Organisations around the world invest a whole lot of resources, time and money in Talent Management to retain High Potentials (HIPOTs). These generally 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 lastingly?
Imagine a goldfish inside a tank with lots of fighter fish. A formula1 car on any heavy traffic road. Shoe polish alongside fruit racks in a retail outlet. How repulsive are these images? This is simply how hipots will feel when 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:
Consider a situation where your hipot has to report to a supervisor who is low on general intelligence. The manager would likely spend more time concluding a brainstorming session. The hipot may see this extra time as waste and incapability of the 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:
Everyone knows that adults don't wish to be told. A hipot would hate being directed always, they usually want to be challenged cognitively. They'd prefer guidance only after trying out things on their own. An environment where the organisation or maybe the managers are less tolerant towards learning through experiments and failures will 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 a way to repel the talent pool farther from organisation. What is needed in such a situation usually is to manage somehow and stay put for the promotions to happen. A hipot can find being employed in such an environment insulting. Hipots anticipate to grow based on 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 get it from the market? These are two different things. But if 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 salary is not going to keep the hipot motivated lastingly
• A Deputy Assistant VP grade will likely 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 cause interpersonal challenges together with increased amount of employee churn
Some pointers that can 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 might have to make sure that they work with managers who can provide the 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. The 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 grow
• Make the promotion criteria objective and transparent
• It is absolutely ok to not recruit hipots for your organisation, but this decision must be based on talent pool bench-marking
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