Whether it’s a high-profile tech
company like Yahoo!, or a more
established conglomerate like GE or Home Depot, large
companies have a hard time keeping their best and brightest in house.
Here’s my Top Ten list of
what large companies do to lose their top talent :
1. Big Company Bureaucracy. This is probably the 1 reason we hear after the fact from disenchanted
employees. However, it’s usually a reason that masks the real
reason. No one likes rules that make no sense. But, when top talent is
complaining along these lines, it’s usually a sign that they didn’t feel as if
they had a say in these rules. They were simply told to follow along and get
with the program. No voice in the process and really talented people
say “check please.”
2. Failing to Find a Project for the
Talent that Ignites Their Passion.
Big companies have many moving parts — by definition. Therefore, they usually
don’t have people going around to their best and brightest asking them if
they’re enjoying their
current projects or if they want to work on something new
that they’re really interested in which would help the company. HR people are
usually too busy keeping up with other things to get into this. The bosses are
also usually tapped out on time and this becomes a “nice to have” rather than
“must have” conversation. However, unless you see it as a “must have,” say adios
to some of your best people. Top talent isn’t driven by money and power, but by
the opportunity to be a part of something huge, that will change the world, and
for which they are really passionate.
Big companies usually never spend the time to figure this out with those
people.
3. Poor Annual Performance Reviews. You would be amazed at how many companies do not do a very
effective job at annual performance reviews. Or, if they have them, they are
rushed through, with a form quickly filled out and sent off to HR, and back to
real work. The impression this leaves with the employee is that my boss — and,
therefore, the company — isn’t really interested in my long-term future here.
If you’re talented enough, why stay? This one leads to
4. No Discussion around Career
Development. Here’s a secret for most bosses:
most employees don’t know what they’ll be doing in 5 years. In our experience,
about less than 5% of people could tell you if you asked. However,
everyone wants to have a discussion with you about their future.
Most bosses never engage with their employees about where they want to go in
their careers even the top talent. This represents a huge opportunity for you
and your organization if you do bring it up. Our best clients have
separate annual discussions with their employees — apart from their annual or
bi-annual performance review meetings to discuss succession
planning or career development. If your best people know that
you think there’s a path for them going forward, they’ll be more likely to hang
around.
5. Shifting Whims/Strategic
Priorities. I applaud companies trying to
build an incubator or “brickhouse” around their talent, by giving them new
exciting projects to work on. The challenge for most organizations is not
setting up a strategic priority, like establishing an incubator, but sticking
with it a year or two from now. Top talent hates to be “jerked around.” If you
commit to a project that they will be heading up, you’ve got to give them
enough opportunity to deliver what they’ve promised.
By
Basil Mbuna
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