Chasing Stars

Chasing Stars

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Groysberg, Boris Princeton University Press, 2010 Audio summary available
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IN THIS SUMMARY

In the knowledge economy, companies take it for granted that they must employ the most talented performers to compete and succeed. Many firms try to buy stars by luring them away from competitors. However, in Chasing Stars, Boris Groysberg shows what an uncertain and disastrous practice this can be. After examining the careers of more than 1000 star analysts at Wall Street investment banks and conducting more than 200 interviews, Groysberg comes to a striking conclusion: star analysts who change firms suffer an immediate and lasting decline in performance. Their earlier excellence often depends heavily on their former firms’ general and proprietary resources, organizational cultures, networks, and colleagues. There are a few exceptions, such as stars that move with their teams, and stars that switch to better firms. Female stars also seem to perform better after changing jobs than their male counterparts do. In the end, Groysberg suggests that most stars who switch firms turn out to be meteors, quickly losing luster in their new settings.