With baby boomers reaching retirement age, companies are facing a shortage of leadership talent. What may be just a trickle now is only the beginning. Have organizations considered how they’re going to close the flood-gates as looming levels of leaders retire?
In a national survey - The Real Talent Debate: Will Aging Boomers Deplete the Workforce? - the departure of senior leadership was identified as the greatest potential of risk associated with the exodus of mature workers (52%), followed by the departure of middle management, (41%). More than 480 organizations, from a broad cross-section of industries, participated in the survey conducted last year by WorldatWork.
As participation rates in the workforce steadily decline over the next several years, job positions will be bountiful at all leadership levels. Employees will have opportunities to move between companies with ease. How will organizations attract, retain, and increase their human capital?
The thought of replacing their current leadership ranks has not been on the front burner in many organizations. Most companies are concerned about running the day-to-day business and staying competitive; and rightfully so! Yet how will they train their new generation of leaders? How will the structure of their organizations change? How will they increase their “bench strength”?
The answers may lie in starting a strategic leadership plan today. As companies consider how they will replace their current leadership talent pool, they must take several steps:
- Identify the key skills/competencies that are important for every leader within their organization.
- Determine who has the interest or the willingness to become a leader.
- Determine who has the ability or has demonstrated the potential in the past.
- Create opportunities, either through project work or volunteer efforts, to gauge leadership abilities and to promote development.
- Provide educational and training opportunities in house and from outside sources to enhance leadership skills.
Skill development and education should be components of any performance management or performance appraisal system to keep the organization viable. Skill development is a requirement not only for leaders but non-leaders as well.
Allowing employees to train on company time provides an incentive by lessening the burden on home/family time. Rewarding employees for demonstrating their new skills is a critical component to retention and employee development.
Many technical colleges and four-year colleges offer various learning opportunities. NWTC offers a Leadership Development Associate Degree program along with certificates comprised of various courses within the program. NWTC also offers customized leadership certificates that allow the company to “piggy-back” with in-house training - employees can attend classes either online or in person.
So how will companies coach the new generation of leaders while trying to run the business on a day-to-day basis? The answer lies in creating a structured mentoring program that new leaders will rely on for support as they rise through the ranks.
Companies must call on their outgoing leaders to act as mentors for the next generation. This will assist in sharing the corporate knowledge and experience their seasoned employees have gained through the years.
By incorporating these concepts into their business strategies, organizations can be well-prepared for future operation of their companies - instead of being washed away!
No comments:
Post a Comment