This story often evolves into your competitor extending its lead as a smart adopter of new technologies. This results in a happier workforce and leads to attrition at your company, since your employees are leaving to go work there.

Survey:

It is therefore critical for board members and senior management to evolve their knowledge of whether employees think their company is tech savvy. Future generations of sophisticated employees are growing up in an untethered work environment where they feel entitled to having all the tools they need to maximize productivity wherever they are, whenever they want. It can be frustrating for them to have tools that they feel constrained their productivity.

Step 4: Contribute to Open-Source Projects and Organize Open Hackathons.

Every company has a list of projects that do not get funded during the annual Capex allocation cycle. Not all of these projects yield a proprietary competitive advantage. Why not crowd-source the business use cases these projects are trying to solve and have friends of the company help solve them? These projects may be a fit for the open source community or, perhaps, an open hackathon with a large financial reward. Given the increasing shortage of qualified programmers, these hackathons could serve as a great way to recruit new talent as well.