Talent Management Strategy: The Dos And Don'ts Which Will Make Or Break Your Organisation's Talent Pool

Organisations worldwide invest a whole lot of resources, money and time in Talent Management to retain High Potentials (HIPOTs). You will see these are highly capable, intelligent, and quick learning resources that we are dealing with. Would a hike in salary package, grade, or designation keep them motivated lastingly?

 

Imagine a goldfish inside a tank full of fighter fish. A formula1 car on any high-traffic road. Shoe polish adjacent to fruit racks in a retail outlet. How repulsive are these images? That's exactly how hipots will feel when 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 is low on general intelligence. The manager would most likely take more time concluding a brainstorming session. The hipot may see this extra time as waste and incapability of her manager. The hipot may well not 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:

 

We all know that adults often choose not to be told. A hipot would hate for being directed always, and they want to be challenged cognitively. They generally 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 cannot 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 the organisation. All it takes in such an environment usually is to manage somehow and stay put for the promotions to happen. A hipot might find employed in such an environment insulting. Hipots anticipate 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 check 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 two different things. If your organisation is attracting talent, there is no doubt that 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 salary is not going to keep the hipot motivated for very long

• 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 may bring about interpersonal challenges together with spiking 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 your organisation

• Define the strategy to recruit hipots. You might have to make sure that they work with managers who can give 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 answerable 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 certainly ok to not recruit hipots for your organisation, but this decision need to be based on talent pool bench-marking

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