Organisations across the globe invest large amounts of resources, time and money in Talent Management to retain High Potentials (HIPOTs). These are highly capable, intelligent, and quick learning resources that we are talking about. Would a hike in salary package, grade, or designation place them motivated lastingly?
Visualize a goldfish inside a tank full of fighter fish. A formula1 car on a heavy traffic road. Shoe polish just beside fruit racks in a retail outlet. How repulsive are these images? This is exactly how hipots will feel when they have to work in an environment that doesn't suit their culture, aspirations, and capabilities. They will 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 manager who is low on general intelligence. The manager would most likely spend more time concluding a brainstorming session. The hipot may see this extra time as waste and incapability of their manager. The hipot would possibly not find enough motivation to sit through the future meetings with the manager or not really look forward to gaining knowledge from the manager.
CULTURE MISMATCH:
Everybody knows that adults don't wish to be told. A hipot would hate for being directed incessantly, and they wish to be challenged cognitively. They might prefer guidance only after trying out things on their own. An environment where the organisation as well as managers are less tolerant towards learning through experiments and failures won't 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 a way to repel the talent pool from your organisation. What is needed in such a situation is usually to manage somehow and stay put for the promotions to happen. A hipot might find operating in such an environment insulting. Hipots expect to grow according to 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 look 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 are two different things. If 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 salary is not going to keep the hipot motivated for too long
• A Deputy Assistant VP grade cannot 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 could lead to 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 your organisation
• Define the strategy to recruit hipots. You might have to make sure that they work with managers who can offer them the right environment
• Conduct surveys to ascertain if your organisation's culture is conducive for nurturing the talent pool. If there are shortcomings, including organisational culture and practices, address them through a robust learning architecture
• Make leaders answerable for talent management and review them regularly
• Define a career path for all roles in the organisation. An 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 certainly ok to not recruit hipots for your organisation, but this decision needs to be based on talent pool bench-marking
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