Marvin Bower joined McKinsey & Company in 1933 and served as the management consulting firm’s managing partner from 1950 to 1967. In 1997, he published a book titled The Will to Lead: Running a Business with a Network of Leaders, in which he shares his perspectives on leadership.
Here are some more tips for managing HIPOs (high potentials):
- Increase risk and reward. This might mean giving more at-risk salary in the form of bigger bonuses or incentive pay for outstanding performance. Having more say over final take-home pay can allow HIPOs to feel more in charge of their career outcome, even if the title isn’t changing immediately.
- Provide development opportunities. This might include training programs, conference attendance, certification opportunities, and more. The key is to ensure that there are continual opportunities to gain new skills and grow. Look both externally and internally within the organization for ideas.
- Give them a mentor. There are people in the organization who can help these employees learn, grow, and better understand the organization as a whole. Be sure to choose the mentor wisely—he or she should be a good match on an individual level, not just chosen at random. This can be difficult to implement, but pays off when done well.
- Keep a performance review schedule. Even in organizations with a performance management system firmly embedded, it’s easy to let employee performance reviews take a back seat. Don’t let that happen. Especially for HIPOs, getting feedback on performance can be invaluable when it comes to staying motivated. Performance management can include discussions about career progression and development as well, as we noted above.
- Ensure the HIPOs’ supervisors are on-board with these efforts. Many of the above programs will fall apart without the active management by the direct supervisor of the HIPO employee. Work with your supervisors on all of these steps to ensure everyone is on the same page. If necessary, move HIPO employees outside of the standard organizational system and allow them to report to someone else in the organization when doing so makes sense for that individual.
- The key to all of this is showing HIPO employees how much they matter to the organization. By following some of the above strategies, employers can make a big impact and reduce the likelihood of turnover among HIPOs, even without fast career progression.
Please participate in our brief survey and see how what you are doing for training stacks up against what other successful companies are doing.
We’ll get answers to these questions and more:
- How often do your employees receive training?
- What kind of training is conducted?
- What specific topics is training offered on?
- What are the best sources for training materials?
- What is HR’s role in training?
Although the economy is slowly on the mend, it’s still noticeable that many employees near or past traditional retirement age have opted to stay working longer. Often, this is to bolster a nest egg that took a hit during the recession. Sometimes, it’s because they don’t feel the desire to leave the workforce just yet, and would rather be productive in a job. Some feel their job is what gives them status. Some are frightened by the prospect of retiring. No matter the reason, there are ripple effects throughout the organization.
Business Shutdowns and Furloughs
It should be no surprise that many employers have sought creative work arrangements in order to weather bleak times without resorting to morale-killing layoffs. Furloughs, temporary shutdowns, and reduced-hour schedules are common workplace solutions. However, the intricacies of the FLSA make these solutions tricky.
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