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Jason Chan – Analysis of an Issue Essay

Analysis of an Issue

The wisdom of experienced employees is, no doubt, of significant value in the workplace. But there are times when those who have been so firmly entrenched in the ins and outs of a business and industry for some time may not be able to help a business leap ahead of the pack. Technology has had a great hand in making many industries (and the world at large) change and shift at warp speed. In many cases, it is the young and fresh ideas of newer employees that help businesses stay ahead of the trends.

My experience in the music industry was a prime example of older experienced executives falling behind the eight ball. The onset of Napster in 1999 brought with it a completely new way to distribute and consume music. Younger industry movers and shakers were well aware of the technology because they were using it. Older executives paid no attention to the technological breakthrough and the industry suffered as a result. Music sales slumped tremendously over the first few years of the millennium, severely cutting at bottom lines and artist royalties. Had the older executives been clued in to what younger employees hinted at, the industry would have been able to anticipate the technological trend and work with it as opposed to against it. In a December 2008, NY Times article, Atlantic Records was the first record label to cite that online record sales had outpaced physical sales. Though this event occurs well after the advent of online music consumption, this is undoubtedly attested to their youthful approach to the market by not only hiring younger employees who think innovatively, but by listening to them as well.

A similar phenomenon was seen when traditional brick and mortar trading companies were slow to offer online trading to their clients. Convinced that traders would want the one-on-one hand-holding that came with their traditional business models, they missed the boat on an expanding market. New trading companies like E-trade that operated solely online popped up and snagged up a new young, internet savvy consumer who was okay doing his or her own research. These clients conducted trades sans brokers and created a new niche in the trading world. Eventually, the Charles Schwabs and Merrill Lynch’s of the world caught up with the trend, but it was not with out some reluctance. Had they approached the market with a fresher outlook, perhaps they would have been able to preempt their younger trendsetting competitors.

Truly, the success of a business is where experience and wisdom meet innovation. But with the swift pace at which the world turns these days, it is clear that being able to stay ahead of the ever-evolving progress that technology brings about can go a long way in ensuring business success. Often, it can be the difference between falling flat or being a step ahead of the rest.