INSTANT MBA: The Companies That 'Go Out And Try To Hire Big Names, They Don't Do That Great'

Today's advice comes from our interview with Tom Gimbel, founder and CEO of LaSalle Network:

"Realize how important you are to your employees and invest time in their development ...The best baseball teams, like the best organizations, are the ones that have the players that grow and cultivate their own minor league system. The teams that go out and try to hire big names, they don't do that great."

Gimbel says it's more cost effective to invest in training sessions for new hires than it is to deal with the amount of emotional and financial damage that employee turnover will cause. It's best to focus on building up the skills sets of a select, loyal group of workers than to constantly be recruiting people from the outside. Don't hesitate to give your employees a lot of responsibility, even if they're not yet equipped to handle it. The more you invest in training them, the more their loyalty and dedication will pay off in the long run.

"The right thing to do is to augment your own internal development with a couple key players that you hire from outside competitors, but you have to be willing to develop your own people... Don't ever manage someone by thinking to yourself 'I don't want to push this person because I'm afraid they'll quit, I don't want to ask this person to do this because I'm afraid it's too much and they'll leave.' Do what you believe is right and if you have the right people they'll execute for you."

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