Show notes
Technology and Succession
Until recently, the way the boss ran the business was the 'only way'. Today, that is not the case. On this episode Dov Baron shares the history of Kodak and it's final fate as an example.
Why do we never hear about them now? Kodak was the first company to come up with digital photography, but ignored it and were bypassed by all the digital camera makers and chips. Reacting to what happens is not enough.
Think Blockbuster Videos. NextGen leaders have a unique view of what's coming and how to use that technology. If you don't tap into their knowledge, you could be the next Blockbuster... and not in a good way! Unless you have been living under a rock for the past few years, you know that the recession has aggravated what already was a deteriorating relationship between employers and their employees. While things weren’t rosy before, now everyone knows someone (or has experienced it themselves!) who was caught in layoffs, buyouts, downsizing, capsizing, and reductions in benefits, not to mention freezes on new hires, pay raises, and promotions. You also know the result: People are willing to abandon companies like the proverbial rats on a sinking ship because no one feels safe!
The reason this happens isn’t rocket science! If you even suspect that the ship you are on could go down and something else comes along, there’s a good chance you’d jump ship too. Think about it. The fear doesn’t have to be based on facts; a nasty corrosive rumour can have people racing toward the exits just as easily.
A Wharton School of Business article says that most companies can expect to lose anywhere between 20 and 50 percent of their employees in any given year. Few things are more disruptive and costly to your business than an unexpected exodus from your talent pool.
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