How to keep your best people for the '90s.
Getting good people to join us merely sets the stage for achievement. the real payoff depends on how we deal with them and how long they stay. From the CEO's perspective, the most important requirements for the '90s are: Know what you mean by performance in all jobs, in all functions, and at all levels. Hire accountable people. Know what it takes to hire and keep the best people and do it. Invest what it takes to fill at least 70% of your promotions with people from the inside; they will consistently perform better than outsiders. Weed out non-performers promptly and as religiously as you seek outstanding new people. Have a human resource plan in place before you grow beyond your people's capability to deliver. Build a strong, active, useful board of directors to provide an objective perspective on your actions as CEO and on the development of the company. Do not try to clone yourself. Hire people who are better than you and keep them as long as you can. Listen to them; invest in them; and benefit from them, so that when you are ready for retirement, you can sit on their board of directors.
Fritz
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