Running a large company must be a very challenging thing, no doubt about it. Much like running a country, or a at least country's region, given the economic size of certain large corporations.
Without trying to oversimplify its challenges, I think if I'd have to pick what are the two biggest challenges for any large company I would say they are talent retention and to avoid becoming arrogant. Of course, I write humbly from the position of someone who has never been even a first line manager (pretty much for my own choice though, but still, no management experience).
Talent retention is a big challenge, and I am talking talent at all levels: executive level, engineering, task workers, ... all. I will write more about this in another post to share some ideas I have about this on a bigger picture about the relevance companies should give to human resources. There are companies that care very little about talent retention, but even those who take pride in being recognized as great places to work (which should help retain talent) face a challenge to ensure key talent doesn't leave.
Talent does not follow money. Does not follow work-life balance either. Money and work-life balance help, there's no doubt about it, but really talented people seek a lot more than that. They seek recognition for once, in a fair way usually - although egos are sometimes very difficult to conciliate with justice, and talented people aren't exempt of ego-related issues. But I believe that more than anything, they seek to accomplish things. That is, perhaps, the most important thing for real talented people I have met: make things happen, accomplish their ideas.
When very smart people can't find the way to accomplish the ideas they bring forward, they inevitably will leave to go places where they can do it. It is very difficult however to always accomodate for running all bright ideas forward, and even more difficult to recognize which ideas are great. It is also a challenge to identify which individuals are really top and key talent. It happens, very often on large companies, that people who take credit for good things aren't the ones that were actually originating and sometimes not even the ones making them happen. Let's leave it at that.
Talent retention. In my opinion, all companies should REALLY try implementing through HR systems a way to "flag" who is top talent, and make sure they can work in the right environment. Having talented people leave has potential catastrophic consequences: the great ideas you will be missing, will in turn become the great ideas of your competitors.
And then, there's arrogance. I have recently read a white paper from a company I will not name (a company I like very much still) in which you can see them self-praising for their solutions as being best fit, even more, the only ones that fit a certain environment, for they were the ones creating the market for starters. How soon, and how easy it happens, a company can become arrogant to think that way of themselves. So arrogant they even write it! ...
Arrogance is bad, very bad. For one, it usually creates a bad image and reputation, for nobody likes it. But it also puts people in a mind set which will drive them to make mistakes. The arrogant can't recognize its own failures, and therefore will either try to hide them, or simply ignore them. Both will lead to one thing only: bigger failure.
Of course, to recognize a challenge is one thing, and to have solutions to overcome it is another. I have some ideas for potential solutions, but I'll leave them for another post. Another day. Maybe one day I'll have enough free time.
