary from financial, infrastructural, material, systematic and procedural resources as well as others depending on the vision, mission, goals and objectives of the organization. But having all these resources do not guarantee the success of the organization unless the most vital resource of all are optimized and these
Another example of a company thinking in advance of a possible skills gap is Southwest Airlines. This offers internships to elected students who are provided on-the-job training. Thus, if the company finds itself at a loss in terms of skills, it can anytime resort to the fresh new trainees (http://www.southwest.com/careers/interns/intern.html). 5. Employee Relations Program An employee relation program should be made up of several major components like: rules that must be obeyed
Hence, most of the organizations now understand that engaged employees are highly influential source of competitive advantage. (Katherine, 2009) It was observed that an engaged employee is always ready to put extreme effort into their work in terms of time, intelligence and energy. They possess an aspiration to always perform their best. They perform any given task with liveliness and interest. They try to bring innovative ideas, bring a
Employee Training and Development Job Analysis and Competency Models Undoubtedly, job analysis has been the most widely used tool for hiring, developing, training, and compensating employees. The role of job analysis has been very instrumental in any organization. Nevertheless, this dynamic world also demands constant changes in the hiring process too. That is where, competency assessment has emerged as alternative to job analysis (Bodner, 2011). Competency was once used as a backup tool
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