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That's a story that you'd love to live to tell.
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It's definitely a disturbing trend. My current employer, for example, used to have a simple mission statement - make the best radios that money can buy. Then, a few decades later, the mission was less product related, but maybe still viable: "hire talented and motivated people." Another 20 years later, and now they've forgotten about what they're actually making entirely, and are focused on the diversity and inclusion to the marked exclusion of prioritizing excellence. To the point, we have the same parent company as the folks who made that exploding engine. So sad as it is, I don't think you're too far off on that one.
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Making new and novel tech is less cost effective than running a successful daycare and selling the shit we already got. SHOULDERS OF GENIUSES!
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I feel like if we stuck with the same working tech, in many cases, at least things would be safe. But companies want to build excitement by building something new, which, if not managed properly, means throwing out everything that's been learned through years of experience and jumping into some half baked idea that somebody read in a conference paper.
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That approach can produce some great stuff when your priority is to hire the right team to bring the technology into production. But not so much when hiring quotas are favored over skill or insight.
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I am so happy to work for a company whose motto is make the best product in our industry period and when it comes to hiring get the most qualified person for the position.