Organisations across the world invest a lot of resources, money and time in Talent Management to retain High Potentials (HIPOTs). These generally are highly capable, intelligent, and quick learning resources that we are discussing 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 any heavy traffic road. Shoe polish close to fruit racks in the retail outlet. How repulsive are these images? That's simply how hipots will feel when they have 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:
Take into consideration a situation where your hipot has to report to a supervisor who seems to be low on general intelligence. The manager would likely take more time concluding a brainstorming session. The hipot may see this additional time as waste and incapability of their manager. The hipot would possibly 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 often choose not to be told. A hipot would hate to be directed all the time, they usually like to be challenged cognitively. Usually they would prefer guidance only after trying out things on their own. An environment where the organisation as well as managers are less tolerant towards learning through experiments and failures do not support nurturing a talent pool. ‘Telling approach' is considered 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 from your organisation. All it takes in such an environment would be to manage somehow and stay put for the promotions to happen. A hipot may find being employed in such an environment insulting. Hipots anticipate 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 look 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 get it from the market? These are generally two different things. Should your organisation is attracting talent, you may always have a talent surplus situation, no matter what the market condition is. In case you are buying talent from the market, you may consider the following thoughts:
• Increased salary is not going to keep the hipot motivated lastingly
• A Deputy Assistant VP grade will not likely 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 together with increasing 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'll have to ensure that they work with managers who can provide them the right environment
• Conduct surveys to check 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 in 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 grow
• Make the promotion criteria objective and transparent
• It is totally ok not to recruit hipots for your organisation, but this decision needs to be based on talent pool bench-marking
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