Organisations around the world invest considerable resources, time and money 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 quite a while?
Imagine a goldfish in a tank full of fighter fish. A formula1 car on any heavy traffic road. Shoe polish next to fruit racks in the retail outlet. How repulsive are these images? That's simply how hipots will feel in case 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 supervisor 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 her manager. The hipot might not find enough motivation to sit through the future meetings with the manager or not look ahead to gaining knowledge from the manager.
CULTURE MISMATCH:
Everyone knows that adults wouldn't want to be told. A hipot would hate for being directed at all times, plus they enjoy being challenged cognitively. 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 won't support nurturing a talent pool. ‘Telling approach' is definitely 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 usually is to manage somehow and stay put for the promotions to happen. A hipot might find being 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 look out 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 generally are two different things. Should your organisation is attracting talent, you are sure to 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 very 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 together with spiking of employee churn
Some pointers to 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 may have to ensure 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 within 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 develop
• Make the promotion criteria objective and transparent
• It is certainly ok not to recruit hipots for your organisation, but this decision need to be based on talent pool bench-marking
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