Corporate America’s Challenge: Retiring Baby Boomer Leaders + Transitioning In New Talent.
Every 9 seconds a boomer retires (Barron’s 2018). There will be a shortage of 8 million workers over the next 10 years. With each retirement there is a loss in direction + institutional knowledge.
Why does talent transition matter? Someone needs to take the wheel, quickly. Boomers spent lives building empires and don’t want to see it crumble. Share/pension holders and current employees all depend on a solid leader to step in and keep up profits.
Finding energetic competent leaders to take over seems like a needle in a haystack. Turnover is at a high, salaries low, morale bad, + folks are burned out.
Harvard B Review had a great article on how to find that leader. Look for:
1. quality of experience not simply just quantity: adaptable and dynamic fluid leadership style.
2. team builders. will they get in the trenches? will they hire based on value-add not nepotism or politics?
3. decisive + pragmatic. when things pop up they act with rationality not panic or emotion.
4. can take hits, have their ego hurt, adjust + keep moving aka resilient.
5. authentic with all. no games just facts.
Remember, when it comes to leadership and choosing executives, companies need to avoid the grocery store mindset of “next in line” especially when the line is only about age or nepotism. Dig deep: go beyond resumes, age, or past titles to personality, work ethic, desire.
StraightUp Strategy LLC