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At some point in every athletic career, time inflicts wear and tear on performance. Natural physiological changes coupled with the deterioration caused by years of training have an impact on the body. Psychological changes also affect an athlete during this time. There is a toll paid for aging.
The most elite athletes will hit their peak level of fitness and skill in their 20s and 30s. It varies by sport. Swimmers and gymnasts, who often start training during grade school, typically achieve top ranks in their sports as early as their teens. On the other hand, golf and tennis pros often reach their best performance much later in life. Athletes often feel a conflict between their aging body and their memories of a body at its best.
This is true for all professionals and all professions. For example, surgeons typically start to experience declining physical and cognitive skills in their 60s. The American College of Surgeons (ACS) suggests that surgeons’ abilities should be objectively assessed beginning around the age of 65. Some common shortcomings of aging surgeons include dementia, confusion, easy fatigue, failing eyesight, and deteriorating eye-hand coordination. Surgeons usually retire when they recognize the signs of aging impacting their abilities.
Pilots are also impacted by aging. In 1959, the Federal Aviation Administration (FAA) established a rule (the “Age-60” Rule) that required airline pilots to retire upon reaching their 60th birthday. Since that time, there have been many unsuccessful petitions to exempt people from the rule, and many unsuccessful challenges to the rule in court. Over time, pilots’ bones and muscles may shrink and weaken, and coordination and balance may be affected. They might also experience a slower heart rate and stiffer blood vessels. Like most people, their memory may become less efficient, and eyesight and hearing may decline. And executive functions like working memory, spatial attention, and inhibition may be affected. Most importantly for their specific job, pilots may experience cockpit fatigue earlier than before and find it harder to perform fine motor tasks. But, upon aging out, pilots often choose to transition to the role of simulator instructor or ground school instructor. Their experience makes them extremely qualified for those roles.
Battling Aging
For most people, aging is a thorny and intractable foe to fight. But it is an especially challenging one for top-performing athletes who have reached the peak of their profession. For someone considered “the greatest of all time” in their sport, aging is a bigger adversary than other up-and-coming athletes. So how do they handle it?
Consider LeBron James. There is a lot of debate about whether Michael Jordan or LeBron James is the greatest basketball player of all time; the GOAT. But James’ battle with Father Time is far more compelling than his battle to be called basketball’s GOAT. LeBron James will turn 40 years old in three months and has played professional basketball for 21 seasons. And while there would still be ample career ahead for him if he were a surgeon or pilot or many other occupations, 40 is quite old for the NBA.
But he is not just a player. He is a great player; perhaps the greatest ever. To be an elite athlete in professional basketball for 21 years is practically unheard of. Only Vince Carter played longer. Carter, the 1999 NBA Rookie of the Year, played 22 seasons for the Toronto Raptors and Atlanta Hawks and had the longest career in NBA history. And to be 40 years old and still playing is also rare. Only 31 of the 4800+ players in NBA history kept playing after the age of 40. Today, James is the NBA’s oldest current player. Notwithstanding, last May, James was named to his 20th All-NBA team; meaning he is considered among the 15 best players in the world. That is particularly meaningful given that he has been a top global player throughout his son Bronny James’ entire life. And now the Lakers want to recruit Bronny James to play alongside his father for another season.
So how has LeBron James continued to defy age? LeBron James said he employs a host of strategies to help him deal with aging given his profession. This includes daily workouts in the weight room, physical therapy, a healthy diet and eight hours of sleep nightly. He says it’s also mental and works at his mental longevity. James’ cognitive ability, knowledge of the playbook, and passing ability also help him stay at the top. He is also efficient on the court, not putting too much pounding on his legs.
James is not alone in the effort to stave off aging in sports. As of January 2024, Novak Djokovic is the fourth-oldest man within the top 100 tennis players worldwide and the only player in his 30s within the top ten. He is now 37 years old. However, he’s able to beat opponents who are 15 years younger than him, which makes his longevity even more remarkable. To date, Djokovic has won 24 majors and may soon hold the world record for being the oldest person to win a major tennis tournament. Currently, Ken Rosewall is the oldest man to win a major, at age 37 back in 1972. That is over a half century ago.
So how has Djokovic done it? He said that “acceleration” is his secret weapon. Djokovic acknowledged that as we age, there is a battle. So his solution is to improve even faster. Djokovic said “As a 37-year-old competing with 20-year-olds, I have to do more than I have ever done in order to keep my body in shape so I can recover and then perform at the highest level consistently. That is why I push to accelerate my improvement. I push to do better… faster… more than the day before.” In short, he ups the ante.
The same idea applies to life in general. Over time, there are headwinds that slow people down in their careers that must be counteracted if they want to improve at the same rate as before. Success over time delivers increased comfort, chronic pain, and less energy and speed. There are also more things competing for attention: time with children and spouses, caring for aging parents, the need to manage finances, relationship conflicts, etc. And knowledge and experience also become dated. It’s important to recognize and counteract all those things to stay at the top of one’s game professionally. That requires acceleration.
The Impact of Time on Business Assets
Time, the relentless march of seconds, minutes, hours, and years, not only ages individuals but also businesses. While the aging process is often associated with wrinkles, gray hair, and slower reflexes in humans, it’s equally pervasive in the corporate world. As businesses age, they face challenges that are as significant as competition, if not more so. According to Ernst and Young, the average lifespan of a US S&P 500 company used to be 67 years. Now it’s 15. And it is expected to shorten further if large organizations do not take appropriate resiliency and sustainability measures.
While many of the longest-lasting companies share an ability to effectively anticipate, prepare, respond and adapt to change whether through product evolution, diversification or acquisition, even that is no guarantee of survival.
One of the most obvious ways time affects businesses is through the aging of physical assets. Technology, systems, equipment, tools, and buildings all deteriorate over time. Outdated hardware and software can become inefficient, vulnerable to security threats, and incompatible with newer systems. This can hinder productivity, increase costs, and limit a business’s ability to adapt to changing market conditions.
There are also other variables such as supply chain disruptions, uncertain monetary policy direction, higher input prices and inflation and increasing cybersecurity risks. And a problem in one seemingly isolated area can have much wider ramifications. What is a business to do?
In addition to physical assets, time also takes its toll on a business’s human capital. As employees age, they may experience declines in cognitive function, physical abilities, and motivation. This can lead to decreased productivity, increased absenteeism, and a higher risk of accidents.
Furthermore, aging can create challenges in terms of succession planning. As key employees retire or leave the company, it can be difficult to find qualified replacements with the same level of experience and knowledge. This can disrupt operations and hinder a business’ ability to innovate and grow.
Aging as a Competitive Challenge
Aging is as much a competitive challenge as any other factor that businesses face. Companies that fail to adapt to the changing landscape of technology, customer preferences, and market dynamics are at risk of becoming obsolete. This can lead to declining market share, reduced profitability, and ultimately, business failure.
Case in point. Borders Bookstores, the biggest traditional brick-and-mortar book retailer in the world did not embrace e-commerce. It struggled to compete with online-only Amazon which offers lower prices, greater convenience, and a wider selection of books. Borders went bankrupt and Amazon expanded into every aspect of retail sales possible and beyond. Similarly, companies that do not invest in research and development may find themselves falling behind their competitors in terms of innovation and product quality.
Strategies for Business Longevity
To counteract the effects of aging and ensure that a business remains competitive and successful, it is essential to implement a proactive approach. Here are some strategies that businesses can adopt:
Invest in Technology – Regularly update hardware and software to ensure that a business has the tools it needs to operate efficiently and effectively. Do not be a late adopter, reluctantly adding tools that all other companies are already using.
Prioritize Maintenance – Conduct routine maintenance on physical assets to prevent breakdowns and extend their lifespan. The goal is to avoid breakdowns, not endure them.
Focus on Employee Development – Provide opportunities for employees to learn new skills and stay up-to-date on industry trends. Consider it an investment.
Implement Succession Planning – Develop a plan to identify and groom potential successors for key positions.
Foster a Culture of Innovation – Encourage employees to think creatively and come up with new ideas.
Monitor Market Trends – Stay informed about changes in the industry and customer preferences.
Diversify Revenue Streams – Reduce reliance on a single product or service to mitigate risk.
By taking these steps, businesses can offset the negative impacts of aging, accelerate reinvention and regeneration, and position themselves for long-term success.
Quote of the Week
“The future belongs to those who adapt to change.” Michael Dell
© 2024, Keren Peters-Atkinson. All rights reserved.
