The reasons why businesses lose essential talent
You will no doubt be aware of some companies who have a rather poor reputation when it comes to talent retention. Some of the biggest brands in the world are renowned for attracting the top talent in their field, only to lose it again only a little while later.
Try to prevent your business from falling into a similar trap by considering these six common reasons why talented individuals working for large organisations choose to take their skills elsewhere.
1. Not being listened to
It’s a fact that even the strongest individuals can sometimes become lost in big businesses. The company can forge ahead with those at the helm thinking that everything is working perfectly for the workforce when there are, in fact, countless pockets of discontent and frustration.
There are many reasons as to why this can happen, not least of which are the huge pressures and time constraints placed upon HR staff and the workforce as a whole. But this is little consolation for an individual who is deprived of essential one-to-one time and feedback and feels that their opinions are never heard or acted upon.
2. Being bombarded by bureaucracy
Many employees simply cannot abide the levels of red tape through which they have to wade daily in working for some larger businesses. Even executive-level individuals, who understand why protocols are in place can end up feeling frustrated and disillusioned. This is particularly the case when further levels of bureaucracy are introduced without appropriate management consultation.
3. Not enough importance attributed to engagement and development
Even some global brands fail to fully understand that strong salaries and benefits packages are rarely sufficient to engage and retain the best talent.
The absence of a clear career path can lead to a lack of motivation and engagement and, ultimately, to employees looking elsewhere in fulfilling their ambitions and aspirations.
4. Poor conflict management
Conflict can quite easily occur unnoticed in a large organisation. It can fester behind the scenes, affecting not just those individuals directly involved but the atmosphere in the workplace and thus the morale and motivation of the wider team.
Companies, whatever their size, should be committed to regular workforce ‘health-checks’ and promoting anonymous feedback to highlight any problems. This will facilitate positive action.
5. Lack of a clear vision
A company may have really exciting plans for the future but if they’re not communicated to employees then they have no benefit in terms of boosting and maintaining morale. A shared vision and objectives give individuals and teams the motivation to push forward towards a common goal.
Poor communication can lead to employees who are lacking in drive and direction and who start to look elsewhere for a source of excitement and inspiration.
6. Poor leadership
The root cause of poor staff retention levels can often lie higher up in the organisation. Weak, inconsistent management that is allowed to continue for long periods can leave talented individuals looking for their next move.
Companies committed to retaining talent need to be aware of this form of dissatisfaction and must address issues in a timely manner. This is another area in which regular staff satisfaction surveys can help.
Organisations should also look at the reasons behind poor management and consider whether they need to take more responsibility in providing on-going training to ensure that the business’ leadership is really up to the job.