Trends of Digital Marketing

There’s no denying it, the world is rapidly shifting from analogue to digital. People are consuming more and more digital content on a daily basis – on mobile phones, laptops, desktop computers at work, and more – and companies that have not yet recognised this in their marketing strategies need to adapt fast. Why is digital marketing so important? Because it is not only a rapidly growing force in the current marketing playing field, it is set to be the future of marketing, and it seems likely that digital media will soon replace more traditional forms altogether. While older generations will no doubt lament the demise of paper-based newspapers, books, communication methods and traditional TV and radio broadcasts, those who have grown up with the internet and mobile phones as a God-given right are already embracing the brave new world of digital consumption.

The facts are that digital methods of communication and marketing are faster, more versatile, practical and streamlined, so it is perhaps unsurprising that once the technology became available we began quickly moving into the digital age. The good news is that digital offers just as much potential to marketers as it does to consumers. Before we look at the benefits of digital marketing, let’s take a quick snapshot of some of the key forms of it at present: Websites and SEO content Blogs Internet banner ads Online video content Pay-per-click (PPC) advertising Email marketing Social media marketing (Facebook, Twitter, LinkedIn, etc.) Mobile marketing (SMS, MMS, etc.) This is far from an exhaustive list, and new forms of digital marketing, such as augmented reality, are arriving all the time. So, why digital marketing? First of all, digital marketing is infinitely more affordable than traditional offline marketing methods. An email or social media campaign, for example, can transmit a marketing message to consumers for the merest fraction of the cost of a TV ad or print campaign, and potentially reach a wider audience. But one of the main benefits of conducting your marketing digitally is the ease with which results can be tracked and monitored. Rather than conducting expensive customer research, you can quickly view customer response rates and measure the success of your marketing campaign in real-time, enabling you to plan more effectively for the next one. Perhaps the strongest case for incorporating a digital element into your marketing is that digital media forms are quickly overtaking traditional forms of information consumption. According to the Office for National Statistics, over 82% of UK adults went online in the first three months of this year: that's over 40 million individuals. The bottom line is, the digital age is here, and those businesses that fail to adapt to the new marketing climate are at great risk of going extinct sooner rather than later.

MBO

The Concept Of Management By Objectives (MBO)

The concept of MBO is closely connected with the concept of planning. The process of planning implies the existence of objectives and is used as a tool/technique for achieving the objectives. Modern managements are rightly described as 'Management by Objectives' (MBO). This MBO concept was popularized by Peter Drucker. It suggests that objectives should not be imposed on subordinates but should be decided collectively by a concerned with the management. This gives popular support to them and the achievement of such objectives becomes easy and quick.



Management by Objectives (MBO) is the most widely accepted philosophy of management today. It is a demanding and rewarding style of management. It concentrates attention on the accomplishment of objectives through participation of all concerned persons, i.e., through team spirit. MBO is based on the assumption that people perform better when they know what is expected of them and can relate their personal goals to organizational objectives. Superior subordinate participation, joint goal setting and support and encouragement from superior to subordinates are the basic features of MBO. It is a result-oriented philosophy and offers many advantages such as employee motivation, high morale, effective and purposeful leadership and clear objectives before all concerned per-sons.

MBO is a participative and democratic style of management. Here, ample a scope is given to subordinates and is given higher status and positive/participative role. In short, MBO is both a philosophy and approach to management. MBO concept is different from MBC (Management by Control) and is also superior in many respects. According to the classical theory of management, top management is concerned with objectives setting, directing and coordinating the efforts of middle level managers and lower level staff. However, achievement of organizational objectives is possible not by giving orders and instructions but by securing cooperation and participation of all persons. For this, they should be associated with the management process. This is possible in the case of MBO and hence MBO is different from MBC and also superior to MBC.

MBO is an approach (to planning) that helps to overcome these barriers. MBO involves the establishment of goals by managers and their subordinates acting together, specifying responsibilities and assigning authority for achieving the goals and finally constant monitoring of performance. The genesis of MBO is attributed to Peter Drucker who has explained it in his book 'The Practice of Management'.

Definitions Of Management By Objectives MBO :-

1. According to George Odiome, MBO is "a process whereby superior and subordinate managers of an Organisation jointly define its common goals, define each individual's major areas of responsibility in terms Of results expected of him and use these measures as guides for operating the unit and assessing the contribution of each of its members."

2. According to John Humble, MBO is "a dynamic system which seeks to integrate the company's needs to clarify and achieve its profits and growth goals with the manager's need to contribute and develop himself. It is a demanding and rewarding style of managing a business."

Features Of Management By Objectives MBO :-

1. Superior-subordinate participation: MBO requires the superior and the subordinate to recognize that the development of objectives is a joint project/activity. They must be jointly agree and write out their duties and areas of responsibility in their respective jobs.

2. Joint goal-setting: MBO emphasizes joint goal-setting that are tangible, verifiable and measurable. The subordinate in consultation with his superior sets his own short-term goals. However, it is examined both by the superior and the subordinate that goals are realistic and attainable. In brief, the goals are to be decided jointly through the participation of all.

3. Joint decision on methodology: MBO focuses special attention on what must be accomplished (goals) rather than how it is to be accomplished (methods). The superior and the subordinate mutually devise methodology to be followed in the attainment of objectives. They also mutually set standards and establish norms for evaluating performance.

4. Makes way to attain maximum result: MBO is a systematic and rational technique that allows management to attain maximum results from available resources by focussing on attainable goals. It permits lot of freedom to subordinate to make creative decisions on his own. This motivates subordinates and ensures good performance from them.


5. Support from superior: When the subordinate makes efforts to achieve his goals, superior's helping hand is always available. The superior acts as a coach and provides his valuable advice and guidance to the subordinate. This is how MBO facilitates effective communication between superior and subordinates for achieving the objectives/targets set.

Steps In Management By Objectives Planning :-

1. Goal setting: The first phase in the MBO process is to define the organizational objectives. These are determined by the top management and usually in consultation with other managers. Once these goals are established, they should be made known to all the members. In setting objectives, it is necessary to identify "Key-Result Areas' (KRA).

2. Manager-Subordinate involvement: After the organizational goals are defined, the subordinates work with the managers to determine their individual goals. In this way, everyone gets involved in the goal setting.

3. Matching goals and resources: Management must ensure that the subordinates are provided with necessary tools and materials to achieve these goals. Allocation of resources should also be done in consultation with the subordinates.

4. Implementation of plan: After objectives are established and resources are allocated, the subordinates can implement the plan. If any guidance or clarification is required, they can contact their superiors.


5. Review and appraisal of performance: This step involves periodic review of progress between manager and the subordinates. Such reviews would determine if the progress is satisfactory or the subordinate is facing some problems. Performance appraisal at these reviews should be conducted, based on fair and measurable standards.

Advantages of Management By Objectives MBO :-


1. Develops result-oriented philosophy: MBO is a result-oriented philosophy. It does not favor management by crisis. Managers are expected to develop specific individual and group goals, develop appropriate action plans, properly allocate resources and establish control standards. It provides opportunities and motivation to staff to develop and make positive contribution in achieving the goals of an Organisation.


2. Formulation of dearer goals: Goal-setting is typically an annual feature. MBO produces goals that identify desired/expected results. Goals are made verifiable and measurable which encourage high level of performance. They highlight problem areas and are limited in number. The meeting is of minds between the superior and the subordinates. Participation encourages commitment. This facilitates rapid progress of an Organisation. In brief, formulation of realistic objectives is me benefit of M[BO.


3. Facilitates objective appraisal: NIBO provides a basis for evaluating a person's performance since goals are jointly set by superior and subordinates. The individual is given adequate freedom to appraise his own activities. Individuals are trained to exercise discipline and self control. Management by self-control replaces management by domination in the MBO process. Appraisal becomes more objective and impartial.


4. Raises employee morale: Participative decision-making and two-way communication encourage the subordinate to communicate freely and honestly. Participation, clearer goals and improved communication will go a long way in improving morale of employees.


5. Facilitates effective planning: MBO programmes sharpen the planning process in an Organisation. It compels managers to think of planning by results. Developing action plans, providing resources for goal attainment and discussing and removing obstacles demand careful planning. In brief, MBO provides better management and better results.


6. Acts as motivational force: MBO gives an individual or group, opportunity to use imagination and creativity to accomplish the mission. Managers devote time for planning results. Both appraiser and appraise are committed to the same objective. Since MBO aims at providing clear targets and their order of priority, employees are motivated.


7. Facilitates effective control: Continuous monitoring is an essential feature of MBO. This is useful for achieving better results. Actual performance can be measured against the standards laid down for measurement of performance and deviations are corrected in time. A clear set of verifiable goals provides an outstanding guarantee for exercising better control.


8. Facilitates personal leadership: MBO helps individual manager to develop personal leadership and skills useful for efficient management of activities of a business unit. Such a manager enjoys better chances to climb promotional ladder than a non-MBO type.

Limitations of Management By Objectives MBO :-

1. Time-consuming: MBO is time-consuming process. Objectives, at all levels of the Organisation, are set carefully after considering pros and cons which consumes lot of time. The superiors are required to hold frequent meetings in order to acquaint subordinates with the new system. The formal, periodic progress and final review sessions also consume time.


2. Reward-punishment approach: MBO is pressure-oriented programme. It is based on reward-punishment psychology. It tries to indiscriminately force improvement on all employees. At times, it may penalize the people whose performance remains below the goal. This puts mental pressure on staff. Reward is provided only for superior performance.


3. Increases paper-work: MBO programmes introduce ocean of paper-work such as training manuals, newsletters, instruction booklets, questionnaires, performance data and report into the Organisation. Managers need information feedback, in order to know what is exactly going on in the Organisation. The employees are expected to fill in a number of forms thus increasing paper-work. In the words of Howell, "MBO effectiveness is inversely related to the number of MBO forms.


4. Creates organizational problems: MBO is far from a panacea for all organizational problems. Often MBO creates more problems than it can solve. An incident of tug-of-war is not uncommon. The subordinates try to set the lowest possible targets and superior the highest. When objectives cannot be restricted in number, it leads to obscure priorities and creates a sense of fear among subordinates. Added to this, the programme is used as a 'whip' to control employee performance.

5. Develops conflicting objectives: Sometimes, an individual's goal may come in conflict with those of another e.g., marketing manager's goal for high sales turnover may find no support from the production manager's goal for production with least cost. Under such circumstances, individuals follow paths that are best in their own interest but which are detrimental to the company.


6. Problem of co-ordination: Considerable difficulties may be encountered while coordinating objectives of the Organisation with those of the individual and the department. Managers may face problems of measuring objectives when the objectives are not clear and realistic.


7. Lacks durability: The first few go-around of MBO are motivating. Later it tends to become old hat. The marginal benefits often decrease with each cycle. Moreover, the programme is deceptively simple. New opportunities are lost because individuals adhere too rigidly to established goals.


8. Problems related to goal-setting: MBO can function successfully provided measurable objectives are jointly set and it is agreed upon by all. Problems arise when: (a) verifiable goals are difficult to set (b) goals are inflexible and rigid (c) goals tend to take precedence over the people who use it (d) greater emphasis on quantifiable and easily measurable results instead of important results and (e) over-emphasis on short-term goals at the cost of long-term goals.

9. Lack of appreciation: Lack of appreciation of MBO is observed at different levels of the Organisation. This may be due to the failure of the top management to communicate the philosophy of MBO to entire staff and all departments. Similarly, managers may not delegate adequately to their subordinates or managers may not motivate their subordinates properly. This creates new difficulties in the execution of MBO programme.

Essential Conditions for Successful Execution / Implementation of MBO Or...

Q.How To Make MBO Effective?

1. Support from all: In order that MBO succeeds, it should get support and co-operation from the management. MBO must be tailored to the executive's style of managing. No MBO programme can succeed unless it is fully accepted by the managers. The subordinates should also clearly understand that MBO is the policy of the Organisation and they have to offer cooperation to make it successful. It should be a programme of all and not a programme imposed on them.


2. Acceptance of MBO programme by managers: In order to make MBO programme successful, it is fundamentally important that the managers themselves must mentally accept it as a good or promising programme. Such acceptances will bring about deep involvement of managers. If manages are forced to accept NIBO programme, their involvement will remain superfluous at every stage. The employees will be at the receiving-end. They would mostly accept the lines of action initiated by the managers.


3. Training of managers: Before the introduction of MBO programme, the managers should be given adequate training in MBO philosophy. They must be in a position to integrate the technique with the basic philosophy of the company. It is but important to arrange practice sessions where performance objectives are evaluated and deviations are checked. The managers and subordinates are taught to set realistic goals, because they are going to be held responsible for the results.


4. Organizational commitment: MBO should not be used as a decorative piece. It should be based on active support, involvement and commitment of managers. MBO presents a challenging task to managers. They must shift their capabilities from planning for work to planning for accomplishment of specific goals. Koontz rightly observes, "An effective programme of managing by objective must be woven into an entire pattern and style of managing. It cannot work as a separate technique standing alone."


5. Allocation of adequate time and resources: A well-conceived MBO programme requires three to five years of operation before it provides fruitful results. Managers and subordinates should be so oriented that they do not look forward to MBO for instant solutions. Proper time and resources should be allocated and persons are properly trained in the philosophy of MBO.


6. Provision of uninterrupted information feedback: Superiors and subordinates should have regular information available to them as to how well subordinate's goal performance is progressing. Over and above, regular performance appraisal sessions, counseling and encouragement to subordinates should be given. Superiors who compliment and encourage subordinates with pay rise and promotions provide enough motivation for peak performance.

360 Degree Appraisal

An appraisal made by top management, immediate superior, peers, subordinates, self and customers is called 360 Degree Appraisal. Here, the performance of the employee or manager is evaluated by six parties, including himself. So, he gets a feedback of his performance from everyone around him. This method is very reliable because evaluation is done by many different parties. These parties are in the best position to evaluate the employee or manager because they are continuously interacting and working with him. This method is mostly used to evaluate the performance of the employees. However, it is also used to evaluate other qualities such as talents, behaviour, values, ethical standards, tempers, loyalty, etc.
360 degree appraisal was first developed by General Electric (GE), USA in 1992. Today it is used by all major organisations. In India, it is used by Crompton Greaves, Wipro, Infosys, Reliance Industries, etc.

Six Parties In 360 Degree Appraisal



The six parties involved in 360 degree appraisal are :-

1. Top Management

The top management normally evaluates the middle level managers. However, in a small organisation, they also evaluate the performance of the lower level managers and senior employees.

2. Immediate Superior

The immediate superior is in a very good position to evaluate the performance of his subordinates. This is because they have direct and accurate information about the work performance of their subordinates.

3. Peers / Co-workers

Peer or colleagues also evaluate each other's performance. They work continuously with each other, and they know each other's performance. Peer evaluation is used mostly in cases where team work is important.

4. Subordinates

The Subordinates can also evaluate the performance of his superior. Now-a-days students are asked to evaluate the performance of their teachers.

5. Self Appraisal

In the self-appraisal, a person evaluates his own performance. He should be honest while evaluating himself. This results in self-development.

6. Customers

Customers can also evaluate the performance of the employees who interacts with them. This evaluation is best because it is objective. It is also given a lot of importance because the customer is the most important person for the business. Organisations use customer appraisals to improve the strengths and remove the weaknesses of their employees.
In addition to these six parties, appraisal can also be done by an Appraisal Panel. This panel consists of 5 to 6 different types of members. Outside Consultants are also used for conducting appraisals. In some cases, Personnel Department also conducts an appraisal of employees and managers.
360 Degree Appraisal is becoming more popular because many parties are available for evaluation. Therefore, there is no "bias" or "halo effect". Hence the evaluation will become more realistic.

ENTREPRENEURSHIP SKILLS

You are welcome to the very first section of the unit on entrepreneurship skills. As you will expect, this section introduces you to :-
1.the concept of entrepreneurship.
2.what we mean by entrepreneurship,
3. who an entrepreneur is,
4.characteristics of an entrepreneur,
5.the difference between an entrepreneur and a business person
6. sources of information for new entrepreneurs.



What is entrepreneurship?

Who is an entrepreneur?

An entrepreneur is a person who develops a new idea and takes the risk of setting up an enterprise to produce a product or service which satisfies customer needs. All entrepreneurs are business persons, but not all business persons are entrepreneurs. Let us now think of why all business persons are not entrepreneurs. Think of a woman who sits by the roadside leading to your home and who has been selling the same type of food, from the same size of saucepan or pot, from the same table top, and may not have been able to change her standard of living to any appreciable extent. Such a woman may be a business person but not an entrepreneur. The entrepreneur, on the other hand is the business person who is not satisfied with his/her performance and therefore always finds ways to improve and grow.

Now let us consider the characteristics or some special qualities and strengths which make an entrepreneur different from a business person. It is important for us to note that a successful entrepreneur possesses the following characteristics.




Initiative

An entrepreneur takes actions that goes beyond job requirements or the demand of the situation

Opportunity seeking

An entrepreneur is quick to see and seize opportunities. He/she does things before he/she is asked to work by people or forced by situation.

Persistence

An entrepreneur is not discouraged by difficulties and problems that come up in the business or his/her personal life. Once she sets a goal she is committed to the goal and will become completely absorbed in it.

Information seeking

An entrepreneur undertakes personal research on how to satisfy customers and solve problems. He/she knows that different people have different capabilities that can be of help to them. He/she seeks relevant information from his/her clients, suppliers, competitors and others. He/she always wants to learn things which will help the business to grow.

Demand for quality and efficiency

An entrepreneur is always competing with others to do things better, faster, and at less cost he/she strives to achieve excellence.

Risk taking

Are you afraid of uncertainties? Then you cannot be an entrepreneur. Entrepreneurs are not high risk takers. They are also not gamblers; they calculate their risks before taking action. They place themselves in situations involving moderate risk so they are moderate risk takers.

Goal setting

An entrepreneur sets meaningful and challenging goals for him/herself. An entrepreneur does not just dream. Him/she thinks and plans what he/she does. He/she is certain or has hope about the future.

Commitment to work

An entrepreneur will work long hours after into the night just to be able to keep his/her promise to his/her client. He/she does the work together with his/her workers to get a job done. He/she knows how to make people happy to work for him/her due his/her dynamic leadership.

Systematic planning and monitoring

An entrepreneur plans for whatever he/she expects in the business. He/she does not leave things to luck. He/she plans by breaking large tasks down into small once and puts time limits against them. Since and entrepreneur knows what to expect at anytime he/she is able to change plans and strategies to achieve what he/she aims at.

Persuasion and networking

An entrepreneur acts to develop and maintain business contacts by establishing good working relationship. Uses deliberate strategies to influence others.

Independence and self confidence

Most entrepreneurs start business because they like to be their own boss. They are responsible for their own decisions.

THE 6 P's OF MARKETING:

If there is one thing that every business owner must understand it is marketing. The right marketing strategy can bring you success just as the wrong one can lead to failure. The first step in devising a good marketing plan is to understand exactly what marketing is. You might think it is about selling products, but that is not entirely true. While the end result is probably selling products or services, marketing itself has to do more with figuring out what your customers need and finding a way to get it to them. It requires you to carefully evaluate your business to see how you can best provide your product or service to the customer.

In order to have a great marketing plan you have to understand and implement the 6 P’s of marketing. The six P’s are product, place, price, promotion, and people. Those six words are the basis of your marketing plan and to some extent your business as a whole. Here we will explain these six things and how they affect your marketing strategy and business.

Defining The 6 P’s

1. Products - Simply put, a product is anything, good or service, that is needed in the market. All products can be broken down in to three components. The core product is defined as the end benefit for the customer. For example, a person who buys a pair of shoes is buying comfort and foot protection. The next component is the formal products which refers to the actual item and includes it’s physical and psychological aspects. That same person who buys a pair of shoes is buying a brand name because they view it as best. The last component is the augmented product which refers to the entire service or good including any additional support items like a warranty, service, or delivery. As a business owner you must take into consideration all aspects of a product because they each play an important role in whether or not customers choose your product over other products.

2. Place – Place is all about how your customers can get a product. It is incredibly important that business owners think about where their customers are, and how they will get their product to those customers. Positioning your business in the right place so that it is convenient for both your customers and from your manufacture’s standpoint is a great idea. The place also takes into consideration how the product will get to customers, meaning whether you will sell it directly or through a retailer or online.

3. Pricing Strategy - The price at which you sell your product depends on a number of factors. You must set a price that allows you to make a profit while also meeting your competitors’ prices or beating them. It also has to be the right amount to allow you to maintain and increase your customer base. To figure this out, you have to know how much it costs to get your product to a consumer including all costs, not just that of your raw materials. You will also have to do research to find out what your competition charges and what price consumers will pay.

4. Promotion - Promotion is the nuts and bolts of getting your message out to the public. This is mainly done through advertising in the form of radio, newspapers, television, and on line promotions. Getting the right message out to your core customers is a big task. You must try to find a balance between what your competitors are saying and what you need to say to give your product a positive image. There are many rules governing truth in advertising here in Australia, so be certain you comply with all regulations before you launch any promotion campaign.

5. People - You might think that this P refers to customers, but it does not. The most important people in your business are the people who work with and for you. Hiring the right people is one of the most important things you will do for your business. They are the face of your product to the world as well as the hands behind the scene that make sure everything gets done correctly and on time. As a business owner you must work hard to develop your employees and to manage them with dignity so they want to work for you. You also have to figure out what you need done in your business so you can hire the right people to fill each position and task.

6. Process - Process takes into account all of the previous P’s to ensure that each customer has a good experience when they do business with you. Your process includes everything that you did to get your product to the consumer including all of the planning and paperwork and marketing that it took to do it. As you look at your process you have to ensure that you have planned for every possible scenario so that you can guarantee success. You also have to have efficient procedures in place that make your business run as effectively as possible. Also make sure you accurately document each step so you can control the quality of your product and services all the way down the line. You must also be able to review your procedures so that you can improve as necessary all the time.

This is just brief overview of the 6 P’s of marketing. Once you have decided to open a business you will need to spend a great deal of time understanding them as they relate to your particular product. Each one plays an important role in the level of success your business can have.

Eight reasons to leave a Job :


1.When the Management is as confused about the role 1year down the lane as they were at the point of hiring.

2.No Process in place.

3.Work-Culture.

4. Skill-set rapidly diminishing due to multiple role-handling,therby loosing focus.

5.Lastly,when you are deprived of being part of important Events/Customer-Meets due to foggy role-clarity.(Management's ON-OFF attitude towards whether attending Events is a part of your role or not).

6. Believing day long sessions and having endless meetings is solution for every problem and by doing that,expecting drastic results. Else start another series of meetings.

7. Di-motivation.

TOP TEN REASONS WHY LARGE COMPANIES FAIL TO KEEP THEIR BEST TALENT.

Whether it’s a high-profile tech company like Google!, or a more established conglomerate like GE or HUL, large companies have a hard time keeping their best and brightest in house.

Large established companies have a tremendous advantage in retaining their top talent.

In our business, we see the good and the bad things that large companies do in relation to talent management. Here’s my Top Ten list of what large companies do to lose their top talent :

1. Big Company Bureaucracy

This is probably the #1 reason we hear after the fact from disenchanted employees. However, it’s usually a reason that masks the real reason. No one likes rules that make no sense. But, when top talent is complaining along these lines, it’s usually a sign that they didn’t feel as if they had a say in these rules. They were simply told to follow along and get with the program. No voice in the process and really talented people say “check please.”

2.Failing to Find a Project for the Talent that Ignites Their Passion

Big companies have many moving parts — by definition. Therefore, they usually don’t have people going around to their best and brightest asking them if they’re enjoying their current projects or if they want to work on something new that they’re really interested in which would help the company. HR people are usually too busy keeping up with other things to get into this. The bosses are also usually tapped out on time and this becomes a “nice to have” rather than “must have” conversation. However, unless you see it as a “must have,” say adios to some of your best people. Top talent isn’t driven by money and power, but by the opportunity to be a part of something huge, that will change the world, and for which they are really passionate. Big companies usually never spend the time to figure this out with those people.

3.Poor Annual Performance Reviews

You would be amazed at how many companies do not do a very effective job at annual performance reviews. Or, if they have them, they are rushed through, with a form quickly filled out and sent off to HR, and back to real work. The impression this leaves with the employee is that my boss — and, therefore, the company — isn’t really interested in my long-term future here. If you’re talented enough, why stay? This one leads into #4….

4.No Discussion around Career Development

Here’s a secret for most bosses: most employees don’t know what they’ll be doing in 5 years. In our experience, about less than 5% of people could tell you if you asked. However, everyone wants to have a discussion with you about their future. Most bosses never engage with their employees about where they want to go in their careers — even the top talent. This represents a huge opportunity for you and your organization if you do bring it up. Our best clients have separate annual discussions with their employees — apart from their annual or bi-annual performance review meetings — to discuss succession planning or career development. If your best people know that you think there’s a path for them going forward, they’ll be more likely to hang around.

5.Shifting Whims/Strategic Priorities

I applaud Google!’s plans to build an incubator or “brickhouse” around their talent, by giving them new exciting projects to work on. The challenge for most organizations is not setting up a strategic priority, like establishing an incubator, but sticking with it a year or two from now. Top talent hates to be “jerked around.” If you commit to a project that they will be heading up, you’ve got to give them enough opportunity to deliver what they’ve promised.

6.Lack of Accountability and/or telling them how to do their Jobs

Although you can’t “jerk around” top talent, it’s a mistake to treat top talent leading a project as “untouchable.” We’re not saying that you need to get into anyone’s business or telling them what to do. However, top talent demands accountability from others and doesn’t mind being held accountable for their projects. Therefore, have regular touch points with your best people as they work through their projects. They’ll appreciate your insights/observations/suggestions — as long as they don’t spillover into preaching.

7.Top Talent likes other Top Talent

What are the rest of the people around your top talent like? Many organizations keep some people on the payroll that rationally shouldn’t be there. You’ll get a litany of rationales explaining why when you ask. “It’s too hard to find a replacement for him/her….” “Now’s not the time….” However, doing exit interviews with the best people leaving big companies you often hear how they were turned off by some of their former “team mates.” If you want to keep your best people, make sure they’re surrounded by other great people.

8.The Missing Vision Thing

This might sound obvious, but is the future of your organization exciting? What strategy are you executing? What is the vision you want this talented person to fulfill? Did they have a say/input into this vision? If the answer is no, there’s work to do — and fast.

9.Lack of Open-Mindedness

The best people want to share their ideas and have them listened to. However, a lot of companies have a vision/strategy which they are trying to execute against — and, often find opposing voices to this strategy as an annoyance and a sign that someone’s not a “team player.” If all the best people are leaving and disagreeing with the strategy, you’re left with a bunch of “yes” people saying the same things to each other. You’ve got to be able to listen to others’ points of view — always incorporating the best parts of these new suggestions.

10.Who’s the Boss?

If a few people have recently quit at your company who report to the same boss, it’s likely not a coincidence. We’ll often get asked to come in and “fix” someone who’s a great sales person, engineer, or is a founder, but who is driving everyone around them “nuts.” We can try, but unfortunately, executive coaching usually only works 33% of the time in these cases. You’re better off trying to find another spot for them in the organization — or, at the very least, not overseeing your high-potential talent that you want to keep.

It’s never a one-way street. Top talent has to assume some responsibility as much as the organization. However, with the scarcity of talent — which will only increase in the next 5 years — Smart Organizations are ones who get out in front of these ten things, rather than wait for their people to come to them, asking to implement this list.