Organisations worldwide invest lots of resources, money and time in Talent Management to retain High Potentials (HIPOTs). These would highly capable, intelligent, and quick learning resources that we are discussing about. Would a hike in salary package, grade, or designation hold them motivated for long?
Imagine a goldfish inside a tank with lots of fighter fish. A formula1 car on any high-traffic road. Shoe polish close to fruit racks in the retail outlet. How repulsive are these images? That's simply 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:
Take into consideration a situation where your hipot has to report to a supervisor who is low on general intelligence. The manager would likely spend more time concluding a brainstorming session. The hipot may see this extra time as waste and incapability of her 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 being directed always, they usually like to be challenged cognitively. They would prefer guidance only after trying out things on their own. An environment where the organisation and 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 a way to repel the talent pool farther from organisation. What is needed in such an environment will be to manage somehow and stay put for the promotions to happen. A hipot can find working in such an environment insulting. Hipots expect to grow in accordance 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? You will see these are two different things. When your organisation is attracting talent, you certainly will 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 for long
• A Deputy Assistant VP grade cannot 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 bring about interpersonal challenges as well as an increased 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 offer 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. 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 totally ok to not recruit hipots for your organisation, but this decision needs to be based on talent pool bench-marking
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