Employee potential should be your focus when deciding where to invest retention and development efforts.
should help you understand not only why potential has become so critical, but also how to assess it rigorously based on five key indicators: curiosity, insight, engagement, determination, and the right motivation.
Once you have identified your high potentials, remember that knowledge workers are fundamentally motivated by the combination of. Family firms are typically strong on the purpose dimension, given their traditionally strong values and many noble initiatives.
the key to retention will be offering your people the chance to become the great leaders they were always meant to bewill show you how to do so, with a focus on not just increasing your retention, but also on developing people’s leadership competence in better and faster ways.
To retain top talent, the first thing you need to do is classify leaders into “local,” “national,” or even “global” categories according to the location of their prospective employers, with the last two groups being much more likely to leave for companies in other markets where they could drastically increase their compensation.
In addition, you should make at least a subjective assessment of each of your key leaders’ strategic importance, by pondering their combination of competence and potential against the criticality of their roles, the ease of replacing them, and the expected market demand for their roles. Once you have identified your most strategic leaders, you should get a basic sense about the competitiveness of their compensation packages.
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