High-potential (HiPo) development programs are designed to fast-track employees with potential to rise to leadership positions. But how do you know if your programs are paying off? In this article, we’ll walk you through a step-by-step process for measuring the success of your HiPo program. From identifying the challenges in measuring success to offering solutions, you’ll be equipped to evaluate and optimise your HiPo efforts effectively. Ready to see real results from your HiPo programs? Let’s dive in!
The Growing Need for HiPo Development Programs
Business today is all about change. Companies need leaders who can navigate these VUCA (voluble, uncertain, complex, and ambiguous) environments. For that to happen, companies invest heavily in High-Potential (HiPo) development programs. This ensures companies have:
- Leaders who can adapt and innovate quickly.
- A pipeline of future leaders.
- Talent ready for complex challenges.
Despite the hefty investments, many companies aren’t sure if their programs are working. Here’s another sobering fact:
Companies are pouring 27% of their learning and development budget into HiPo programs. Yet, a staggering 73% of these programs aren’t delivering the desired results.
Vibhas Ratanjee, a Senior Practice Expert at Gallup
The Challenge of Measuring HiPo Program Success
Gartner reports that organisations spend around $4,000 and 39 hours on each HiPo employee’s development. With that kind of investment, you want to ensure you’re getting a return.
The measurement of the success of HiPo programs is so complex, and that’s where the challenge lies. There is no one-size-fits-all metric for measuring the success of a HiPo program. Every company’s needs are different, and so are the criteria for success.
If the program isn’t delivering results, you’re wasting money and time. Worse, your HiPo employees might feel undervalued or unchallenged, leading to disengagement.
Strategies for Measuring Your HiPo Program Success
Measuring the success of your HiPo program is about aligning it with your company’s goals, tracking progress, and adjusting as needed. Here’s how to do it:
Step 1: Define Clear Objectives
What are you trying to achieve with your HiPo program? This is crucial because it gives you a benchmark to measure against. For example:
- If the goal is to enhance leadership skills, track improvements in decision-making, strategic thinking, and team management.
- If retention is a priority, monitor turnover rates among HiPo employees before and after the program.
- If you’re preparing employees for leadership roles, measure the number of HiPo participants who successfully transition into these roles.
Step 2: Track Key Metrics with Technology and Analytics
Utilise HR analytics tools to track and analyse data from your HiPo program. Here’s what to monitor:
- Skill development: Track how well participants are acquiring and applying new skills over time.
- Leadership potential: Use assessments like performance evaluations and behavioural assessments to gauge participants’ readiness for leadership roles.
- Performance improvements: Compare participants’ performance before and after the program.
With TalentPulse, companies can easily analyse skills and performance metrics of their HiPo employees. A feature like Skill Analysis lets companies pinpoint the skill gaps and identify areas that could use extra attention.
It compares the employee’s skills to what’s needed for their role (target) and gets the manager’s assessment of their progress. Any gaps between the target and the manager’s rating highlight where the employee might need some development.
Here’s a quick rundown of what the chart covers:
- Functional skills: These are the job-specific skills employees need for their roles.
- Target: The ideal level of proficiency for each skill required for the role.
- Manager rating: This is where the manager steps in and gives their take on the employee’s current skill level.
- Skill gap: This is the difference between the target and the manager’s rating, which shows areas where the employee could improve.
- No data: These are the blank spots – either the skill hasn’t been assessed yet or it doesn’t apply to the role.
Step 3: Regularly Assess and Adjust the Program
Regularly assess the effectiveness of your HiPo development efforts. If something isn’t working, don’t be afraid to adjust. This could mean tweaking the curriculum, offering additional resources, or even re-evaluating who qualifies as a HiPo employee. The goal is continuous improvement, not a one-and-done solution.
Conclusion
Measuring the success of your HiPo development programs is essential to maximise the value of your investment. By defining clear objectives, tracking key metrics, and regularly assessing your program, you can ensure that your HiPo efforts are on the right track. Ready to take your HiPo program to the next level? Book a demo with us today and we’ll show you how TalentPulse can help with your HiPo development efforts.
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