Organisations worldwide invest considerable resources, money and time in Talent Management to retain High Potentials (HIPOTs). You will see these are highly capable, intelligent, and quick learning resources that we're speaking of. Would a hike in salary package, grade, or designation hold them motivated for very long?
Imagine a goldfish in a tank full of fighter fish. A formula1 car on any high-traffic road. Shoe polish next to fruit racks in a retail outlet. How repulsive are these images? That's exactly how hipots will feel should they have to work in an environment that doesn't suit their culture, aspirations, and capabilities. They may 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 seems to be low on general intelligence. The manager would likely spend more time concluding a brainstorming session. The hipot may see this additional time as waste and incapability of her manager. The hipot may not find enough motivation to sit through the future meetings with the manager or not look ahead to learning from the manager.
CULTURE MISMATCH:
We all know that adults don't wish to be told. A hipot would hate for being directed constantly, and they enjoy being challenged cognitively. They would 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 will not support nurturing a talent pool. ‘Telling approach' is one indicator of an organisation that lacks a high-performance culture.
ASPIRATION MISMATCH:
Tenure-based promotion is a popular enough ground repel the talent pool from the organisation. What is needed in such an environment is usually to manage somehow and stay put for the promotions to happen. A hipot will find working 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 try to find 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 get it from the market? You will see these are two different things. When your organisation is attracting talent, you are sure to always have a talent surplus situation, no matter what the market condition is. If you are buying talent from the market, you may consider the following thoughts:
• Increased salary is 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 may result in interpersonal challenges along with an increased 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'll have to ensure that they work with managers who can give them the right environment
• Conduct surveys to check 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. 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 definitely ok to not recruit hipots for your organisation, but this decision need to be based on talent pool bench-marking
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