Organisations across the globe invest a lot of resources, time and money in Talent Management to retain High Potentials (HIPOTs). These are generally highly capable, intelligent, and quick learning resources that we are referring to. Would a hike in salary package, grade, or designation place them motivated lastingly?
Visualize a goldfish inside a tank with lots of fighter fish. A formula1 car on any heavy traffic road. Shoe polish adjacent to fruit racks in the retail outlet. How repulsive are these images? That's precisely how hipots will feel if they've got to work in an environment that does not 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:
Think about it as a situation where your hipot has to report to a manager who's 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 the manager. The hipot would possibly 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:
We all know that adults prefer not to be told. A hipot would hate for being directed incessantly, and they like to be challenged cognitively. Generally they would prefer guidance only after trying out things on their own. An environment where the organisation or maybe 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 ground repel the talent pool farther from organisation. All it takes in such an environment is to manage somehow and stay put for the promotions to happen. A hipot may 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 pay attention to 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. Chances are if your organisation is attracting talent, you'll 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 all the way
• 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 with an 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 might have to make certain that they work with managers who can present the right environment
• Conduct surveys to see 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. 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 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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