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

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

 

Visualize a goldfish in a tank with lots of fighter fish. A formula1 car on any heavy traffic road. Shoe polish at the side of fruit racks in a retail outlet. How repulsive are these images? That's precisely how hipots will feel should they have 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:

 

Think about it as a situation where your hipot has to report to a manager who is low on general intelligence. The manager would 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 really look forward to learning from the manager.

 

 

CULTURE MISMATCH:

 

We all know that adults often choose not to be told. A hipot would hate to be directed always, plus they like to be challenged cognitively. Typically 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 won't 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 reason to repel the talent pool from your organisation. What is needed in such a situation will be to manage somehow and stay put for the promotions to happen. A hipot may find operating in such an environment insulting. Hipots expect to grow in accordance 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 try to find 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 buy it from the market? These are generally two different things. If by chance your organisation is attracting talent, you certainly 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 too long

• 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 lead to interpersonal challenges as well as an increasing amount of employee churn

 

 

Some pointers which 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 ensure that they work with managers who can provide them the right environment

• Conduct surveys to check 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 accountable 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 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 should be based on talent pool bench-marking

management consulting

Construct A Strategy Map To Transform Your Company

A strategy map is a graph of an organization's overall objectives and how they connect to one another. This is a standard for organizational decision makers, which they can use to plan and keep track of the progress of their organization.

Technique maps are particularly helpful when your organization is going through significant modification. It is essential that the strategy map not alter considerably from the variation you get from the coordinator, so that your decision makers can utilize it to prepare the next steps to get your objectives accomplished.

Producing A Strategy Map

You need to develop a strategy map at the start of your company, however later as the changes happen you can create a brand-new version. You can change the strategy map or just create a brand-new one. Some of the concerns that ought to be consisted of in a technique are:

• Start of action strategy
• Ongoing actions
• End of action strategy

In addition, you ought to include an effect declaration. An impact statement is a declaration of the objectives and objectives of your modification method and whether they are likely to be accomplished. It is also a statement of what the company requires to do to achieve these objectives. It is to be sent out to all present and possible clients and suppliers, to let them understand that you understand their responsibilities and what the organization requires to do to attain the modification technique. The statement ought to be used for communicating the modification to all stakeholders.

Use your strategy map to communicate the change

Developing a method is not simple, specifically if you have a fairly small business. There are many resources offered. One of the most essential is your company's Strategic Plan that must be evaluated and upgraded annual. Your strategy map should belong to that strategy. An excellent business should have a strategic plan and its own tactical map. You ought to evaluate the tactical strategy to make sure that it reflects the vision, intents, and short, medium and long-term objectives of your business. This was written by an organizer who has actually dealt with lots of large business.

StratēgoMap is an ingenious software application particularly designed for: Local Businesses, E-Commerce Businesses, Affiliate Marketers, InfoProduct Creators. This FREE tool draws up your service techniques so that every employee can quickly comprehend them. StratēgoMap strategy map software, allows you to map out the plans, processes, procedures, and methods you require to construct an effective and rewarding service.

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