‘Our most valuable assets walk out the door each day’.
How to reduce the impact when your assets leave for good?
More than 250,000 tech job layoffs in 2023 so far!
As we all know big companies under pressure from investors move fast to demonstrate efficiencies and many have seen their stock rise following layoff announcements.
Moving quickly means mistakes have been made and valuable assets and knowledge of those assets will have left the building for good.
How valuable is that lost know-how to competitors and others?
The reality is that since these assets are not recorded on the balance sheet they are not tracked, valued and taken care of as they should be.
There are very few companies who can point to the list of their know-how, confidential information and trade secrets. Fewer still who know the difference between these items.
Why does this matter?
Simply put if you do not know what you have got, you do not know what you have lost!
And it is no good claiming value after the event.
Would your contents insurer accept on face value that your Picasso was removed illegally, when you never even let them know you owned the artwork in the first place?
If the know-how, confidential information and trade secrets are not identified and cared for they will be lost and someone else will benefit from your hard-fought investment creating these assets in the first place.
Someone somewhere is smiling widely as they hire and acquire valuable ‘let go’ knowledge assets.
It is not hard to benefit from this. Many will be making hay whilst businesses are still ‘easy come easy go’ with their valuable know-how, confidential information and trade secrets.
What valuable knowledge assets have you seen business give away recently?