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Talent Management Strategy: The Dos And Don’ts That Can Make Or Break Your Organisation’s Talent Pool

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Organisations globally invest a considerable amount of resources, time and money in Talent
Management to retain High Potentials (HIPOTs). They are highly
capable, intelligent, and quick learning resources that we’re
referring to. Would a hike in salary package, grade, or
designation hold them motivated for very long?

 

Visualize a goldfish inside a tank full of fighter
fish. A formula1 car on any high-traffic road. Shoe
polish close
to fruit racks in the retail outlet. How repulsive are these
images? That’s simply how hipots will
feel if they’ve to work in an environment that does
not suit their culture, aspirations, and capabilities. They are going to 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 extra time as waste and incapability of her manager. The hipot won’t find enough motivation to sit through the future meetings with
the manager or not look ahead to
gaining knowledge from the manager.

 

 

CULTURE MISMATCH:

 

We all
know that adults usually wouldn’t want to be told. A hipot would hate to be directed at all
times, and they want to be challenged cognitively. Typically they would prefer guidance only after trying out things on
their own. An environment where the organisation or perhaps
the managers are less tolerant towards
learning through experiments and failures do not support nurturing a talent pool. ‘Telling
approach’ is one indicator of an
organisation that lacks a high-performance culture.

 

ASPIRATION
MISMATCH:

 

Tenure-based
promotion is a popular enough reason to repel the
talent pool from your organisation. Precisely what it takes in such a situation usually is to manage somehow and stay
put for the promotions to happen. A hipot could find 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 carefully consider 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 generally are two
different things. If 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
salary is not going to keep the hipot motivated all the
way

• 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 lead to interpersonal challenges as well as an increase in employee churn

 

 

Some pointers
that can assist 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 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. In case
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 develop

• 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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