"Think about how people perform in creative, service, and intellectual property businesses (where all businesses are going). There are superstars in every group. Some software engineers are 10X more productive than the average; some sales people deliver 2-3X their peers; certain athletes far outperform their peers; musicians, artists, and even leaders are the same.
These "hyper performers" are people you want to attract, retain, and empower. These are the people who start companies, develop new products, create amazing advertising copy, write award winning books and articles, or set an example for your sales force. They are often gifted in a certain way (often a combination of skill, passion, drive, and energy) and they actually do drive orders of magnitude more value than many of their peers.
If we're lucky we can attract a lot of these people - and when we do we should pay them very well, give them freedom to perform and help others, and take advantage of the work they do. Investment banks understand this - that's why certain people earn 10-fold more than others."
"People often believe the bell curve is "fair." There are an equal number of people above and below the average. And fairness is very important. But fairness does not mean "equality" or "equivalent rewards for all." High performing companies have very wide variations in compensation, reflecting the fact that some people really do drive far more value than others. In a true meritocracy this is a good thing, as long as everyone has an opportunity to improve, information is transparent, and management is open and provides feedback."
These "hyper performers" are people you want to attract, retain, and empower. These are the people who start companies, develop new products, create amazing advertising copy, write award winning books and articles, or set an example for your sales force. They are often gifted in a certain way (often a combination of skill, passion, drive, and energy) and they actually do drive orders of magnitude more value than many of their peers.
If we're lucky we can attract a lot of these people - and when we do we should pay them very well, give them freedom to perform and help others, and take advantage of the work they do. Investment banks understand this - that's why certain people earn 10-fold more than others."
"People often believe the bell curve is "fair." There are an equal number of people above and below the average. And fairness is very important. But fairness does not mean "equality" or "equivalent rewards for all." High performing companies have very wide variations in compensation, reflecting the fact that some people really do drive far more value than others. In a true meritocracy this is a good thing, as long as everyone has an opportunity to improve, information is transparent, and management is open and provides feedback."
Bersin, Josh. (2014). The Myth of the Bell Curve: Look for Hyper The Hyper-Performers. Retrieved on January 19, 2017 from http://www.forbes.com/sites/joshbersin/2014/02/19/the-myth-of-the-bell-curve-look-for-the-hyper-performers/#2e6acad613fc
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