The last full week of July, 2023 but more Ying and Yang observations to the work and life place, especially as I now hit 15 years working on my own.
First there was the surprising joy of gratitude which came in threes, like good things often do. A dinner with three former School of the New York Times students, now in college as juniors, but doing amazing things as they forge their path forward. Then there was an unexpected gift from a friend just to say thanks for helping in some small way, and then came a note from the wife of a recently departed friend, saying how much high regard he held me in. All humbling, all unexpected, and all very much appreciated.
On the other side, this week brought another round of layoffs at legacy companies trying to figure out what’s deemed essential and what’s deemed expendable on the ledger sheet. While it is disappointing but understandable to see these painful changes happen, it made me think of what companies do or do not value these days as they try to balance headcount and expenses.
Case in point were the layoffs at the NBA, where many of those let go, several with decades of experience, came from areas designated basically non revenue generating…community relations, events, communications etc. etc. Can those roles be filled by others who are staying, and does it present opportunity for the less experienced and less expensive? Sure, that’s the fluid world of business we are in.
But with those cuts comes the aspect that is sometimes lost when more senior staff get let go…institutional knowledge. How things got done, where the (figurative) bodies are buried, how time was saved here or there, how vendor relationships made things run smoothly etc. etc. That knowledge is not something that has a revenue number attached to it, but then again the best businesses find ways to balance the “Money players” from those who generate the money, and its not an easy task.
It reminded me of the movie “Rocky,” where trainer Mickey Goldmill comes to the young Rocky Balboa to try and help him once he got his title shot with Apollo Creed. “I got all this knowledge Rock, and I want to pass it on to you.” At first Rocky was angry and reluctant, but as most know, their friendship of acceptance was worthy of championships. Institutional knowledge accepted.
That is fiction, but here is fact. Many times those with the institutional knowledge and value are the team players, those who are not used to explaining and quantifying self worth. After all, their value is sometimes more intangible and esoteric than straightforward. The “go to” people might lose the opportunity to explain and quantify value when there are changes and the top, and sadly, they are often those who are the most comfortable in the cadence of the workflow and after time stay within that flow vs some who might be the disruptors and look for change in what they do every few years. Many times these with the institutional knowledge do not seek change in their duties…they enjoy what they do so why look elsewhere? For legacy companies the compensation and some of the perks justify the consistency, and before we know it one year blends into the next. Sometimes they hit a ceiling but are OK with it, sometimes they accept who they are and what they do and believe, without always sharing their value, that they are appreciated and needed in the course of business.
Sadly, while much of that may have been true in the past, in today’s world and the changing business environment it is much less so, and the institutional knowledge, while valuable, is more and more on the negative side of the balance sheet. We need the revenue generators, the less expensive, and we will figure out the rest as we go, hopefully without too much damage. Those legacy employees, time to go.
Recently several colleagues who are in the workforce looking for “what’s next” have come across an interesting challenge. They have been with solid, established companies but after a period of time in one place they have either moved on or been moved on. Despite a wealth of experience in one place even in different jobs, is that they are put against a talent pool that is in places for a shorter period of time for various reasons (especially those who have made stops at tech and startup companies) and that diversity of employment is being viewed as more valuable.
What many are told? They bring perspectives from various organizations, even if they were only there a short time, vs. someone who has stayed in one place and may be perceived as not being aware of what diverse needs are. The more traveled are the more sought after, while stability is a hindrance.
To combat that, and to stay relevant, some thoughts.
Be a curious learner. Time management is always a challenge, but find ways to add new tool to the tool chest. People are talking about a new sales measurement tool, or green initiatives, or how to use Threads, so learn a little more and then find ways to insert your thoughts into the narrative. Taking a few online short classes to learn about coding, or a new language, and bringing that up to senior leadership makes you more relevant and can spur change when change comes.
Convey active value. In the book “The Trillion Dollar Coach” (always a great read) the legendary Bill Campbell always conveyed to senior management, no matter how senior, that they had to always show and demonstrate worth to their board and their leadership. Steve Jobs town halls came out of the conversations he had with Campbell, the former failed head football coach at Columbia turned whisperer to the biggest names in Silicon Valley. Why? It was not to boast about accomplishments, it was to remind those around him, especially those holding the purse strings, of the constant value brought. Do not assume those around you remember or know what was being done to grow the organization. Only you can convey it.
Reframe your own narrative from time to time. “Remember what we did so well 10 years ago to save money?” “It was great to have started that initiative thriving today just 18 months ago?”. All great points in a life well lived in one organization. But people don’t remember who did what especially when leadership, and leadership objective change. How did reframe that, especially if you are a legacy employee? Take the lessons of the past and reposition them to the current. “We did this, and look how it has played out.” Or “Here are five things we used to do that have great value nuanced going forward.” It not only serves as a great reminder of past accomplishments, it makes them relevant and valuable today.
Lean forward with change. Routine can be a stagnant job killer, even though it is the lifeblood of the cyclical nature of sports. One of the reasons people with short term, varied backgrounds are in higher value now is because they are less routine and as stated before, may bring a different perspective. Just because you are at one place for a long time and many of the tasks repeat does not mean you have to always repeat them the same way. Nuance initiatives, reshape the way things look, rearrange the furniture and proactively being new ideas to contribute. Being a wallflower, even a bright one, risks being painted over in the remodel, and in a fluid work environment, rearranging the furniture for the sake of change happens more often than not. Be Ok with moving the couch for a better view, even if you liked the old view.
No one is irreplaceable even if your name is on the check. Even when you are seen as an owner, those people answer to boards and investors who are not concerned with sentimentality or expensive tradition. They want results. So if you have done all you can to stay relevant, engaged and valuable, the hammer may still fall. A suggestion? Have the umbrella ready for the rainy day. Think about who has been through these situations, ask questions on the way out, reframe your skills to make them smart and relevant, and when people move on with their own life drama and don’t return phone calls or emails that fast, do not take it personally. No matter how impactful, no matter how valuable one thinks one is, we can always be replaced. In the case of having institutional knowledge, often times what is missed is not really known, or in the best cases, that knowledge has been willfully passed on. So when the chapter closes on the book, best to turn the page.
Lastly, Be Like Pancho Villa. What the heck does that mean? Be a disruptive revolutionary? Well in some ways maybe, but here is something I picked up along the way from a former Knicks European scout named Kevin Wilson. Every day when we would walk back from the College of Charleston to our hotel during training camp, Kevin would find a different street to go down. Why? He had said he read that Pancho Villa during the Mexican Revolution would always take a different path back to camp. Not only did it throw off his pursuers, but it opened his eyes to new paths and discoveries he would not have found. Its always easy to take the same path, but going down different ones exposes you to more sights and experiences and ideas, and makes you more valuable, whether you are a legacy employee or a newbie.
In the end, learning to accept and control and share can only go so far. Sometimes despite best efforts it just doesn’t work out. What does work out is being open to a new plan and a new path and being both understanding and empathic during the process, whether it be adjusting or life altering. There is one thing for sure, the belief that help and hard work going out comes back tenfold eventually always comes about. It may not always be on our time or when we want it, but dogged determination can help will success. It’s not always easy or fun or fair, but it does play out almost all the time.
Those with the institutional knowledge can probably back it up. They just need to either ask, or frame their information to keep it relevant.
Onward.
