These outdated strategies and rules from the old economy are slowly stifling success. These are the reason good companies go bad.As technological advances have altered the velocity of business and created structural changes in the environment, policies and practices within many companies have not changed. There are mental models woven into our minds and corporate cultures which have not kept pace with modern times as the new economy boots up. Many of these practices are also barriers to change and quickly become legacy symbols. It is impossible to list every one of them here but let us examine a few broad areas.
1. Hiring obsession with cultural fit
Hiring only for culture fit is an outdated recruitment strategy that will cost top talent. When like-minded individuals are hired instead of those with different perspectives, opinions or views on how things need to be done, the company’s culture stagnates and declines over time because they have no folks to challenge the status quo or drive creativity and innovation.
