Organisations globally invest a whole lot of resources, money and time in Talent Management to retain High Potentials (HIPOTs). These are highly capable, intelligent, and quick learning resources that we're handling. Would a hike in salary package, grade, or designation place them motivated lastingly?
Imagine a goldfish inside a tank with lots of fighter fish. A formula1 car on a heavy traffic road. Shoe polish alongside fruit racks in a retail outlet. How repulsive are these images? This is exactly 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 supervisor who is low on general intelligence. The manager would likely take more time concluding a brainstorming session. The hipot may see this extra time as waste and incapability of their manager. The hipot might 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:
We all know that adults often choose not to be told. A hipot would hate to be directed repeatedly, plus they enjoy being challenged cognitively. Usually they would prefer guidance only after trying out things on their own. An environment where the organisation or the managers are less tolerant towards learning through experiments and failures cannot 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 good enough reason to repel the talent pool from the organisation. What is needed in such an environment is to manage somehow and stay put for the promotions to happen. A hipot can find employed in such an environment insulting. Hipots anticipate 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 buy it from the market? These are generally 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. 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 won't 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 can lead to interpersonal challenges as well as an spiking 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 would have to ensure 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 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 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 totally ok to not recruit hipots for your organisation, but this decision should be based on talent pool bench-marking
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