Log of Lessons Learned - Part 4 Personal
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.