A Smart, Simple Solution for Better Storytelling and Capturing Institutional Memory
Capturing institutional memory and creating authentic storytelling are two practices relevant to every organization. There’s an obvious, wildly underused, low-cost and high-impact solution that’s just sitting there, but most organizations overlook it.
The sports world gets it. So does Hollywood and the military. And so do our most forward-looking companies, including an investment bank that began doing it more than a century ago! It’s called an oral history. Chances are you or someone in your family did one for a school project—or maybe even later in life—because we instinctively recognize that family knowledge and legacy needs to be preserved. A now-decade-old article on Thrillist opens, “In recent years, the oral-history format has become such a ubiquitous presence in entertainment journalism that it’s almost weird to see a day go by without another one being added to the heap,” followed by links to oral histories of 260 films, TV shows, albums and music venues.
In the corporate world, the urgency of day-to-day business often overshadows the necessity of preserving what’s been learned. But at a time when leadership and especially CEO turnover continues to be high, and an aging employee population is taking their institutional know-how and expertise out the door at the end of their careers, it’s essential to ensure that insights and experiences are captured. Frankly, it’s negligent not to be thinking this way. A 2022 study by History Factory of 160 C-suite executives—including 50 CEOs, board chairs and founders—found that 85% believed it was important or very important to equip successors with insights into how their predecessors handled challenges. Additionally, 90% said documenting a company’s history and current leadership experience for its next leader was critical. Yet 57% reported having no documented executive transition plan, and fewer than 50% believed their companies managed leadership transitions better than other communications efforts.
Oral histories aren’t just tools for the long term. In the short term, they are also an amazing way to capture incredible stories from people who have first-person perspectives. Why did we buy that company? What really happened behind the scenes of that product recall? What did we learn from moving thousands of people to remote work in a week during the pandemic? How did we work with a competitor to solve a problem and benefit our community? How did a CEO’s childhood in Oakland shape his later career and influence the organization’s mission? Oral histories capture more than facts—they capture nuance, emotion, decision-making frameworks and values in action. They are the foundation of countless documentaries like this relatively hidden gem about the invention of the smartphone because they’re engaging, human and authentic. These stories build trust. They connect eras. They contextualize change. And—unlike quick, outcome-focused interviews that are captured for a specific purpose or end product in which subjects are coached and produced to hit a set of talking points and sound bites—oral histories are introspective, revealing true insight and candor that can only happen through real connection and conversation.
We’ve seen it firsthand at History Factory—clients who start by capturing oral histories often go further by building targeted archives, writing books and producing films. More often than not, they turn it into a routine practice as opposed to a one-off project. And let’s not forget the emotional value. There’s real dignity in telling a leader or employee: Your contributions matter. Your story deserves to be remembered.
Oral histories are an art form and, like any other, they can be performed very well or poorly. The practice is rooted in the oral tradition of storytelling and preservation that is as old as humanity. So, back to the question: Why doesn’t every organization do this? Maybe because it sounds too simple. Maybe because no one “owns” it. Maybe because we’re too focused on the future to remember the value of the past. But those aren’t excuses. They’re opportunities.
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