Few people argues that top level executives above age 55 must be urge to exit from the organization in order to give chance to the younger blood. In my opinion, I completely agree because new blood can drive growth of the company via innovative ideas and higher productivity.
Firstly, latest age group brings fresh ideas into the system which is vital for any institution to succeed. It is critical to generate differentiated products in the market, as consumer behaviour is frequently changing. Because older staff are rigid to implement new thoughts, which can proves to be disastrous for the business in future. Additionally, firm can lose market share to competitors. For example, Orkut was the best social networking site in the work in 2000, but due to advent of new technology by FB and lack of innovation by earlier has resulted in firm going bankrupt within a short period of time.
Secondly, productivity of new breed is higher compare to older ones. Infact, it has positive impact on faster decision making. Due to rapid globalization, factory can optimize the efficiency of its manpower and can further invest and be decisive in international expansion. For instance, average age of employees in hospitality giant OYO which started 6 years ago is 30 years and they have expanded to 80 countries within a short span of time due to their young workforce. On the other hand, Inco, which is family owned business run by older executives is still operating in 2 countries despite its inception 50 years ago. Thus, energetic young mind can yield 10x result compare to older executives.
In conclusion, effeciency and modernization are two indespensable parts which new blood aids to rin the firm and creates the sustainable future. Given the situation, I completely agree that to sustain and achieve healthy profits marketplace, latest generation should be introduced to the system and older CXO level people should be ins
Few
people
argues
that
top level
executives above age 55
must
be urge to exit from the organization in order to give chance to the younger blood. In my opinion, I completely
agree
because
new
blood can drive growth of the
company
via innovative
ideas
and higher productivity.
Firstly
,
latest
age group brings fresh
ideas
into the system which is vital for any institution to succeed. It is critical to generate differentiated products in the market, as consumer
behaviour
is
frequently
changing.
Because
older
staff are rigid to implement
new
thoughts, which can
proves
to be disastrous for the business
in future
.
Additionally
, firm can lose market share to competitors.
For example
,
Orkut
was the best social networking site in the work in 2000,
but
due to advent of
new
technology by FB and lack of innovation by earlier has resulted in firm going bankrupt within a short period of time.
Secondly
, productivity of
new
breed is higher compare to
older
ones.
Infact
, it has
positive
impact on faster
decision making
. Due to rapid globalization, factory can optimize the efficiency of its manpower and can
further
invest and be decisive in international expansion.
For instance
, average age of employees in hospitality giant
OYO
which
started
6 years ago is 30
years and
they have expanded to 80 countries within a short span of time due to their young workforce.
On the other hand
,
Inco
, which is family
owned
business run by
older
executives is
still
operating in 2 countries despite its inception 50 years ago.
Thus
, energetic young mind can yield 10x result compare to
older
executives.
In conclusion
,
effeciency
and modernization are two
indespensable
parts which
new
blood aids to
rin
the firm and creates the sustainable future.
Given
the situation, I completely
agree
that to sustain and achieve healthy
profits
marketplace,
latest
generation should
be introduced
to the system and
older
CXO level
people
should be
ins