Promote and hire the best people, not just the ones you like

Bosses should emphasize hiring and promoting the people who can do a given job the best, says Christopher J. Williams, CEO of the Williams Capital Group. It's inevitable that you'll like some people more than others, but that shouldn't affect your assessment of their capabilities, Williams says. "I want this to be a complete meritocracy. ... If people are professional, productive and an asset to the firm, my personal preferences shouldn't have anything to do with it," he adds.

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