Iwas skimming through Forbes magazine online the other day and ran across an interesting article by contributor Eric Jackson, founder and managing member of Ironfire Capital LLC. The story offered 10 reasons why large companies fail to keep their best talent. As a matter of fact, the story was actually called “Top Ten Reasons Why Large Companies Fail to Keep Their Best Talent.” Although Jackson’s bullet-pointed story is aimed at missteps by executive management within large corporations, the concepts can be applied just as well to small businesses.

 

Interestingly, the list did not include insufficient salary as a factor that causes the most talented employees to leave. Talented people, it seems, operate on a different level. Savvy business owners who understand this can create a work environment that is fulfilling and energizing for talented employees—without having to shell out more money. Let’s look at Jackson’s 10 points and see how they apply to sign and graphics shops. 

 

No Voice in the Process—Huge bureaucratic corporations often prevent good people from feeling they have a voice. But a small company that stymies valid opinions on developing policy will also be a huge turn off. 

 

Failing to Find a Project that Ignites Passion—Talented people need to feel challenged and inspired to give their best. A talented fabricator, for example, needs to build more than just basic signage again and again.

 

Poor Annual Performance Reviews—Ask your best talent if they are enjoying their current projects. This is the time to find out what they are really interested in that might help your company. 

 

No Discussion about Career Development—The best employees, whether at a big corporation, or in a small sign shop, want to discuss their future with the company—even if they never ask about it.

 

Shifting Whims/Strategic Priorities—Once you’ve given your most talented employee a project to head up, allow him/her to see it through and deliver before putting them onto something else. 

 

Lack of Accountability—Though it’s true that the most talented people demand accountability from those around them, it’s a mistake to treat them as Prima Donnas. The best won’t mind being held accountable for their projects, and may actually resent kid-glove treatment.

 

Top Talent Likes Other Top Talent—Try to surround your best people with others who are at their level and who can inspire them to give their best.

 

Missing the Vision Thing—If you don’t share your own vision of where you want to take the company, your talented employees can’t help you get there.

 

Lack of Open-Mindedness—Make sure to listen to and take seriously the ideas (and opposing views) of your best employees. 

 

Who’s the Boss?—Make sure the manager who your most talented employees report to is not someone who drives them crazy. If the pairing is a bad one, better to move the talent to another department than to try to “fix” the manager. 

 

Food for thought. Okay, back to work.