Organisations across the globe invest a large amount of resources, time and money in Talent Management to retain High Potentials (HIPOTs). You will see these are highly capable, intelligent, and quick learning resources that we are referring to. Would a hike in salary package, grade, or designation keep them motivated lastingly?
Imagine a goldfish inside a tank with lots of fighter fish. A formula1 car on a high-traffic road. Shoe polish beside fruit racks in a retail outlet. How repulsive are these images? That's simply how hipots will feel in case they have to work in an environment that doesn't suit their culture, aspirations, and capabilities. They are going to feel suffocated and what follows next is the hipot going in search of fresh air.
CAPABILITY MISMATCH:
Consider a situation where your hipot has to report to a supervisor who is low on general intelligence. The manager would most likely take more time concluding a brainstorming session. The hipot may see this extra time as waste and incapability of the manager. The hipot will not find enough motivation to sit through the future meetings with the manager or not really look forward to learning from the manager.
CULTURE MISMATCH:
Everybody knows that adults wouldn't want to be told. A hipot would hate to be directed all the time, plus they like to be challenged cognitively. They might prefer guidance only after trying out things on their own. An environment where the organisation or maybe the managers are less tolerant towards learning through experiments and failures do not support nurturing a talent pool. ‘Telling approach' is definitely one indicator of an organisation that lacks a high-performance culture.
ASPIRATION MISMATCH:
Tenure-based promotion is a good enough reason to repel the talent pool farther from organisation. Precisely what it takes in such an environment is usually to manage somehow and stay put for the promotions to happen. A hipot could find operating in such an environment insulting. Hipots intend to grow based on performance, effort and demonstrated capability.
Organisations can't expect hipots to wait patiently for their turn of promotion. The irony is that the organisations don't check for their patience while recruiting them. The talent management strategy must be in line with the intent to nurture and retain the talent pool.
“At companies with very effective talent management, respondents are six times more likely than those with very ineffective talent management to report higher 'Total Returns to Shareholders' than competitors.”
“Only 5 per cent of respondents say their organizations' talent management has been very effective at improving company performance”.
Source - https://www.mckinsey.com/business-functions/organization/our-insights/winning-with-your-talent-management-strategy
ATTRACTING VS BUYING TALENT:
Does your organisation attracts talent or purchase it from the market? These generally are two different things. In case your organisation is attracting talent, you might always have a talent surplus situation, no matter what the market condition is. When you are buying talent from the market, you may consider the following thoughts:
• Increased wages are not going to keep the hipot motivated lastingly
• A Deputy Assistant VP grade will not likely mean much for a longer duration
• If there's a mismatch between expectations and reality, the hipot may regress in performance after joining your organisation
• Recruiting hipots can result in interpersonal challenges with an increased amount of employee churn
Some pointers that can help in making informed decisions about attracting, recruiting, and retaining the talent pool:
• Define the DNA of hipots for the organisation
• Define the strategy to recruit hipots. You'll have to make certain that they work with managers who can present the right environment
• Conduct surveys to ascertain if your organisation's culture is conducive for nurturing the talent pool. In case there are shortcomings, including organisational culture and practices, address them through a robust learning architecture
• Make leaders accountable for talent management and review them regularly
• Define a career path for all roles within the organisation. The employee should enter, get promoted, and exit the organisation at the correct time
• Make people development a default competency for managers and leaders. Organisations should give talent management competency enough weightage for making their promotions decisions
• Provide equal opportunity for all employees to learn and develop
• Make the promotion criteria objective and transparent
• It is absolutely ok to not recruit hipots for your organisation, but this decision needs to be based on talent pool bench-marking
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