xvi) Without a sense of urgency, changes takes time

Unless there is a crisis, ie sense of urgency, substantial change can take time. It can take years, if not decades, ie

"...there is biological, historical, and sociological evidence that suggests 30 years is the right amount of time to think about substantive change......significant shift in values, beliefs, and behaviour..."

Yancey Strickler 2019

Some examples

i) Basketball (NBA) (the 3-pointer was introduced in 1979. Yet it was not until 30 years later when new analysis highlighted the advantages of it that it became popular in the NBA)

ii) Financial Maximisation (it was introduced in the 1970s yet it wasn't till 2000 that it became dominant and mainstream)

iii) Exercise (in 1960, President Kennedy stated that Americans were overweight and initiated fitness as a national priority, eg instituted national fitness guidelines, created a presidential commission on physical fitness, etc.. Before this, exercise was not considered important. In fact, strenuous exercise was considered dangerous and unhealthy; someone jogging or running was the exception rather than the rule. Then in 1966 a book called Jogging  by Bill Bowerman became a bestseller (he later co-founded Nike). Then in the late 60s people started running for pleasure and health; also people started attending gyms, aerobics was invented, etc. In the 1980s Jane Fonda was leading tens of millions on aerobics routines.

"...in 1993, a generation after Kennedy's call to exercise, America had its first jogging president. Today 60 million Americans belong to a gym. Twenty million Americans do yoga. Half a million people run marathons each year. Exercise as a pastime has grown from nothing to the norm..."

Yancey Strickler 2019

NB The 30 years suggests it takes a generation for major societal change

"... People alive today will be a minority of the total people alive 30 years from now. In 30 years, a third of the people alive now will be dead and half of the larger population will be new..."

Yancey Strickler 2019

Also, it takes time for change to become the new norm, any idea has to prove itself and ultimately outlast its cynics, naysayers, sceptics, residtors, etc

Changing government-owned identities is another example of how change can take time

"...former government-owned identity with a history of being burdened by bureaucratic processes, complex legacy systems and archaic work practices..."

Tony Boyd 2018

This can stand in the way of implementing change. Two examples of significant change, ie downsizing

i) Commonwealth Bank

After 10 years of privatisation David Murray (CEO) attacked its bureaucratic management structure and around 4,000 jobs disappeared. In the 4 years leading to the GFC, it had an annual return of 18%.

ii) Qantas

In 2014, Alan Joyce (CEO)

"...slashed 5,000 jobs, cut costs by $2 billion and reduced its capital expenditure by $1 billion......added capacity......capitalised on the ownership of the country's biggest rewards programme, Qantas Frequent Flyer......Joyce's competitor, Virgin Australia, was unable to continue raising capital to fund its capacity battle. Rational pricing resumed and Qantas shares soared..."

Tony Boyd 2018

Since then, and until Covid -19 pandemic (2020), Qantas shares increased annually by over 50%

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