After working for 5 years in a Multinational company and coming in to contact with many top executives and Managers of the company and working with some of them, I arrived on some reasons, why a company cannot hold on their top talent pool,
Here’s my list of what companies do wrong and lose their top talent:
1. Not Able to Find a Project for the best and brightest: Companies usually don’t have people going around to their talent work force asking them if they’re enjoying their current work or if they want to work on something new that they’re really interested in, which would help them grow within and also help company. The bosses either are too much occupied or they convert conversation on this a “nice to have” rather than “must have”. HR people are usually too busy (or they pretend to be) in new hiring or implementing various changes in the policies dictated by the management. Top talent isn’t motivated only by money and power, but by the opportunity to be a part of something huge and for which they are really passionate. Companies usually never spend the time to figure this out with those people.
2. Company Administration: This is probably the number one reason we hear from unsatisfied people while it is typically a reason that cover the real reason. Company or managers need to listen when top talent is complaining about rules that make no sense. It is usually a indication that they did not feel as if they had a say in these rules. They were simply told to follow along and get with the program, which create a rebellious voice inside them.
3. Annual Performance Reviews: While bosses have too much of time to go for drink and talk on length about policies and failures but at the time of annual performance reviews bosses do not do a very effective job or if they have them, they are hasty to complete form quickly by filling fields with one liner with no elaboration on work done as if it is not even as important as their drink session in the evening and sent off to HR. The impression this leaves with the employee is that my boss and therefore, the company is not really interested in my future. Then if you are talented enough, why stay?
4. No Discussion around Career Development: Everyone wants to have a discussion with their managers about their future. In most of the cases employees have no idea about the career development policies of the company, which courses they can take or what other specialization they can apply for which company will take responsibility partially or fully. Most bosses never engage with their employees about where they want to go in their careers even with the top talents. Best companies have separate annual or bi-annual meetings to discuss career development or planning roles. If best people know that company thinks there is a path for them going forward, they will be more likely to hang around.
5. Irregular Project Responsibility: Top performing employees hates to be made foolish by their seniors, if boss commit to a project that they will be heading up then they need to give them enough opportunity to deliver what they have promised, not like, giving lead for first few months for the ground work and then shift it to senior person in the company.
6. Observations/suggestions: Top talent demands responsibility from others and does not mind being held accountable for their projects. Therefore, have regular touch points with best people as they work through their projects. They will appreciate your insights/observations/suggestions as long as they don’t convert into lectures.
7. Top Performers likes good Team: Recently I read an article going round on Facebook with heading “Working with idiots can kill you” and I feel it’s true, If you want to retain your best people, make sure they’re surrounded by other best ones. Many companies keep some people that sensibly should not be there and when you ask why, they will explain that it is too hard to find a replacement for them so bear with them for some time, now is not the time.
8. Lack of permissiveness: A lot of companies have a vision/strategy which they are trying to execute often find opposing voices to this strategy as an irritation and a sign that someone’s not a “team player.” The best people want to share their ideas and have them listened to. However, if all the best people are leaving and disagreeing with the strategy, you’re left with a bunch of “yes” people saying the same things to each other.
9. Who is the Boss? If a few people have recently quit at your company who report to the same boss, it’s likely not a coincidence. If the projects are flowing and the challenge levels are high, salaries are matching with the profile then the only reason a good resource is leaving is his/her boss attitude towards him or towards work he or she is doing, another big reason is that manager is indecisive and seemingly changes direction at whim or according to his superiors without telling or giving reasons to the team members.
From the above points even when the foundation remains intact, the loss of just a few of talented employees who have a special expertise can shake an organization to its roots. In this age of high chance and random market and organizational changes, organizations must educate their managers and create an environment where today's top talent can thrive. The alternative is unacceptable.
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