Talent Management Insights: Practices Which Will Make Or Break Your Organisation’s Talent Pool

Organisations throughout the world invest lots of resources, time and money in Talent
Management to retain High Potentials (HIPOTs). These would highly
capable, intelligent, and quick learning resources that we are
referring to. Would a hike in salary package, grade, or
designation keep them motivated for long?

 

Imagine
a goldfish inside a tank with lots of fighter
fish. A formula1 car on a high-traffic road. Shoe
polish alongside fruit racks in a retail outlet. How repulsive are these
images? That’s exactly how hipots will
feel they were 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 most likely take more time concluding a brainstorming session. The hipot may see
this additional time as waste and incapability of
the manager. The hipot won’t find enough motivation to sit through the future meetings with
the manager or not really look forward to
gaining knowledge from the manager.

 

 

CULTURE MISMATCH:

 

Everyone knows that adults usually wouldn’t want to be told. A hipot would hate being directed at all
times, and they want to be challenged cognitively. 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 do 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 popular enough a way to repel the
talent pool from the organisation. All it takes in such a situation is
to manage somehow and stay
put for the promotions to happen. A hipot can find working 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 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 purchase it from the market? These are generally 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. When
you are buying talent from the market, you may consider the following
thoughts:

 

• Increased
wages are not going to keep the hipot motivated for long

• A Deputy
Assistant VP grade will not likely 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 and an increased employee churn

 

 

Some pointers
that can 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 make sure 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. 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. Employees 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
absolutely ok not to recruit hipots for your organisation, but this decision needs to be based on talent pool bench-marking

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