What was fairly routine not so long ago, ceases to be the norm today. In the business world too, this holds true for many a practice, including recruitment protocol. Earlier hiring, especially for senior/critical positions required carefully pinpointing the relevant competencies for the job, seeking out and assessing suitability of candidatures, and finally selecting the best-fit profiles. This model is fast becoming outdated, given today’s volatile business milieu. Top talent too is few and far between.
Often the best attempts at hiring by way of judging a person through regular parameters of background, accomplishments, and interview outcomes prove to be flawed. Men with stellar credentials – degrees from premier institutions backed by enviable industry stints – are also found wanting at higher levels, or when it comes to performing beyond comfort zones, adjusting in a new environment/organization, or keeping pace with technological, competitive and regulatory changes. In this day and age, organizations must transition to the new culture of talent spotting – one in which evaluations are based not on brain, brawn, experience, or competencies, but on potential.
Business, industries, and job roles are changing so rapidly today that it is difficult predicting the competencies needed to succeed a few years ahead or in leadership roles of tomorrow. The question therefore is not whether a person touted to take the reins of an organization boasts of a brilliant track record or is a super achiever at his current level, but whether he has the potential to embrace new skills, adapt to the ever-changing business environment, and fit into challenging new roles. It goes without saying, compared to competence potential is far more difficult to discern.
Research shows that globalization, demographics, and pipelines are likely to each create unprecedented demand for talent in the future. “The pace of globalization has never been faster, the imbalance between old and young has never been so dramatic, views on the pipelines of qualified successors have never been more negative.” Thus the challenge would be insurmountable unless organizations resolve to drive business by identifying potentials within the organization irrespective of their rank and function, or recruiting performers with potential – steering, monitoring, and mapping their growth all the way. Recruiting, retaining, and nurturing the right people is an integral element of success in a volatile uncertain, complex, and ambiguous business environment (VUCA). VUCA, as many would know, is a military-acronym-turned-corporate-buzzword. Long back in 1998 Jeff Bezos conceded, “Setting the bar high in our approach to hiring has been and will continue to be the single most important element of (our) success”. Amazon continues to gain from and be guided by this wisdom from Bezos, one of the most hailed corporate value creators of our time.
So it all boils down to asking, how does one tell if a new candidate or a current employee has potential, besides mining his professional and personal history?
The first indicator of potential is motivation, with a fierce resolve to excel in the pursuit of goals. High potentials have the unflinching desire to leave their mark, yet also show unselfish commitment to larger collective goals. Their insatiable curiosity propels them to open new windows, acquire new knowledge, explore new ideas, seek out new experiences, and receive feedback with openness. Potentials have keen insight which allows them to make sense of abstruse information or discover hidden connections where others don’t.
They exhibit a deep sense of engagement reflected by how effectively they communicate their vision and connect meaningfully with people. Besides, their determination compels them to take on challenges, fight till finish, rise from failures, and recalibrate after missteps.
It is also crucial to seek in potential leaders, by way of analyzing their professional journeys or personal beliefs, their strategic orientation, market insight, customer impact, collaboration and influence, result orientation, and team skills. It helps looking for signs that the person is committed to self-development and evolves with changing business needs.
However, simply pushing potentials up a tall ladder would not accelerate their growth to the extent assignments calling for pushing boundaries will. What works is giving them clarity and autonomy in four T dimensions: task (what they do), time (when they do it), team (whom they do it with), and techniques (how they do it). It goes without saying, pay highly matters. Deserving employees and the rising stars expect their compensation to reflect their contribution and effort. Companies failing to protect its potentials stand to lose them to competitors, operating in the same tight talent market and waiting to lure them away.
Finally, to ensure high potentials live up to realizing their potential, organizations must arrange for result-driven mentorship, provide them with meticulously planned individual- specific growth opportunities, and expose them to diverse, complex, challenging, business- critical responsibilities. A top HR executive at ANZ mentioned, “We don’t want people stretched beyond their limits. But we want well-rounded, values-focused leaders who see the world through a wide-angle lens, and the right stretch assignments are what helps people get there.”
Thus, spotting, retaining, and developing potentials, at every level, is a non-negotiable priority for any organization. While an organization’s success stems from its today’s act and leadership, unlocking its true potential depends on the measures it takes for tomorrow!
