Organisations across the globe invest considerable resources, money and time in Talent Management to retain High Potentials (HIPOTs). These would highly capable, intelligent, and quick learning resources that we are dealing with. Would a hike in salary package, grade, or designation hold them motivated all the way?
Imagine a goldfish in a tank full of fighter fish. A formula1 car on any high-traffic road. Shoe polish beside fruit racks in a retail outlet. How repulsive are these images? This is precisely how hipots will feel in case they have to work in an environment that does not 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 seems to be low on general intelligence. The manager would most likely spend more time concluding a brainstorming session. The hipot may see this additional time as waste and incapability of her manager. The hipot will 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:
Everyone knows that adults don't want to be told. A hipot would hate for being directed repeatedly, and they wish to be challenged cognitively. They might prefer guidance only after trying out things on their own. An environment where the organisation or even the managers are less tolerant towards learning through experiments and failures will not likely 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 farther from organisation. All it takes in such a situation usually is to manage somehow and stay put for the promotions to happen. A hipot can find doing work in such an environment insulting. Hipots expect 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 get it from the market? These are two different things. If by chance your organisation is attracting talent, you are sure to 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 is not going to mean much for a longer duration
• If there is a mismatch between expectations and reality, the hipot may regress in performance after joining your organisation
• Recruiting hipots may cause interpersonal challenges together with increasing amount of employee churn
Some pointers that can assist 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 would have to ensure they work with managers who can give them the right environment
• Conduct surveys to ascertain if your organisation's culture is conducive for nurturing the talent pool. Should there be 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 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 grow
• Make the promotion criteria objective and transparent
• It is completely ok not to recruit hipots for your organisation, but this decision need to be based on talent pool bench-marking
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