Nothing your business does is more important than identifying and developing talented people. Getting the right people into leadership roles is essential to success so understandably, competition for talent is fierce.
However, many businesses continue to use flawed systems to find and place high-potential individuals. Few people are good at understanding their own or other peoples’ talents, and yet most companies rely simply on intuition when deciding key roles. To effectively tap into and develop potential within your workforce, you need smarter tools.
Watch key speaker Dr. Tomas Chamorro-Premuzic speak at Future Trends Conference 2017 Auckland
Winsborough’s recent Future Trends conference, focused on this important theme of talent. In this blog, we summarise key points from the conference, and show how Hogan’s new High-Potential Talent Report (Hi-Po) provides the tools you need to make your business thrive.
The New Zealand perspective
“New Zealand’s labour productivity hasn’t shifted since 2009. We’ve been working harder, yet we haven’t been any more productive,” says Gus McIntosh, Winsborough CEO.
“In addition, most employers still rely on instinct when it comes to hiring decisions for their key personnel. Research shows New Zealand companies tend to choose nicer people for these CEO and executive roles compared to other countries. So being confident and likeable gives applicants a better chance of being hired. However, neither of these traits correlate with performance.”
“It’s clear that working harder or simply using intuition alone doesn’t make your business more successful. Instead, you need to work smarter, and the way to do so is by securing the right talent,” he says.
A new approach: Hogan’s High-Potential Talent Report
What sets top performing companies apart is leadership. So, you need to make sure the way you find and develop talent results in a good return on investment. Data, rather than intuition is the key.
Hogan’s High Potential Talent Report measures individual attributes that predict leadership success. It covers personality characteristics, career derailment risks, value drivers and cognitive style. Based on science, the Hi-Po is a rigorous assessment solution that can be used for a variety of talent management initiatives, from pre-hire selection through to leadership development programme selection and executive-level development.
Built on global research, the Hi-Po Report is designed to help emerging leaders prepare for and develop three essential components of organisational leadership. These are:
Leadership foundations - Ability to contribute to a team, dependable and productive
Leadership emergence - Visible, influential and good at networking
Leadership effectiveness - Driving for results, holding people accountable, delivering outcomes
Not only is it a tool for individuals, but also for organisations, for example by identifying skill gaps in the workforce that might need to be focused on. The results of the report can also be tailored to match the leadership style of your organisation, by using different weightings across the areas covered.
Some of the ways organisations can use the Hogan Hi-Po include:
- To guide interview questions
- Succession planning: to identify skills that are missing
- Individual development
- Track performance
- Targeted development
Finding and preparing talented people for advancement is a top priority for high-performing organisations. Hogan’s Hi-Po Report can provide the tools you need to find the people who will drive the success and sustainability of your business.