ADVERTISEMENT
ADVERTISEMENT

Barbara Corcoran explains why she secretly 'couldn't wait' for Fridays — the day she fired people

Real-estate mogul Barbara Corcoran says she "couldn't wait" for Fridays — the day she fired people. Here's why.

Real-estate mogul, investor, and Shark Tank star Barbara Corcoran.
  • Shark Tank
  • which she sold
  • in 2001
  • for $66 million, Corcoran ran a "mean and lean" business by not being scared to fire underperformers.

When Barbara Corcoran headed The Corcoran Group, her New York real-estate firm, she secretly loved Fridays — but not for the reason you might think.

That was the day Corcoran fired underperforming salespeople.

"

ADVERTISEMENT

It might sound cruel, but Corcoran explained that getting rid of weak employees was an important way to keep her business strong. In fact, she fired a quarter of her sales staff every year.

Along with the fact that she simply couldn't keep subpar workers on the payroll, said keeping underperformers on staff can cause personnel issues. Top salespeople aren't likely to respect a company where underperforming salespeople are able to stick around.

To ensure that standards were high at The Corcoran Group, she told new hires that, in order to stay on the team, everyone was required to make one sale in their first three months.

""

The Corcoran Group otherwise had high retention rates. Corcoran previously told Business Insider's Alyson Shontell that she kept company morale up by fostering a workplace culture in which employees cared for each other.

ADVERTISEMENT

"

One negative person will take the energy out of 15 great people quietly," she said.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Here's everything to know about being a virgin on your wedding night

Here's everything to know about being a virgin on your wedding night

7 do's and don’ts of the Holy month of Ramadan

7 do's and don’ts of the Holy month of Ramadan

Top 5 sweetest celebrity mother-child relationships that stand out for us

Top 5 sweetest celebrity mother-child relationships that stand out for us

International Women's Day: 5 Nigerian female celebrities championing women’s rights

International Women's Day: 5 Nigerian female celebrities championing women’s rights

Top 5 female directors in Nollywood

Top 5 female directors in Nollywood

6 things that will break a Muslim's fast during Ramadan

6 things that will break a Muslim's fast during Ramadan

5 benefits of fasting during Ramadan

5 benefits of fasting during Ramadan

5 reasons Easter was more fun when we were children

5 reasons Easter was more fun when we were children

Dos and don’ts of supporting Muslims during Ramadan

Dos and don’ts of supporting Muslims during Ramadan

ADVERTISEMENT
ADVERTISEMENT