Log of Lessons Learned - Part 4 Personal

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Personnel

  • Bench strength is critical. Hiring weak people begets weak results. Find the best people and compensate them VERY well…. It saves money in the long run.
  • The tougher the times, the better the people you need. There is no way to survive a bad market with weak people.
  • Mediocre people are easy to hire and difficult to fire.
  • Always be upgrading your talent and never be afraid to pay them what they need to make.
  • Any fool can make money in the good times.
  • One superstar is of greater value than an unlimited number of mediocre performers.
  • Never wait to address personnel issues or mediocre performance.
  • Either they are doing a great job, or they aren’t. If they aren’t, take action. My job isn’t to babysit or beg people to do their jobs.
  • The cost of being long suffering with an incapable or misplaced employee is far greater than the discomfort of having a tough evaluation and speedy termination.
  • A culture rooted in past successes, growth at all costs and aggressive bonus structures will produce employees who don’t think, who aren’t skeptical and who ignore risks.

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