"While I deeply believe in loyalty, it often is misused. Loyalty should be to the principles for which someone stands and to the institution: Loyalty to an individual frequently is another form of cronyism. Leaders demand a lot from their employees and should be loyal to them – but loyalty and mutual respect are two-way streets."
Dimon says loyalty at the institutional level means building a healthy company, telling the truth, and providing meaningful work and training opportunities. It is not "owing" someone a particular job. Similarly, the concepts of meritocracy and teamwork involves balancing certain individual and organizational needs.
"Meritocracy means putting the best person in the job, which promotes a sense of justice in the organization rather than the appearance of cynicism: “here they go again, taking care of their friends.” Finally, while teamwork is important and often code for 'getting along,' equally important is an individual’s ability to have the courage to stand alone and do the right thing."
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