Many large companies often struggle to gain creativity and control over their talents. In this case, large companies increasingly fail to maintain and retain their best talents. However, many companies are not aware of this fact, but slowly lose their talents. This paper seeks to discuss reasons why large companies fail to keep their best talents.
Reasons why Big companies Fail to keep their best Talents
From my experience, the worst offender from a scale of 1 to 10 is shifting strategic priorities and whims. This is because the company fails to set up its strategic priorities. In this case, the company is not committed to its projects and priorities. This causes disruptive behavior in the company. In this case, the company is not able to provide relevant, valuable, compelling content and quality products. In other words, this simply means that if a company does not have a clue of what it wants then it will certainly fail in most of its operations and businesses. In this way, the company will end up losing its best talents. This means that the company will not be in a position to show the case of its best values.
It is necessary to note that accountability is the lifeline of any company. In this case, accountability within a business is immensely significant, because it is related to the sustainability, growth, development and the productivity of the company. This simply means that encouraging motivation and accountability within a company challenges employees to become more responsible in handling different aspects and attributes in the company (Thorne 2007). On the other hand, if the company ignores accountability, it encourages dysfunctional behavior within the company. If the staff or employees in the company are not held responsible, it means that the company accepts dysfunctional behavior, does not have a proper definition on what is unacceptable and that the company lacks a clear and direct communication channel.
The missing vision can be rated at a scale of 3. It is necessary to note that vision statements define the company’s focus and its conceptualized frame work. In this case, the vision statement helps to put the company in the right direction. It is not enough for the company to have the best marketing strategies, outstanding sales men and consumable products. This is because, without a vision, the company will fall short of achieving its goals. From experience, all other company aspects become missing pieces, if the company does not have a vision. In this case, in order to ensure the value in the company’s system, the company must have a vision.
‘Who is the boss’ is a largely fundamental aspect in the company. This is because it shows who the company’s leader is. It also gives employees and customers a clear road map on company’s responsibility framework. The other main reason why companies fail to keep their best talents is a lack of open-mindedness. In some large companies, it is not easy to determine who the boss is or who is responsible. In this case, genuine willingness in rejection and consideration of evidence and ideas should be encouraged. This simply means that the company should introduce a direct approach that reviews ideas and evidence in the company.
The sixth reason why large companies fail to keep their best talents in a scale of 1 to 10 is a poor annual performance review. Annual performance review is a highly effective way to establish, evaluate and uncover poor performance. In this way, the company is able to use different strategies to improve the same. However, poor annual performance review is a terribly poor managerial tool that only leads to failure of the company to keep its best talents. The seventh reason is a large company bureaucracy. In every large or successful company, it is necessary to stay focused and keep only simply rules. This prevents employees from getting consumed by bureaucracy. Smaller companies are more efficient because of their basic rules and goals. However, large companies can also simplify their rules by maintaining basic rules. The two last reasons are not discussed around career development and failing to find a project for the talent that ignites their passion. These are also significant reasons that need to be put into consideration by large companies.
How to Know if These Things are Happening in a Company & Action Plan on How to Prevent 10 reasons
The best way to recognize these issues in companies is to re-examine and evaluate the connectedness of the company to employees and customers. and to review the company’s policies, strategies, vision statement among many others. The best action plan is to identify half assessed performance reviews, understand life goals and careers of employees, put accurate measures in place, in order to measure correctness in the company, encourage diversity in the company and introduce basic rules (Eric 2011).
The best way to measure success is by measuring the corporate performance of the company. The company should also measure its success from its profits, customer base growth, customer’s satisfaction and employee’s satisfaction.
Talent is not only self-driven but also is also creative, motivated beyond the salary and skilled above the average. In this way, money does not drive a corporate talent. This simply means sustainability and quality assurance through social pressure, and visibility of a future leader’s talent can be retained and maintained by large companies. In this case, reaching maturity to the outside world begins with attracting talent within the company.