The youngest Baby Boomers are rapidly approaching retirement age. Hence, it has become vital for business leaders to lay out a proper plan for filling the impending knowledge and leadership gaps as such senior professionals exit the workforce. Without doing so, certain businesses may find themselves with a leadership crisis on their hands in the next few years. Boomers should apply their passion, resources, energy and time toward grooming the next generation for leadership. A number of North Coast business leaders, including Richard Ghilarducci, have mentioned how their predecessors helped them in becoming a competent leader
Richard Ghilarducci underlines the need to develop next-generation leaders as boomers approach the retirement age
Boomers hold an expansive amount of institutional knowledge and experience. Without a smooth transition of leadership to the next generation, this valuable information could be lost, hindering organizational efficiency and innovation. It is common to hear about the retirement of Baby Boomers in terms of the strain that would be placed on Social Security and other services. However, one must also consider the skill gap that would be left behind once Baby Boomers have left the workforce.
Baby Boomers had been the largest generation in history, up until the Millennial generation. Therefore, as the Baby Boomers retire from the workforce completely, they will leave the largest leadership gap in history. A large percentage of the Baby Boomer generation has already retired. But even now, about one in three Baby Boomers is still working, but that is still enough of a population to be quite significant in the workforce. Even though millennials are entering the workforce in droves, there still is a major concern that they do not have the necessary skills to fill the leadership gap that is starting to open up as Baby Boomers retire. A lot of business leaders believe that the new generation lacks a number of important skills like strategic thinking, collaboration, teamwork, relationship building, and effective communication. Fortunately, many of these skills can be developed over time.
Boomers must be proactive about grooming the next-gen leadership, much like how the former boss of Richard Ghilarducci did. Boomers have played a pivotal role in shaping current systems and strategies. A well-prepared next generation ensures continuity and avoids potential disruptions during leadership transitions. Boomers and younger generations may have diverse values, communication styles, and approaches to work. Effective leadership requires understanding and bridging these gaps, which the next generation can do more effectively.
It definitely is going to take some time to develop the next generation of leaders. However, it firstly is vital to start identifying those who have the potential. Millennials are the largest and most diverse generation to date. They are already in the workforce and they are already climbing the ladder. It is time to competently identify the leaders and help them develop the skills they will need to lead the next generations in the workforce. Younger generations value purpose, flexibility, and work-life balance. Investing in their development demonstrates a commitment to their values, making organizations more attractive employers.