Chapter 3: First Who... Then What Group 4: Audrey Mackenzie, Jordan Martin, Anders Bengtson, ZAch Vanbibber, Laura McMillan and David Baseme

  • You need to have the right people on the bus, and the wrong people off the bus.
  • Three truths:
  • Creates adaptability
  • Motivation issues are gone
  • Wrong people will not make your company great

Wells Fargo and Bank of America:

  • Wells Fargo hired the right people
  • Bank of America hired mediocre people
  • Wells Fargo continued to succeed, while Bank of American was struggling
  • In the end, Bank of America began to hire from Wells Fargo

What does this mean?

  • You need the right people
  • We cannot fear to let go of the wrong people
  • You need people who can make rigorous, not ruthless decisions
rigorous decisions: thorough and accurate

Two of the biggest mistakes companies make:

  • The genius model
  • An example is Singleton from Teledyne
  • MIT Grad, fortune 500
  • He set the company up for failure, had no successor
  • Lastly, if you hire the right people compensation is not the key factor

Three best practices:

  • When in doubt, keep looking
  • When you know you need a people change- Do it
  • Put your best employees on the biggest opportunities not issues

Credits:

Created with images by WikimediaImages - "office building karl marx str" • FirmBee - "office tax business" • photogrammer7 - "building glass sky" • Unsplash - "buildings city skyscrapers" • helpsg - "working business women female"

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