MajorsMay 16, 2025
Saks Fifth Avenue, Amazon Partner on Luxury Online StorefrontPlus, parent company Saks Global announces plans to cut ties with up to 600 vendors.
OtherMay 17, 2015
Invest in your best people
Columnist Peter Smith writes that jewelers should spend time and energy on their top performers and not neglect them in favor of helping weaker players improve.
Peter Smith, author of “Hiring Squirrels: 12 Essential Interview Questions to Uncover Great Retail Sales Talent,” has spent 30 years building retail sales teams and has worked in wholesale as well. He can be reached at Dublinsmith@yahoo.com
I had dinner with a former colleague of mine recently and, as I drove home, I was thinking about how much time she and I had spent working on projects together during the years we breathed the same professional air.
I certainly liked and respected her but, even though she had been to my home a time or two over the years, we did not move in the same social circles. We have kids; she does not. Her golf game is really important to her; staying away from the golf course helps to preserve my sanity. Seriously, you should see my game.
Like me, her husband is very much into music, though I expect his Sinatra collection is probably a good deal lighter than my library of songs by Ol’ Blue Eyes. Like my wife, her husband also is in the business but, again, not in such a way as we would all interact with any degree of regularity.
So why did I engage in so many interesting and important projects with this woman? Why did I invest my time in her much more so than with our other colleagues? Quite simply, it was because she was the best. She had a demonstrated track record of superlative performance through the years and that pedigree greatly increased the likelihood of a success on any project with which she was likely to be involved.
Without really knowing why I was doing it, I would regularly invest my time and energy on projects that she deemed worthy of my attention. If she came to me and suggested that we had a business opportunity with an important client, I was all ears. If she told me that one of our higher-profile retailers was having some challenges then I would ready myself to engage in any way necessary. Those challenges weren’t any easier than the others. In fact, they may have been amongst the most demanding as they usually involved the highest-profile customers and/or the most difficult tasks.
While the upside of our efforts was always an important factor, we were always keenly aware that if our efforts were unsuccessful, the losses could be considerable.
Contrary to conventional thinking, I was spending time with my best people, not my weakest people. Instead of taking her competence for granted and moving on to employees who did not have that level of talent,
I preferred to partner with her to tackle projects that gave us the very best opportunity for success.
Investing your time in your top people is counter-intuitive. Most of us are inherently drawn to try to help the weaker players to get better and, while some amount of development time and coaching for your weaker players is imperative, the very best use of your time as a manager is to ensure that you are connected to your best people to help them to do more of what they do well. Your business needs that, your customers need that, and your top people need that attention and recognition even though they are motivated, self-driven and accomplished.
Small percentage gains that come from your top people will very often far exceed big percentage gains from weaker performers. The return on investment from your stars also has a much more sustainable element to it than gains from your weaker people.
Every business has an inherent obligation to provide a route for improvement and growth for all its employees, both strong and weak. It is not only the right thing to you but investment in all your people serves the best interests of your customers and your business. The challenge for the manager of any business is to ensure that the time invested is commensurate with the anticipated return on that investment. No business can afford to have its managers spending 80 percent of their time with the bottom 20 percent of its salespeople.
One of the best business books I have ever read is First, Break All The Rules by Marcus Buckingham. In it, the author contends, “Great managers invest in their best because it is extremely productive to do so and actively destructive to do otherwise.” It might be human nature to want to help improve our weaker performers, but we ought not to do so at the expense of those who are driving the bus.
Peter Smith, author of Hiring Squirrels: 12 Essential Interview Questions to Uncover Great Retail Sales Talent, has spent 30 years building sales teams at retail and working with independent retailers to offer counsel and advice. He also has worked in both retail and wholesale with companies such as Tiffany & Co. and Hearts On Fire. He can be reached at Dublinsmith@yahoo.com and on LinkedIn.
More on Other
The Latest
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not DeadPeter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque NecklaceThe necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
Weekly QuizMay 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’sA private American collector purchased the 10-carat fancy vivid blue diamond.
CollectionsMay 15, 2025
Jessica McCormack’s ‘Fruit Salad’ Collection Is Fresh for SummerThe designer has taken the appeal of freshly picked fruit and channeled it into a capsule collection of earrings, necklaces, and pendants.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
SourcingMay 15, 2025
Tariffs Take Toll on India’s Gem and Jewelry Industry in April The country’s gem and jewelry exports fell 5 percent year-over-year last month, while imports declined 18 percent.
Policies & IssuesMay 15, 2025
State of Retail: How to Better Serve Customers With DisabilitiesAround 54 million Americans and counting live with a disability. Here’s how to make your jewelry store and website more accessible.
Events & AwardsMay 15, 2025
Poet Sekou Andrews to Give Closing Keynote at ConvergeThe event is also accepting poster submissions now through June 16.
Policies & IssuesMay 14, 2025
Here’s What Happened to Pope Francis’ RingBefore Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.
AuctionsMay 14, 2025
Custom Rolex Pulled From Sotheby’s SaleThe one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.
Lab-GrownMay 14, 2025
State of Diamonds: What’s Next for Lab-Grown Diamonds?While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.
CrimeMay 14, 2025
Seattle Detectives Seek Public’s Help in Tiffany & Co. Robberies The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.
MajorsMay 14, 2025
Jeff Corey Elected Chair of JBT Board The well-known Maine jeweler takes over for Brian Fleming and will serve a one-year term.
Policies & IssuesMay 14, 2025
Foundrae Donates $11K to Ethical MetalsmithsThe donation was the result of the brand’s annual Earth Day Ingot event.
IndependentsMay 13, 2025
Eiseman Jewels’ Renovated Dallas Store Is Bigger and BetterLocated in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.
MajorsMay 13, 2025
DCA Announces New Learning Platform, Course UpdatesThe nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.
MajorsMay 13, 2025
BIJC Launches New Education FundBIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.
TrendsMay 13, 2025
State of Jewelry Design: The Top 10 Jewelry Trends of the Past DecadeAs a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.
Lab-GrownMay 12, 2025
Lightbox to Go Dark by Summer, De Beers Says The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.
Policies & IssuesMay 12, 2025
Tariffs on Chinese Imports Temporarily Slashed as U.S.-China Reach Deal Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.
Events & AwardsMay 12, 2025
Jewelry By Picasso, Dalí on Display at Florida Art Museum “Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.
Events & AwardsMay 12, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
IndependentsMay 09, 2025
Lugano Diamonds CEO Resigns Amid Internal InvestigationMoti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.
CollectionsMay 09, 2025
Pieces of the Week: Marie Lichtenberg’s Collaborations for Mother’s DayLichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.
