So lets break it down
- One minute goal setting: Set a goal that the direct reports know what is expected and what they are aspiring to get done
- One minute praising: If you see something you like, praise it right away. I have personally seen that praisings given in public help a lot
- One minute reprimands: Again, if you see something that you do not like, reprimand, pause for a couple of seconds, and then explain why. Close with mentioning that this is not personal and its because the person in question has done such good work in the past but this time she/he slipped.
Another point was that there is close contact with new direct-reports, but the contact becomes less as time goes on since the direct reports become independent but they know whats expected of them. And of course "one minute" is a metaphor for a short period of time.
One point to note is how relevant this book is even now, considering that it was published in 1982!! I guess this goes to show that the longer a book is in circulation, there is a good chance that it might be good.
Recommendation: Do read!