Organisations across the globe invest a 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're handling. Would a hike in salary package, grade, or designation keep them motivated for long?
Visualize a goldfish inside a tank full of fighter fish. A formula1 car on any high-traffic road. Shoe polish besides fruit racks in the retail outlet. How repulsive are these images? This is simply how hipots will feel if they've 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 spend more time concluding a brainstorming session. The hipot may see this additional time as waste and incapability of the manager. The hipot might 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:
Everyone knows that adults often choose not to be told. A hipot would hate to be directed always, and they like to be challenged cognitively. They'd prefer guidance only after trying out things on their own. An environment where the organisation or perhaps the 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 good enough a way to repel the talent pool from your organisation. All it takes in such a situation would be to manage somehow and stay put for the promotions to happen. A hipot might 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 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? You will see these are two different things. Should your organisation is attracting talent, you may 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 permanently
• A Deputy Assistant VP grade will likely not 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 lead to interpersonal challenges along with an increasing amount of employee churn
Some pointers that will 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 might have to ensure they work with managers who can provide them the right environment
• Conduct surveys to check 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 answerable for talent management and review them regularly
• Define a career path for all roles within the organisation. The 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 develop
• Make the promotion criteria objective and transparent
• It is definitely ok not to recruit hipots for your organisation, but this decision need to be based on talent pool bench-marking
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