Organisations worldwide invest a large amount of resources, time and money in Talent Management to retain High Potentials (HIPOTs). These are highly capable, intelligent, and quick learning resources that we're discussing. Would a hike in salary package, grade, or designation hold them motivated for long?
Visualize a goldfish inside a tank with lots of fighter fish. A formula1 car on a high-traffic road. Shoe polish alongside fruit racks in the retail outlet. How repulsive are these images? This is exactly how hipots will feel in case they have to work in an environment that doesn't 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 seems to be low on general intelligence. The manager would most probably spend more time concluding a brainstorming session. The hipot may see this extra time as waste and incapability of her manager. The hipot might 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:
Everyone knows that adults don't wish to be told. A hipot would hate being directed constantly, plus they want to be challenged cognitively. They generally 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 one indicator of an organisation that lacks a high-performance culture.
ASPIRATION MISMATCH:
Tenure-based promotion is a popular enough reason to 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 may find operating in such an environment insulting. Hipots intend 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 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 buy it from the market? These are generally two different things. If your organisation is attracting talent, you are sure to 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 salary is not going to keep the hipot motivated for too long
• A Deputy Assistant VP grade will not 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 with an increased employee churn
Some pointers to 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 ensure that they work with managers who can offer them the right environment
• Conduct surveys to ascertain 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 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 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 not to recruit hipots for your organisation, but this decision should be based on talent pool bench-marking
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