Organisations around the world invest plenty of resources, money and time in Talent Management to retain High Potentials (HIPOTs). These would highly capable, intelligent, and quick learning resources that we're talking about. Would a hike in salary package, grade, or designation place them motivated for long?
Visualize a goldfish inside a tank with lots of fighter fish. A formula1 car on a heavy traffic road. Shoe polish close to fruit racks in a retail outlet. How repulsive are these images? That's precisely how hipots will feel should they have to work in an environment that doesn't 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 supervisor who is low on general intelligence. The manager would most probably take more time concluding a brainstorming session. The hipot may see this extra time as waste and incapability of their manager. The hipot won't find enough motivation to sit through the future meetings with the manager or not look forward to gaining knowledge from the manager.
CULTURE MISMATCH:
We all know that adults often choose not to be told. A hipot would hate for being directed constantly, plus they want to be challenged cognitively. Typically they would prefer guidance only after trying out things on their own. An environment where the organisation or perhaps the managers are less tolerant towards learning through experiments and failures will likely 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 reason 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 may find working in such an environment insulting. Hipots intend 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 buy it from the market? You will see these are two different things. If by chance 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 salary is not going to keep the hipot motivated for too 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 could lead to interpersonal challenges and an increased 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 the organisation
• Define the strategy to recruit hipots. You may have to make certain that they work with managers who can give them the right environment
• Conduct surveys to ascertain if your organisation's culture is conducive for nurturing the talent pool. If 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. An 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 definitely ok not to recruit hipots for your organisation, but this decision need to be based on talent pool bench-marking
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