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Small businesses can use the strategy of hiring loyal employees to grow by ensuring that these employees are dedicated to the company's mission and are willing to go the extra mile to achieve it. Loyal employees are more likely to stay with the company for a longer period, reducing turnover costs. They can also become advocates for the company, helping to attract more customers and potentially more talented employees. However, it's important to note that loyalty should not replace competence. Employees should have the necessary skills and experience to perform their jobs effectively.
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Learn why and how a $9 billion dollar company vanished in a few weeks. The story of Theranos is the Silicon Valley equivalent of the Enron scandal rep...
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Elizabeth took nepotism one step further by hiring her brother Christian, an analyst with no background in medical diagnostics. Christian, in turn, recruited four of his former fraternity mates, who soon became known as the "Frat Pack". None of them had previous experience in medical devices. However, they won Elizabeth and Sunny's confidence by spending long hours in the office and willingly doing everything that was asked of them. Sunny saw these as indicators of hard work and "loyalty". Soon, they were called into meetings that other senior employees were not invited to.
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