Introduction
“The Risky Business of Hiring Stars” by Groysberg et al. is an article highlighting companies’ growth and performance after hiring celebrities or prominent personnel from other firms. The business of hiring stars is shown to be detrimental to the organization and individual staff personnel. The key terminologies applied in the article include business performance, talent wars, and team motivation. The article’s main purpose is to explain the strategies, risks, and advantages of hiring stars in the business and the methods companies may employ to grow their teams to become the desired influencers without acquiring others from rival firms.
Discussion
One of the article’s findings is that when businesses recruit stars from other companies, the individual’s performance suffers greatly, and their shine drops significantly. Based on a survey reported in the article, 46% of stars had decreased performance after switching companies. Additionally, hiring outside talent leads to declining staff performance since it negatively impacts the workers’ motivation by giving them the perception that their employers prefer to hire outsiders for leadership roles. According to the authors, it is crucial to establish corporate policies and routines that give employees chances to demonstrate their knowledge and talents to lower the risk of recruiting stars and improve their performance. Organizations cannot effectively flourish or achieve a competitive edge by bringing in A-list talent from outside. Instead, they should concentrate on developing internal talent and trying to keep the stars they produce.
One practical implication in the article is that teams frequently lose motivation because they believe they must search for opportunities to shine outside the company or hold positions of authority if they want to progress. However, according to the authors, developing stars rather than hiring them is the first stage in conquering the talent battle. Managers in smart businesses can benefit from this article’s information by creating opportunities for team development, including seminars and workshops to grow employee skills. This will benefit the organization by ensuring they nurture and maintain highly skilled, professional, and loyal employees to propel the business to its desired mission and cut the cost of hiring additional staff.
My opinion of the article is that it gives practical steps for businesses to grow their staff rather than hiring prominent individuals from competing organizations. I think this article is crucial for every small and medium-sized company that strives for long-term growth by maintaining its market value. The most interesting point from the reading is that an employee’s personal qualities invariably incorporate company-specific talents, but the tools that enabled the star to achieve his successes cannot be taken with him when he switches organizations. The main takeaway point is that managers should seize looking for talent outside and grow their teams for sustained business performance.
Conclusion
As the rivalry for the best-talented employees rises again, businesses are undoubtedly looking for high expertise among their competitors. Since once stars begin changing employment, they keep moving to the best bidders, I wonder if hiring staff from less-appreciative organizations and nurturing them would improve their performance and translate to organizational growth. As employees enjoy better HR practices and effective employee-employer relationships, they may develop attachment and loyalty to a firm, remaining committed to the organization’s mission, facilitating its growth, and cutting the costs of additional talent recruitment.