Jack Welch

Jack Welch, chairman and CEO of General Electric Company, launched the Charles F. Dolan Lectures on April 9 at the Regina A. Quick Center for the Arts.

Answering questions from moderator Geoffrey Colvin, editorial director of Fortune magazine, and several from the fully packed house, Welch discussed his managing style and employee development.

"A manager's job is to pump self-confidence into people - and that's what we do (at GE)," he said.

Welch also identified hiring employees "smarter than you" as one of the best ways to keep a business growing. "Every time you don't hire someone who is smarter than yourself, you are missing out. The only way to have a successful business is to hire great people," he said.

He discussed in detail GE's practice of rigorous annual performance reviews, in his mind a necessary tool to "move up the bottom ten percent." Welch's philosophy is that not being honest with employees is far more cruel than a glowing evaluation that is not reflective of true performance.

Welch also encouraged Dolan School of Business students to have a passion and go for it. "Pick your game; don't be a dabbler," he said. "People with a passion know where they are going and what they want... Someone who grabs life is a successful person."

The Charles F. Dolan Lecture Series is named for University trustee Charles F. Dolan who, with his wife Helen, donated $25 million to benefit the School of Business.