Organisations all over the world invest plenty of resources, money and time in Talent Management to retain High Potentials (HIPOTs). You will see these are highly capable, intelligent, and quick learning resources that we are talking about. Would a hike in salary package, grade, or designation hold them motivated lastingly?
Imagine a goldfish inside a tank full of fighter fish. A formula1 car on a heavy traffic road. Shoe polish close 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 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 is low on general intelligence. The manager would likely take more time concluding a brainstorming session. The hipot may see this additional time as waste and incapability of the manager. The hipot may well 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:
Everybody knows that adults often choose not to be told. A hipot would hate for being directed constantly, they usually love 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 cannot 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 reason to repel the talent pool from the organisation. All it takes in such a situation usually is to manage somehow and stay put for the promotions to happen. A hipot might find employed in such an environment insulting. Hipots anticipate 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 carefully consider 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 purchase it from the market? These are two different things. Should your organisation is attracting talent, you'll always have a talent surplus situation, no matter what the market condition is. Should you be buying talent from the market, you may consider the following thoughts:
• Increased wages are not going to keep the hipot motivated for very long
• A Deputy Assistant VP grade won't 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 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 will have to ensure they work with managers who can offer 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 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 completely ok not to recruit hipots for your organisation, but this decision must be based on talent pool bench-marking
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