Why do companies lose their best talent? This challenge is not unique to large organizations. Organizations of all sizes face this dilemma and leaders need to spend more time critically analyzing and adjusting their talent management matrices and objectives. Talent has always been and will always be a top differentiator.
Clearly this is not an exhausted list, but here are some solid reasons why organizations lose their top talent.
1. Organizational Bureaucracy ~ This maybe the #1 reason we hear from disengaged employees. However, watch this one at it is 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 is usually a sign 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. No voice in the process and really talented people say "I'm out of here!"
2. Failing To Find A Project For The Talent That Ignites Their Passion ~ Companies, especially large ones, have many moving parts. Therefore, they usually don't have people going around to their best and brightest people asking them what are they enjoying most about their current project and why or what new opportunity would you really be interested in which would help the company. Unless, you see this as a must have conversation, say adios to some of your best people. Top talent is not driven by money, but by the opportunity to be part of something special, which they are really passionate about.
3. No Discussion Around Career Development ~ Here is a little secret for most managers: most employees don't know what they'll be doing in 5 years. However, everyone wants to have a conversation with you about their future. Most managers never engage with their employees about where they want to go in their careers and why - ever more so with top talent. Here is another secret, have these conversations often. Don't make them part of annual performance reviews. To discuss succession planning or career development takes real focus and determined action. If your best people know that you think there is a path from them moving forward, they'll be more likely to stick around.
4. Shifting Priorities ~ The challenges for most organizations is not setting up a strategic priorities and, if they do, staying the course against shifting whims and pet projects. Top talent, like all of us, don't like being jerked around. If you commit to a project that they will be heading up, you've got to give them an opportunity to deliver what they have promised. Therefore, set priorities, allocated proper resources and let them flourish.
5. Lack of Openness ~ The best people want to share their ideas and have them listened to. However, companies have a vision/strategy which they are trying to execute and often find opposing voices to this strategy as an annoyance and a sign that someone is not a team player. If all the best people are leaving and disagreeing with the strategy, what are you left with? You've got to listen to others' points of view ~ always looking for ways of incorporating the best parts of these new suggestions.
6. Top Talent Likes Other Top Talent ~ If you want to keep your best people, make sure they are surrounded by other great people. This starts with your organizational values/mission and strategies and then going out to the market to ensure you are interviewing and hiring the right people with the right behaviors and relational and technical skills and help drive the organization achieve its strategic priorities.
7. Lack of Accountability and/or Telling Then How To Do Their Jobs ~ It is a mistake to treat top talent as "untouchable." Top talent, like the rest of us, demands accountability from others and they should not mind being held accountable for their work. Therefore, have regular touch points as they work through their projects and assignments, as well as their development goals. They will appreciate your observations/insights/constructive suggestions.
This is a two way street. Top talent must assume responsibility and accountability as much as the organization. This is a two way conversation. Smart organizations are the ones who get out in front of these areas, rather than wait for their people to come to them. Get bold, get out there and LEAD!
Thank you for taking the time to read this. How would you begin to break through and better understand the actions you need to take to keep your top talent spirited engaged and seeking new opportunities in your organization? We would love to hear from you with comments or questions. Send me a note via email at brad@aperiocoaching.net or on Twitter @bparcells.
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