Why corporate stars often lose their luster after changing jobs
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.
