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.
|Publisher:||Princeton University Press|
|Sold by:||Barnes & Noble|
|File size:||1 MB|
About the Author
Table of ContentsAcknowledgments ix
Part One: Talent and Portability
Chapter 1: Moving On 15
Chapter 2: Analysts' Labor Market 35
Chapter 3: The Limits of Portability 51
Chapter 4: Do Firms Benefit from Hiring Stars? 77
Part Two: Facets of Portability
Chapter 5: Stars and Their Galaxies: Firms of Origin and Portability 93
Chapter 6: Integrating Stars: The Hiring Firm and Portability of Performance 125
Chapter 7: Liftouts (Taking Some of It with You): Moving in Teams 141
Chapter 8: Women and Portability: Why Is Women's Performance More Portable than Men's? 163
Part Three: Implications for Talent Management: Developing, Retaining, and Rewarding Stars
Chapter 9: Star Formation: Developmental Cultures at Work 197
Chapter 10: Turnover: Who Leaves and Why 239
Chapter 11: A Special Case of Turnover: Stars as Entrepreneurs 253
Chapter 12: Measuring and Rewarding Stars' Performance 273
Chapter 13: Lessons from Wall Street and Elsewhere 321
What People are Saying About This
The moral of Boris Groysberg's fascinating story is that even the brightest stars fall when not supported by their team members. Chasing Stars shows that, well before the banking collapse, the stars of financial analysis were fallible, overpriced, and depended on their teams more than anyone realized. Let's hope this important lesson leads to more sensible staffing, compensation, and management practices in finance and all other markets for high-priced talent.
Thomas A. Kochan, MIT Sloan School of Management
This is a thoughtful and highly readable book with interesting and provocative implications.
Will Mitchell, Duke University's Fuqua School of Business
Backed by years of research, Boris Groysberg's book is filled with valuable lessons and unique insights for professionals in human capital-intensive industries. Both stars and their managers will profit from reading this thought-provoking work.
Chris Leavy, CIO of equities, OppenheimerFunds
The handful of dollars you spend on this book could save you a fortune in mis-hires. Groysberg's research sheds new light on the complex interplay between employers and their star talent. This is a must-read for leaders who prefer not to waste their time and money.
L. Kevin Kelly, CEO of the executive search firm Heidrick & Struggles
Groysberg's book is novel, provocative, and practical. It powerfully demonstrates the centrality of teamwork to any star's performance. Companies need to devote real resources and attention to creating developmental, collaborative cultures without stifling individual preeminence. The book's ideas resonate with my experience. Well done!
Amy W. Schulman, senior vice president & general counsel, Pfizer
Chasing Stars addresses one of the most fundamental questions in management practice and in the literature of human resource management and organizational behavior: to what extent, and under what circumstances, is performance portable across work contexts? Although many firms chase stars, such efforts often end badly for all involved. This careful study of variations in performance has much to say about both theory and practice. Chasing Stars focuses on an important topic and is a wonderfully done piece of research.
Jeffrey Pfeffer, Stanford Graduate School of Business
If you think winning the war for talent is the key to business success, Chasing Stars will be your wake-up call.
Peter Cappelli, Wharton School, University of Pennsylvania, and author of "Talent on Demand: Managing Talent in an Age of Uncertainty"