Talent Management Insights: Practices That Can Make Or Break Your Organisation's Talent Pool
Organisations across the world invest a great deal of resources, time and money in Talent Management to retain High Potentials (HIPOTs). They are highly capable, intelligent, and quick learning resources that we're referring to. Would a hike in salary package, grade, or designation hold them motivated lastingly?
Visualize a goldfish in 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? That's simply how hipots will feel if they've got 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:
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 likely spend more time concluding a brainstorming session. The hipot may see this additional time as waste and incapability of her manager. The hipot may not find enough motivation to sit through the future meetings with the manager or not look ahead to gaining knowledge from the manager.
CULTURE MISMATCH:
Everybody knows that adults don't wish to be told. A hipot would hate being directed constantly, plus they wish to be challenged cognitively. Generally they would 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 likely not support nurturing a talent pool. ‘Telling approach' is definitely one indicator of an organisation that lacks a high-performance culture.
ASPIRATION MISMATCH:
Tenure-based promotion is a good enough a way to repel the talent pool farther from organisation. All it takes in such a situation usually 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 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 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? You will see these are two different things. In case your organisation is attracting talent, you will 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 wages are not going to keep the hipot motivated for too long
• 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 could lead to interpersonal challenges and an spiking of employee churn
Some pointers that can assist 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 will have to make certain that they work with managers who can provide them the right environment
• Conduct surveys to see if your organisation's culture is conducive for nurturing the talent pool. If 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. 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 completely ok to not recruit hipots for your organisation, but this decision must be based on talent pool bench-marking
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