We were once privileged to be at the grand reopening of a retail store. An entrepreneur had opened this location as his first store when his business was a start-up. His business was so successful that he had opened 20 stores and was conducting an initial public offering (IPO) of stock. We were inside the store looking out to the sidewalk as the ribbon was cut. A local television station was covering the event, and the mayor and CEO were getting ready to cut a beautiful red ribbon. The CEO was standing in a line with the head of stores, the chief financial officer, and other executives. In the rows behind those taking part in the actual ribbon cutting were many long-time employees, including a number of family members, who were among the company’s original employees. Some of them had been there for years. We observed the CEO looking over his shoulder repeatedly. He did it so many times that we were concerned he was missing an important executive or a city official. When asked later, he said, “I kept looking back because so many in the second row had been in the first row when I cut the ribbon the first time.” One of the strongest attributes of this CEO was his ability to bring in new executives and new talent as the company’s growth required more experience. It is important to remember the need to make changes as circumstances require.
Over the last several decades, the labor market has seen an amazing metamorphosis. Modern ...
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