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

Organisations globally invest a great deal of resources, money and time in Talent Management to retain High Potentials (HIPOTs). These are highly capable, intelligent, and quick learning resources that we are referring to. Would a hike in salary package, grade, or designation place them motivated all the way?

 

Visualize a goldfish in a tank with lots of fighter fish. A formula1 car on any high-traffic road. Shoe polish besides fruit racks in a retail outlet. How repulsive are these images? That's exactly how hipots will feel should 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:

 

Take into consideration a situation where your hipot has to report to a supervisor who's low on general intelligence. The manager would most likely spend 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 look ahead to gaining knowledge from the manager.

 

 

CULTURE MISMATCH:

 

Everybody knows that adults don't wish to be told. A hipot would hate being directed at all times, they usually want to be challenged cognitively. They might prefer guidance only after trying out things on their own. An environment where the organisation and the 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 popular enough ground repel the talent pool farther from organisation. All it takes in such a situation would be to manage somehow and stay put for the promotions to happen. A hipot could find doing work 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? You will see these are two different things. Should 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 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 may bring about interpersonal challenges and an increased amount of 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'll have to make certain that they work with managers who can provide the 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 develop

• Make the promotion criteria objective and transparent

• It is definitely ok to not recruit hipots for your organisation, but this decision must be based on talent pool bench-marking

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