Dear Ashish,
For every individual, how to stay "relevant" is a challenge. To achieve this, one must constantly upgrade oneself. The "pyramid" always narrows at the top, making the competition tougher than anticipated while at the base of the pyramid, especially during one's youth. My observations about middle-aged individuals are as follows:
a) Many have not expanded their knowledge beyond their technical or functional expertise. Businesses rely on finance, yet many lack basic financial understanding. Conversely, those in finance often overlook operational aspects.
b) They depended solely on their companies for growth and neglected investing even a small portion of their earnings in learning.
c) Soft skills, essential for their positions, are often lacking. Communication and presentation may not align with their roles, with some top executives unable to compose a basic business letter.
d) Computers are often underutilized, seen merely as advanced typewriters. Despite using smartphones, they primarily utilize basic functions, missing out on productivity-enhancing features.
e) Career planning was overlooked in their youth, a critical aspect for staying relevant. The book "What Got You Here Won't Get You There: How Successful People Become Even More Successful" by Marshall Goldsmith should have been read earlier.
f) Companies like Microsoft constantly innovate to remain relevant, as seen with their updated Windows versions. Stagnation risks irrelevance, evident in Google challenging Microsoft. Similarly, personal growth requires continuous upgrading.
g) Adapting to the evolving 21st-century social and economic landscape is crucial. Many cling to outdated practices and past achievements, failing to recognize the need for change.
Lastly, fate plays a role. Google's acquisition of Motorola at a high price resulted in subsequent layoffs, emphasizing the volatile nature of business decisions. The acquisition of patents, developed by Motorola employees, did not guarantee job security post-acquisition.
Ashish, in a hypothetical scenario where you start a business, similar decisions may need to be made regarding employee retention. The perspective on this issue varies depending on one's position.
Dinesh Divekar