Yesterday’s WSJ had a good article on star performers – “The Myth of the Lone Star: Why One Top Performer May Not Shine as Brightly as You Hope”.
If you’re in that great position to be thinking about using this downturn as an opportunity to recruit some star performers, you should definitely read this article. To cut to the chase -
* The more stars you have, the better they will perform, and the more likely they are to stick around.
* Make sure you have top people in different functions throughout the firm, not clustered in a single function.
* Hiring, developing, motivating and retaining good people remains the best security any company can hope for, especially in tough times.
There is another related MIT Sloan Management Review article that’s also worth reading – “Getting the Right People at the Top”.