Richard, I normally enjoy your column, but I'm afraid you're wide of the mark on this one. Sure, people aren't the only things that determine the value of an organisation, but they are still the most important. The problem is that 'people' means more than just the operational staff covered by RBS's performance management practices. It also includes the directors who decided to go for ABN Amro. For a more detailed response, see: http://donaldhtaylor.wordpress.com/2008/12/15/people-are-our-greatest-asset-disproved/
