It is taken for granted in the knowledge economy that companies
must employ the most talented performers to compete and succeed.
Many firms try to buy stars by luring them away from competitors.
But Boris Groysberg shows what an uncertain and disastrous practice
this can be.
After examining the careers of more than a thousand star
analysts at Wall Street investment banks, and conducting more than
two hundred frank interviews, Groysberg comes to a striking
conclusion: star analysts who change firms suffer an immediate and
lasting decline in performance. Their earlier excellence appears to
have depended heavily on their former firms' general and
proprietary resources, organizational cultures, networks, and
colleagues. There are a few exceptions, such as stars who move with
their teams and stars who switch to better firms. Female stars also
perform better after changing jobs than their male counterparts do.
But most stars who switch firms turn out to be meteors, quickly
losing luster in their new settings.
Groysberg also explores how some Wall Street research
departments are successfully growing, retaining, and deploying
their own stars. Finally, the book examines how its findings apply
to many other occupations, from general managers to football
players.
"Chasing Stars" offers profound insights into the fundamental
nature of outstanding performance. It also offers practical
guidance to individuals on how to manage their careers
strategically, and to companies on how to identify, develop, and
keep talent.
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