Organisations all over the world invest a great deal of resources, time and money in Talent Management to retain High Potentials (HIPOTs). You will see these are highly capable, intelligent, and quick learning resources that we are referring to. Would a hike in salary package, grade, or designation hold them motivated for very long?
Visualize a goldfish in a tank with lots of fighter fish. A formula1 car on a high-traffic road. Shoe polish at the side of fruit racks in the retail outlet. How repulsive are these images? That's precisely how hipots will feel they were 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:
Consider a situation where your hipot has to report to a manager who is low on general intelligence. The manager would likely spend more time concluding a brainstorming session. The hipot may see this additional time as waste and incapability of their manager. The hipot may 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:
We all know that adults prefer not to be told. A hipot would hate for being directed always, plus they enjoy being 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 will not likely 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 good enough ground repel the talent pool from the organisation. Precisely what it takes in such a situation is to manage somehow and stay put for the promotions to happen. A hipot will find operating 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 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 purchase it from the market? These generally are 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 permanently
• A Deputy Assistant VP grade won't 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 along with an increased employee churn
Some pointers which can 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 might have to make certain that they work with managers who can give them the right environment
• Conduct surveys to check 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. An 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 develop
• Make the promotion criteria objective and transparent
• It is certainly ok not to recruit hipots for your organisation, but this decision must be based on talent pool bench-marking
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