Organisations all over the world invest large amounts of resources, money and time in Talent Management to retain High Potentials (HIPOTs). These are highly capable, intelligent, and quick learning resources that we're dealing with. Would a hike in salary package, grade, or designation keep them motivated lastingly?
Imagine a goldfish in a tank full 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? This is simply how hipots will feel when they have to work in an environment that does not 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:
Take into consideration a situation where your hipot has to report to a supervisor who's low on general intelligence. The manager would most likely take more time concluding a brainstorming session. The hipot may see this additional 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:
Everyone knows that adults don't want to be told. A hipot would hate to be directed always, and they love to be challenged cognitively. Usually they would prefer guidance only after trying out things on their own. An environment where the organisation or even the managers are less tolerant towards learning through experiments and failures do 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 ground repel the talent pool farther from organisation. All it takes in such a situation is usually to manage somehow and stay put for the promotions to happen. A hipot may find operating 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 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. But if your organisation is attracting talent, there is no doubt that you will always have a talent surplus situation, no matter what the market condition is. If 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 will 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 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 would have to make sure that they work with managers who can provide 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 answerable for talent management and review them regularly
• Define a career path for all roles within the organisation. Employees 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 grow
• Make the promotion criteria objective and transparent
• It is absolutely ok not to recruit hipots for your organisation, but this decision should be based on talent pool bench-marking
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