Have you ever thought about how your organisation would fare if you lost the top 10% of your talent? It’s a daunting thought, and one that should keep you awake at night. What you need is a designated talent management strategy to identify, nurture and develop high-potential employees so that they become part of your succession plan, to be retained into the future.
Talent management has become one of the main strategies to enhance and grow the human capital of an organisation and achieve competitive advantage. Traditionally considered a human resource function, coaching is increasingly becoming a focus of managers and leaders’ business activities in order to develop employees and retain key staff. Coaching engages and commits talented individuals to the organisation for longer, since they know that the organisation recognises their skills and abilities which are likely to help them progress into other positions or opportunities within the organisation. Talent management has been investigated across a range of industries, professions, generational groups and socio-economic levels as an essential component of the succession planning pipeline. Global talent management has been increasingly explored in the cross-cultural literature especially in relation to the management of expatriates, the search for global leadership talent, organisational success and organisational reputation.
A recent survey by the International Coach Federation (2015) has reported that whilst many factors influence employees’ engagement, organisations that offer coaching report higher engagement levels compared to the previous year across all employee segments. In particular, over 60% of organizations report higher engagement levels for high-potentials with access to any form of coaching – internal, external or by the manager / leader as coach.
Providing coaching to your high potentials just makes good sense (as well as making good business sense). High-potentials are smarter and brighter; they catch on more quickly; they need less of your time to prime and support. In other words, they just get things done! You can give them a project, with guidelines and outcomes, and they’ll give you back the finished product, often with time to spare, and with an added extra. They just “Get it!” and so should you. You need to look after your high-potentials, and the best way to do this is to provide coaching.