Talent Management: Practices That Can Make Or Break Your Organisation’s Talent Pool

Organisations throughout the world invest large amounts
of resources, time and money in Talent
Management to retain High Potentials (HIPOTs). You will see these are highly
capable, intelligent, and quick learning resources that we’re
talking about. Would a hike in salary package, grade, or
designation place them motivated for long?

 

Visualize a goldfish in a tank full of fighter
fish. A formula1 car on a heavy traffic road. Shoe
polish beside fruit racks in the retail outlet. How repulsive are these
images? That’s exactly how hipots will
feel if they have 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 supervisor 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 their manager. The hipot may not find enough motivation to sit through the future meetings with
the manager or not look forward to
gaining knowledge from the manager.

 

 

CULTURE MISMATCH:

 

Everyone knows that adults prefer not to be told. A hipot would hate being directed all the time, they usually love to be challenged cognitively. They’d 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. What
is needed in such a situation usually is to manage somehow and stay
put for the promotions to happen. A hipot could find working in such an environment insulting. Hipots expect 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 out 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? You will see these are two
different things. In case your organisation is attracting talent, you certainly will always have a talent surplus situation, no matter what the
market condition is. If you’re buying talent from the market, you may consider the following
thoughts:

 

• Increased
wages are not going to keep the hipot motivated all the
way

• A Deputy
Assistant VP grade will 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 may result in interpersonal challenges as well as an increase in 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 may have to ensure 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
answerable for talent management and review them regularly

• Define a career
path for all roles within the organisation. An 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
absolutely ok not to recruit hipots for your organisation, but this decision needs to be based on talent pool bench-marking

performance marketing

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