7 Reasons Why Companies Fail To Retain Their Most Skilled Staff
Be it a prominent tech start-up like Uber, or a more conventional corporation like Walmart, big companies often have a difficult time retaining their best employees. Here are the 7 major reasons why companies fail to retain their most skilled staff –
- Not Allocating the Right Projects for Talented Professionals
Working for big corporations entails going over several repetitive tasks. Consequently, management executives usually don’t have the time or resources to go around the workspace asking their best workers whether or not they are enjoying their work on the projects that they have been assigned, or if they wish to work on other projects that actually interest them. HR professionals are usually too occupied with other aspects of the business to focus on employee productivity. This can be detrimental to the interests of the company.
- Bad Yearly Performance Reviews
A lot of companies tend to rush through the annual reviews, fill up a form in a hurried manner, and send it off to the HR’s office – off to ‘more important’ work everybody does. The notion this sends to the employees is that their company isn’t actually interested in the staff’s long-term future.
- No Conversation about Career Progress
Directly linked to the second point, companies should be open to discussing career goals and aspirations of their employees, holding separate yearly career talks with their workers. This should be in addition to their yearly or bi-yearly performance evaluation discussions to talk over succession scheduling or career advancement options. If the top talent at a workspace is assured of their future, it becomes easier for them to plan out their respective careers.
- Shifting Company Priorities
Although companies changing their strategic priorities in order to secure the best interests of their commercial presence is commendable, a lot of professionals can find their career paths, objectives, work interests, etc. completely transform into something they do not wish to be a part of due to these changing company goals. Top talented professionals usually love what they do and since a professional contract also entails the company giving these professionals enough opportunities to deliver on their promises, changing job roles on a frequent basis without prior conversations can be harmful for employee retention rates.
- Absence of Accountability
Usually, talented professionals demand some form of accountability from their colleagues and don’t mind being held answerable for their work. Professional insight and suggestions should be an active part of the work culture.
- Not introducing more Talented People into the Workforce
It is justifiable for talented professionals to demand better quality around the workplace. By gradually improving the workforce, not only do talented professionals stay content, they are also required to be at their best.
- The Missing Vision Thing
Lastly, overall company strategies play a crucial role in determining the willingness to stay at the company of talented professionals. So, companies should not ignore setting a clear vision for their employees.
The important thing to remember is that top professionals aren’t usually driven by salaries and occupational roles, but by the chance to play a significant part of something important, that will positively impact the world.
Companies often find it challenging to retain their skilled workforce. Given this, there are certain things that companies should better not do, such as frequently changing the job roles of their skilled staff, failing to initiate conversation regarding career progress of the talented employees, or ignoring proper allocation of projects.