Respecting the Past, While Moving Forward

Last month I wrote about our goals as a magazine and how we would truly respect our past and almost 80-year heritage, while yet moving forward.

As a c.e.o. with over 25 years of managing businesses of all sizes in a variety of industries, I have been struck by how steeped in history and tradition this industry is compared to most. Having been part of industries, especially technology, where change was the only constant, I have found it fascinating and refreshing to talk to a number of veterans who have freely given their advice and counsel-unlike some industries I have been in.

As so many of these individuals start to retire, I cannot help but be sad that so much knowledge and talent is being lost. These are the people in our organization who can tell you everything and when. When they leave they take with them a chunk of your company's history. Unfortunately early retiremepts, cut backs, buy-outs, mergers, etc., are on the rise again, a scenario only too familiar to many of us, and this often strips the companv of its trusted mentors to whom we all seek advice. This institutional memory is hard if not impossible to replace.

How many of us can look back at our mentors who were instrumental in our career growth, and I wonder how many of us told them how important they were to us. The past is an important anchor to our future. Only too often those who follow want to bring change, and this often brings culture change and shock for those left behind.

When we next wave goodbye in the boardroom to one of our long-term colleagues, think about how we should play the role of senior or teacher, so that the bridge to the past, present and future can be balanced. The challenge for leaders is to find the balance between what is worth preserving, what should be discarded and thrown out, and to find the balance between old and new.

In a world of consolidation, do not make the mistake of believing that the knowledge of our industry seniors can be so readily replaced. In the last rounds of downsizing a few years ago many companies found that out at great cost. Unfortunately, many will again.