Talent Management: Practices Which Makes Or Break Your Organisation's Talent Pool

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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Build A Strategy Map To Transform Your Company

A strategy map is a graph of an organization's overall goals and how they connect to one another. This is a standard for organizational decision makers, which they can utilize to plan and monitor the development of their business.

Method maps are particularly useful when your organization is undergoing substantial modification. It is necessary that the strategy map not alter considerably from the variation you get from the organizer, so that your decision makers can use it to plan the next steps to get your goals achieved.

Producing A Strategy Map

You need to develop a strategy map at the start of your company, however later on as the modifications happen you can develop a brand-new version. You can alter the strategy map or just create a new one. A few of the issues that ought to be included in a technique are:

• Start of action plan
• Continuous actions
• End of action plan

In addition, you need to consist of an effect declaration. An impact statement is a declaration of the goals and goals of your change method and whether they are likely to be accomplished. It is likewise a statement of what the company requires to do to attain these objectives. It is to be sent to all current and potential customers and suppliers, to let them know that you know their obligations and what the company needs to do to achieve the modification technique. The declaration must be utilized for communicating the change to all stakeholders.

Use your strategy map to interact the change

Creating a strategy is challenging, particularly if you have a relatively little company. There are lots of resources readily available. Among the most essential is your organization's Strategic Plan that ought to be examined and updated yearly. Your strategy map must be part of that plan. An excellent business needs to have a tactical strategy and its own tactical map. You should examine the tactical plan to ensure that it reflects the vision, objectives, and short, medium and long-term goals of your company. This was written by an organizer who has worked with numerous big companies.

StratēgoMap is an innovative software specifically designed for: Local Businesses, E-Commerce Businesses, Affiliate Marketers, InfoProduct Creators. This FREE tool maps out your service methods so that every staff member can quickly understand them. StratēgoMap strategy map software, allows you to draw up the plans, processes, procedures, and strategies you need to build a successful and lucrative company.

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