Colleague self harming tendencies and suicidal thoughts

The best thing you can do is:

-1- be a role model and;
-2- help develop him and cultivate his talents

This is certainly nothing necessarily different than any employee you might manage, but each employee has a different position that is a “best fit” for both inside and outside the organization and looking towards the employees future.

Some employees take more effort than others. That’s nothing new, just life.

For someone that has felt confident opening up to you about suicidal ideation, it demonstrates a level of trust and respect. You can leverage that trust and move the relationship forward by helping him set some positive goals that you can be a mentor in helping him achieve. If he wants to be an artist for example, you can help support that aspect in his life as it is a win for you, for him, and the organization.

The one thing I would avoid is trying to be a therapist. That is not your role. I would make sure you follow any HR guidance and be sure to document.

As a manager you are in a spot to help, but more as a leader or mentor that he can look up to and get direction from. I would maintain that professional mentor role and avoid any father, parenting, counseling, or therapy role. He looks up to you as a leader/mentor, so keep it that way and use it to his advantage.