future leaders Growth Factor Inventory

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Timothy Matthews
9 years ago
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1 Identify your organization s future leaders Growth Factor Inventory The Growth Factor Inventory solves a key problem organizations face in assessing the potential of their most valuable resource their people. It identifies those managers with an outstanding capacity for growth and development even at an early point in their career.

2 Grow your organization s future leaders Organizations have never faced greater challenges in securing the future of their leadership than they do right now. In the face of today s static or shrinking workforce, with veteran managers approaching retirement in record numbers and intense global competition for the most talented individuals, your organization must find a way to identify and develop future leaders from within. But how do you decide who is ready to benefit from an investment in leadership development? Grow your own talent Hay Group s Growth Factor Inventory solves a key problem organizations face in accurately measuring entry and mid-level managers as possible future leaders: separating current performance from future potential. Too often, senior managers have difficulty disentangling strong results when dealing with current responsibilities from strong capability to develop the skills required for senior leadership. The Growth Factor Inventory focuses specifically on those qualities that enable managers to fully exploit developmental opportunities from mentoring to stretch assignments, to formal executive development programs. This cost effective, simple to administer, evaluation tool enables your organization to identify managers with the capacity and competencies to develop into true leaders.

3 Planning for growth The Growth Factor Inventory measures four qualities that define an individual s readiness to stretch beyond their current role, making the distinction between current performance and future potential. It focuses specifically on those qualities and capabilities that can contribute to their leadership development. Eagerness to Learn: the willingness to take a risk in exchange for the opportunity to learn something new. This factor reflects an individual s confidence in stretching beyond their comfort zone, as well as their ability to listen to and learn from others. Breadth of Perspective: the ability to incorporate multiple perspectives and disciplines in evaluating and solving problems. It involves viewing a given job within the broader picture of the organization as a whole, and grows in importance as a manager rises to more senior levels. Understanding Others: the capacity to accurately perceive other people s perspectives and experiences. This factor captures an individual s motivation and ability to learn from others particularly those with different perspectives by listening with care and respect. Personal Maturity: the ability to view criticism and difficulties as opportunities for learning and growth. Every senior manager knows the path to leadership can be challenging, even painful, with setbacks along the way. This factor captures a person s ability to maintain emotional balance and keep learning in the face of turmoil. Importantly, these factors are focused on the long term development of leadership potential not on immediate results in an individual s current job. In fact, the factors provide a reality check to negative evaluations of an entry-level employee. Some supervisors, for example, might evaluate neutrally or even negatively a junior who asks challenging questions beyond their immediate responsibilities yet those questions can be signs of a strong potential for growth.

4 Development and validation Hay Group s Growth Factor Inventory was developed, tested and refined over a two year span, following a rigorous review of the challenges organizations face in identifying managers with leadership potential. separates potential from current performance to identify capacity for growth The core of the model was developed by a panel of Hay Group experts with direct experience helping organizations identify high-potential employees. Our model was based on research and findings in leadership development and human performance for example, studies demonstrate that small differences in breadth of perspective among individuals in their 20s predict large differences in future career paths. The four proposed growth factors were then tested against Hay Group s proprietary database, containing thousands of assessments of organizational leaders at all levels, who were categorized as outstanding or average leaders. Outstanding leaders at all levels scored higher in every factor, with senior managers as a group scoring higher than junior managers. In other words, the growth factors were strongly correlated with outstanding leadership. With the factors validated, Hay Group then developed the tools to measure them. They were tested and extensively revised and refined based on the results. Statistical measures of the second, revised version showed a high degree of reliability and precision.

5 Administration and reporting Our Growth Factor Inventory provides your organization with valuable, carefully calibrated insights. It is remarkably simple to administer and its results can be easily understood. Two versions are available. In the first, individuals are evaluated by their managers, in addition to completing a self-evaluation. In the second, evaluations are expanded to include peers and colleagues. The evaluation instruments are provided via a secure web site and take only 15 to 20 minutes to complete. Separate, easy to read reports are given to individuals and managers. They provide information on the purpose of the Growth Factor Inventory and the four growth factors themselves. The manager s report contains growth factor data across a whole team to support sound development decisions, with guidance on how to interpret and use the results. Individual reports summarize both the individual s own self-rating and the ratings provided by their manager or managers, and provide a context for understanding the results along with general suggestions for further development.

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