Charles Schwab was paid a million dollars a year salary by Andrew Carnegie, the Scottish steel magnate who made his fortune in the United States during the late nineteenth century. Schwab didn’t attract such a salary because he knew more about the manufacture of steel than plenty of other people. He confessed that he had many employees more knowledgeable than he was. Then he indicated the secret of his success: “I consider my ability to arouse enthusiasm among the men, the greatest asset I possess, and the way to develop the best that is in a man is by appreciation and encouragement. There is nothing else that so kills the ambitions of a man as criticisms from his superiors. I never criticise anyone. I believe in giving a man incentive to work. So I am anxious to praise but loath to find fault. If I like anything, I am hearty in my approbation and lavish in my praise. In my wide association in life, meeting with many and great men in various parts of the world, I have yet to find the man, however great and exalted his station who did not do better work and put forth greater effort under the spirit of approval than he would ever do under the spirit of criticism.”

Source: Wesley Harris, Success is in Giving, 1998, Victoria, Australia: Wrightbooks, p.86-87