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Good to Great Chapter 3
Transcript of Good to Great Chapter 3
First Who....Then What Need to get the right people on the bus. Finding the Right People Self-motivation Like the direction of the company Hard-working Wells Fargo v. Bank of America vs. Find the right people
before you take action "weak generals, strong lieutenants" Strong executive team Genius With a
Thousand Helpers Walgreens vs. Eckerd Compensation Money isn't a factor for great companies because if you have the right people on the bus they want to do a good job no matter what Nucor Company Finding the right people with the right work ethic
qualities such as work experience and education are teachable, moral character and ethics is not. How to be Rigorous #1: When in doubt, don't hire-keep looking Packard's Law: no company can grow revenues faster that its ability to get enough of the right people to implement that growth. #2: When you know you need to make a people change, act the best people don't need to be managed
the wrong people drive the right people away
don't wait to make a change because you are losing time to find the right people #3: Put your best people on your biggest opportunities, not your biggest problems Key Questions:
1. Would you hire this person again?
2. If they left would you be dissappointed or relieved? Philip Morris put head domestic guy (99% of company sales) in charge of international sales (1%) and in 10 years international sales increased so much that Malboro became the number one cigerette internationally. compensation is used to get the right people on the bus and keep them there, it's not there to get the wrong people to actually do work Wells Fargo Great vision without great people is irrelavant
Hired people because of their talents
other co-workers would see change if the CEO missed it Nearly all executives hired during Wells Fargo's jump to greatness went on to become CEO's of other companies First what...then who Teledyne Company Failed to find successor One man brought a company from good to great in less than 10 years, but he did it all on his own, so when he left the company failed. Life Happiness Executives that work or worked for good to great companies have found more joy out of life and have created life-long friendships with their co-workers. Getting the wrong people off of the bus Weed out the wrong people right away so they can move on with their life and you can find the right people
It's "ruthless" to allow the wrong person to stay on the bus when you know it won't work out.