Organisations throughout the world invest a lot 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're referring to. Would a hike in salary package, grade, or designation place them motivated for long?
Visualize a goldfish inside a tank full of fighter fish. A formula1 car on a heavy traffic road. Shoe polish at the side of fruit racks in a retail outlet. How repulsive are these images? This is exactly how hipots will feel if they've got 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:
Think about it as a situation where your hipot has to report to a supervisor who seems to be 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 her manager. The hipot will not find enough motivation to sit through the future meetings with the manager or not really look forward to learning from the manager.
CULTURE MISMATCH:
Everyone knows that adults prefer not to be told. A hipot would hate to be directed always, they usually enjoy being challenged cognitively. Generally 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 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 popular enough a way to repel the talent pool farther from organisation. Precisely what it takes in such a situation will be to manage somehow and stay put for the promotions to happen. A hipot can find employed 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 pay attention to 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 generally two different things. When your organisation is attracting talent, you may 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 wages are not going to keep the hipot motivated quite a while
• A Deputy Assistant VP grade will not 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 lead to interpersonal challenges together with increase in 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 would have to make certain that 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 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 totally ok to not recruit hipots for your organisation, but this decision need to be based on talent pool bench-marking
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