At least half of companies do no formal assessments of potential for their leaders and tend to be shooting in the dark when it comes to identifying their future talent. In another research study, it was found that 75% of high performers do not have the requisite abilities to handle the increased complexity in senior leadership roles. I4cp’s research showed that the most common executive assessment tools when there is a formal process is the 360 degree feedback assessment. Other popular tools they found included the following:
- Myers-Briggs Type Indicator (MBTI), used by 68.2%
- DISC, used by 61.4%
- Lominger Assessment Instruments, 47.1%
- Hogan Personality Inventory (HPI), 43.2%
- StrengthsFinder 2.0, 43.2%
- Thomas Killman Conflict Management Indicator (TKI), 40.7%
In my opinion, of these assessments, only Lominger, Hogan and Killman tools meet the psychometric rigor required for assessment of potential. The other tools are less rigorous, valid, and reliable to be deployed to assess talent who may be considered for senior leader roles. These other assessments are more likely to be used for training and teambuilding activities.
We here at Corporate Performance Strategies strongly recommend that there are multiple data points when considering potential, including: education, experiences, cognitive abilities, personality attributes (what the above measure), performance results, and interview assessments. That helps ensure more accuracy of decisions for determining your bench strength.
What formal executive assessment tools does your company use? When was the last time your leaders were assessed to determine their strengths, weaknesses, or areas of concern? Isn’t it time to implement a rigorous assessment process for the current and future leaders in your organization?