Retaining employees (or firing them)

Ever since I started my company, I have had people criticize my turnover rate. It was quite high. Mostly it is because I keep firing people. Today, this is no longer the case, because I am retaining the good staff and cutting lose the dead weights.

The problem in this region it seems, that people are very reluctant to fire people. Incompetent or not, they put up with it. I remember a conversation I've had with a colleague who had a rather questionable accountant. He had no intentions of firing him. I asked him why he would keep someone so clearly unable to perform the task he was hired to do. His rationale was: at least we know his shortcomings and his strengths.

Right. I don't agree with this philosophy. Your company is your staff. They are everything. They define the company. If you expect your customers to think that way, think again.

I have very little tolerance for incompetence. I make it very clear from day one. I did have exceptions. I later regretted not taking immediate actions. I have another colleague who's advice has stuck with me from the very beginning: if you are thinking about firing someone, do it immediately.

The problem here is that finding good talent is exceptionally difficult. This is especially the case in Dubai. So, people tend to compromise. My advice to any aspiring new entrepreneurs is: do not compromise on the talent you hire.