Changing Leaders: The Next Generation
The first of the baby boomer generation turns 60 next year (2006). This is more than an interesting fact for leadership developers; the baby boomer generation is now at the height of political and organizational power. Today, over 32 million boomers have already reached their 50th birthday. What are the consequences for organizational leadership?
There is a coming leadership crisis; it's estimated that 1 in 5 top management positions and 1 in 4 middle management positions could be vacant within the next few years. The future will bring an increasing demand, and smaller supply (based on population size), of leadership talent. No organization will escape these factors, and no industry segment will be unaffected.
Effective approaches to supporting generational change in leadership will begin with careful consideration of organizational strategy. Four factors contribute to the successful development of the leadership pipeline:
- Support from the top. The most effective means to ensuring a return from succession management is support from the organization's top team.
- Alignment of human resources systems. Succession management successfully integrates three mainstays of the human resources function: development, performance management (compensation), and selection.
- Development of critical mass. Succession management supports the development of leadership cadres or pools within the organization.
- Creation of success environments. Sustain achievements in leadership development.
During the last 20 years, many businesses have moved from survival of the fittest to embrace leadership development. The embrace, however, is often a short-lived program. Leadership developers need to focus - now - on investments in leadership talent. Consider how you are preserving the future of your organization. For additional information, please go my article, Are You Prepared for the Coming Leadership Crisis?