Organisations around the world invest a great deal of resources, time and money in Talent Management to retain High Potentials (HIPOTs). These are generally highly capable, intelligent, and quick learning resources that we're talking about. Would a hike in salary package, grade, or designation hold them motivated quite a while?
Imagine a goldfish inside a tank with lots of fighter fish. A formula1 car on a heavy traffic road. Shoe polish beside fruit racks in a retail outlet. How repulsive are these images? This is exactly how hipots will feel if they've to work in an environment that does not 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 manager who seems to be low on general intelligence. The manager would likely take more time concluding a brainstorming session. The hipot may see this extra 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 look forward to learning from the manager.
CULTURE MISMATCH:
We all know that adults usually wouldn't want to be told. A hipot would hate being directed constantly, they usually want to be challenged cognitively. They generally would prefer guidance only after trying out things on their own. An environment where the organisation or even the managers are less tolerant towards learning through experiments and failures will likely 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 from the organisation. All it takes in such an environment is to manage somehow and stay put for the promotions to happen. A hipot could find being employed in such an environment insulting. Hipots expect to grow in accordance 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 carefully consider 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? These are two different things. Should your organisation is attracting talent, there is no doubt that 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 wages are not going to keep the hipot motivated quite a while
• A Deputy Assistant VP grade cannot 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 can lead to interpersonal challenges along with an increased amount of employee churn
Some pointers which will 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 may have to make sure that they work with managers who can offer them the right environment
• Conduct surveys to check if your organisation's culture is conducive for nurturing the talent pool. Should there be 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 develop
• Make the promotion criteria objective and transparent
• It is completely ok to not recruit hipots for your organisation, but this decision must be based on talent pool bench-marking
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