Organisations around the world invest a great deal of resources, money and time in Talent Management to retain High Potentials (HIPOTs). They are highly capable, intelligent, and quick learning resources that we're referring to. Would a hike in salary package, grade, or designation place them motivated for long?
Imagine a goldfish in a tank with lots of fighter fish. A formula1 car on a high-traffic road. Shoe polish next to fruit racks in the retail outlet. How repulsive are these images? That's precisely how hipots will feel if they've to work in an environment that doesn't suit their culture, aspirations, and capabilities. They are going to 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 additional time as waste and incapability of their manager. The hipot might 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 don't want to be told. A hipot would hate for being directed repeatedly, plus they wish to be challenged cognitively. They might prefer guidance only after trying out things on their own. An environment where the organisation or the 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 farther from organisation. Precisely what it takes in such a situation usually is to manage somehow and stay put for the promotions to happen. A hipot can find operating 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 check 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 are two different things. In case your organisation is attracting talent, you 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 permanently
• 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 cause interpersonal challenges along with an increase in 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 would have to ensure 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. If 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. The employee 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 certainly ok to not recruit hipots for your organisation, but this decision need to be based on talent pool bench-marking
No comments:
Post a Comment