BUSINESS UNPREPARED FOR GEN X & Y LEADERS.
Organisations are not adequately prepared for the cultural changes that will occur as executives from the baby boomer generation retire and are replaced by their Generation X and Y counterparts, a study has found.
The study After the baby boomers: the next generation of leadership, by executive search firm Odgers Berndtson and Cass Business School, was conducted by interviewing senior executives across a range of industries and geographies.
Only 41 per cent of respondents believe their organisations are ready for changing workplace demographics of age, gender and diversity. I Many respondents commented that the retirement of baby boomers from leadership positions would result in a mass exodus of talent over the next 20 years, which will intensify the global war for talent among existing executives.
Although the retirement of baby boomers will lead to a loss of some skills from the workforce, the next generation will bring their own skillsets to bear on the marketplace. Foremost among the new leadership skills will be emotional intelligence, people skills and flexibility, which will be needed to attract and motivate a more diverse and mobile workforce.
Corporate leaders will also need greater diverse cultural awareness due to the increasing economic importance of the BRIC and Next11 countries to many of the companies surveyed. The ability to speak foreign languages, partly as a proxy for cultural awareness, will be increasingly important. |