A study in May’s Harvard Business Review reveals that 40% of internal job moves made by “high potentials” end in failure. Moreover, an alarmingly high percentage of top performers plan to leave their current job within a year. What’s up with that?!
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Some research was done on hipos having ineffective transitions a year or so back. It showed that when the hipo was successful due to process/technical competencies instead of organizational and relationship competencies they often struggled at the next position. That applied to internal and external moves. So, hipos need to think about that before changing jobs and companies need to make sure they are ID’g hipos from a performance AND potential lens. Another thought: I wonder if when the hipo moves on, how much of the behavior of the new group impacts this situation. It could be that the new team members/manager are not vested in the hipo’s continued success and/or that the hipo’s old group was covering issues that are now being exposed. Makes you really start to question the validity of identifying hipo’s.
It's all about the Benjamins baby!
These questions you've posed are great at identifying root causes for the 40% of internal moves that truly end in failure. But I'd like to focus on the staggering behavior of the "alarmingly high" percentage of people who leave one company for another. That is not a new trend to me, as at least half of my colleagues in my entire network have switched jobs in the past 4 years, mainly because they can earn a higher salary elsewhere. So the question now becomes are companies in general rewarding their top performing employees enough? What about the ones who are still very high performing and don't gain signficant compensation and/or recognition?
Too often, I've seen companies stick with low performing individuals, thinking they get them at a bargain, when truly they can be reducing their workforce significantly and allowing their top 60-70% do the job that the current 100% is doing, for a much better price, making it easier to better compensate their employees.