Organisations all over the world 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 talking about. Would a hike in salary package, grade, or designation hold them motivated for very long?
Visualize a goldfish in a tank with lots of fighter fish. A formula1 car on any high-traffic road. Shoe polish besides fruit racks in a retail outlet. How repulsive are these images? That's exactly how hipots will feel when they have to work in an environment that doesn't suit their culture, aspirations, and capabilities. They will 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 likely take more time concluding a brainstorming session. The hipot may see this extra time as waste and incapability of the manager. The hipot will not find enough motivation to sit through the future meetings with the manager or not look ahead to learning from the manager.
CULTURE MISMATCH:
Everybody knows that adults often choose not to be told. A hipot would hate for being directed repeatedly, plus they like to be challenged cognitively. Typically they would 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 cannot 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 good enough a way to repel the talent pool from your organisation. Precisely what it takes in such an environment would be to manage somehow and stay put for the promotions to happen. A hipot can find being 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 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 get it from the market? These generally are two different things. When your organisation is attracting talent, you might always have a talent surplus situation, no matter what the market condition is. In case 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's a mismatch between expectations and reality, the hipot may regress in performance after joining your organisation
• Recruiting hipots may lead to interpersonal challenges as well as an increase in employee churn
Some pointers which 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 would have to make certain that they work with managers who can give them 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 accountable for talent management and review them regularly
• Define a career path for all roles in the organisation. Employees 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 grow
• Make the promotion criteria objective and transparent
• It is completely ok to not recruit hipots for your organisation, but this decision need to be based on talent pool bench-marking
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