Organisations across the globe invest a whole lot of resources, money and time in Talent Management to retain High Potentials (HIPOTs). These would highly capable, intelligent, and quick learning resources that we are handling. Would a hike in salary package, grade, or designation hold them motivated for very long?
Visualize a goldfish inside a tank full of fighter fish. A formula1 car on a high-traffic road. Shoe polish alongside fruit racks in a retail outlet. How repulsive are these images? This is precisely how hipots will feel if they have to work in an environment that does not 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:
Take into consideration a situation where your hipot has to report to a manager who is low on general intelligence. The manager would most likely take more time concluding a brainstorming session. The hipot may see this additional time as waste and incapability of her manager. The hipot may well not find enough motivation to sit through the future meetings with the manager or not look forward to gaining knowledge from the manager.
CULTURE MISMATCH:
We all know that adults wouldn't want to be told. A hipot would hate being directed always, and they want to be challenged cognitively. Generally they would prefer guidance only after trying out things on their own. An environment where the organisation and the managers are less tolerant towards learning through experiments and failures do not support nurturing a talent pool. ‘Telling approach' is considered one indicator of an organisation that lacks a high-performance culture.
ASPIRATION MISMATCH:
Tenure-based promotion is a popular enough reason to repel the talent pool from the organisation. What is needed in such a situation will be 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 carefully consider 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 buy it from the market? You will see these are two different things. Chances are if your organisation is attracting talent, you certainly will always have a talent surplus situation, no matter what the market condition is. If you're 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 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 lead to interpersonal challenges as well as an spiking of employee churn
Some pointers to 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 will have to ensure that they work with managers who can provide the the right environment
• Conduct surveys to see 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. Employees should enter, get promoted, and exit the organisation at the right 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 completely ok to not recruit hipots for your organisation, but this decision needs to be based on talent pool bench-marking
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