Organisations across the globe invest a large amount of resources, time and money in Talent Management to retain High Potentials (HIPOTs). These generally are highly capable, intelligent, and quick learning resources that we're dealing with. Would a hike in salary package, grade, or designation hold them motivated lastingly?
Visualize a goldfish in a tank full of fighter fish. A formula1 car on a heavy traffic road. Shoe polish just beside fruit racks in a retail outlet. How repulsive are these images? That's 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:
Consider a situation where your hipot has to report to a manager who is low on general intelligence. The manager would most probably spend more time concluding a brainstorming session. The hipot may see this additional time as waste and incapability of the manager. The hipot won't 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 would not like to be told. A hipot would hate to be directed at all times, they usually enjoy being challenged cognitively. They'd prefer guidance only after trying out things on their own. An environment where the organisation as well as 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 from the organisation. All it takes in such an environment usually is to manage somehow and stay put for the promotions to happen. A hipot may find employed in such an environment insulting. Hipots expect 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 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 get it from the market? These are generally two different things. In case your organisation is attracting talent, you may 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 all the way
• 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 result in interpersonal challenges as well as an spiking 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 your organisation
• Define the strategy to recruit hipots. You may have to ensure 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. In case 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. The employee should enter, get promoted, and exit the organisation at the correct 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 to not recruit hipots for your organisation, but this decision should be based on talent pool bench-marking
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