How are you retaining your high-potential employees?
It’s an age-old question that organizations battle every year: We have some strong performers. How do we make sure they’re staying with us and not looking elsewhere? Enter emerging leaders development and support, an amazing way to build your talent pipeline and retain that talent while awaiting opportunity.
Identifying emerging leaders is an effective and simple way to pull high potential from an existing workforce, increase morale and retention, and develop talent. In MRA’s latest Emerging Leaders Survey in 2023, we discovered that more than half of the organizations surveyed identify their emerging leaders. In doing so, 31 percent of organizations have seen an increase in employee retention. According to Jim Morgan, MRA vice president of Business Development & Workforce Strategies, “When done correctly, an emerging leader program can offer employees opportunities for growth, development, recognition, relationship building, and leadership support, and contribute to their organizational commitment—all of which can contribute to improved employee retention rates.” Research shows that employees aren’t usually leaving their jobs for money, but for recognition and advancement opportunities—these aren’t just empty words!
Define and Begin Your Emerging Leader Framework
If your company begins an emerging leaders initiative, that’s a great first step! But how does an organization go about identifying emerging leaders? The first step is to determine who you define as a leader in your company. Is it someone who shows up early, completes work quickly, or has a great rapport with other employees? Set your definition and stick with it.
Get Specific
The next step is determining which key skills you want to continue developing with your emerging leaders. Is communication your No. 1 concern, or are agility and adaptability under pressure more important? Do you want a good delegator or someone who leads by example? There are no wrong answers, but deciding what is most important will help you and your newly identified leaders continue building their potential.
Will your emerging leaders have access to opportunities to continue developing them into future leaders? Many companies provide external training or classes, mentoring, and exposure to existing leadership and real company problems to show the identified emerging leader what will be expected of them and how to get there.
Don’t Make This a One-and-done
Lastly, the most important thing you can do for your emerging leaders is to communicate regularly and be clear on what they will get and when they will get it after being identified as a leader. How long will they be trained or take classes? When will they be promoted? Will there be new responsibilities, pay raises, titles, etc.? Being identified as a leader is a powerful motivator, but it can quickly turn into a demotivator if they don’t know what they’re working for and when they can anticipate seeing the fruits of their labor.
Does this sound like an ingenious way to increase retention and build your talent pipeline, but you’re still a little overwhelmed and unsure where to start? MRA is happy to assist!
For more information on MRA and MRA services, including identifying and retaining emerging leaders: Please reach out to Jan Edman at Jan.Edman@mranet.org or call 763.253.9180.
