Large companies have it good - they are high profile and well established which gives them a tremendous edge in attracting the best and brightest talent in the market. In fact, the top talent tends to flock towards them in droves with dreams of soaring careers in their eyes.
But the going is not always good for the big guys. How much of the favoured talent actually sticks around for the long haul? Fact is that as time rolls by, big companies face major troubles in keeping their best people on board. The initial fervour quickly dims in the face of day-to-day realities and the top talent is gradually either lured away by smaller companies or tempted to start their own business.
Recent surveys reveal that ‘few people today want to work at large organisations – especially those with 10,000 or more employees’.
And, with the economy taking a downturn accompanied by the mounting scarcity of talent, companies cannot afford to lose their top performers anymore.
This brings us to the question of what is the reason behind such exodus of potential, where are the top companies going wrong and what can be done to retain them.
Blame bureaucracy: The top talent enters large companies with dreams of carving a path for themselves, only to be terribly disillusioned by the excessive red tape. The harsh truth is that big companies go strictly by the book with explicitly laid out practices, processes and standards, leaving no room for deviation or improvisation.
Not only do top employees refuse to blindly follow the rules and regulations, but also expect an equal say in formulating the stipulations. The solution is they should be allowed to modify their work practices and encouraged to experiment with new approaches.
Lack of vision: Many large companies do not have proper strategic priorities and often don’t even know where they are going. Moreover, the priorities seem to keep changing jolting employees all the time. Top talent shirks from kow-towing to such shifting whims as it keeps them from working properly. What they need is a clear vision with lucid goals and exciting strategies.
Touch points: While employees of large companies crave empowerment to make decisions and do not want to be told how to do their jobs, they also lament the complete lack of accountability as no one bothers to check on their work once it has been assigned.
Top performers want to be held responsible for their work with regular touch points on their project status. They also need a shrewd supervisor to provide timely insight, observations, suggestions as well as guidance when it comes to resolving dilemmas.
Close-mindedness: Due to their sheer size, big companies often turn out to be quite fixated and are never open to opposing views, creative ideas or new approaches. Employees are simply expected to do their work and get on with it.
Top talent long to share their ingenious suggestions and new ways of doing things, but no one is listening. This makes it difficult for them to work in the inflexible environment, especially when they disagree with the work practices. Companies need to open-mindedly listen to the views and also incorporate the best suggestions.
Again, large companies are often so burdened that they lose sight of their top talent and forget to communicate with them.
Many a times, employees complain that they never even realise that they are considered as top performers. What is needed is constant positive reinforcement and encouragement. Managers should go to their top talent and show them that they are valuable with specific and genuine praise.
Big companies go all out to hire the best talent, only to leave them as they are once hired.
Top employees are easily bored and need to be challenged constantly with new and exciting projects. This will give them the opportunity to work passionately and enjoy their work while delivering top results.
Most big companies rush through their performance reviews without any talk of improvement or learning, let alone future career development.
Top performers are left feeling that the organisation is not interested in furthering their careers. Management should try to carve a clear path for the future by engaging in detailed discussions of where the employees want to go and what learning/advancement opportunities they need to reach there.
Top talent fosters passion among other employees. But they themselves end up frustrated and turned off by the lack of stimulating company.
Talented employees wish to work with other top people from diverse skills and backgrounds. The challenge of collaborating with such talent alone can revitalise their work and bring back the enjoyment.
To sum up, sustained and comprehensive talent management strategies are integral for staunching the exodus of top talent from large organisations. Learn to nurture and support them, else be prepared to bid ‘adios’ to this top talent forever!
PAYAL CHANANIA
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