Did you know that of the five generations in the workplace currently, baby boomers, which currently is the most populous generation, are exited their corporate roles at a rate of 10,000 per day? The generation coming on strong in terms of taking over the title of most populous generation in the workforce is the millennials. In 2020, 50% of the workforce will be made up of millennials and by 2025, that percentage will grow to 75%.
The impact of these two trends is potentially very damaging to businesses that rely on having proficient, competent, and skilled leaders in place. While AI might be on the rise, in my opinion there will always be a need for skilled human performers in the workplace who will require leaders.
The first might be not having enough leaders to fill the openings, creating gaps. Another might be that the leaders enter their roles without any formal training or mentoring. And the third impact might be leaders who cannot navigate between the strategic and tactical aspects of running an organization.
It might seem daunting to look on the leadership horizon and see this category 5 hurricane coming towards businesses and organizations; however, there are some actions that can be taken today to prepare for and mitigate the pending damage and negative impact.
The first and most obvious solution, which has a clock ticking with it, is to engage more mentors with aspiring leaders. Mentors provide a unique and personalized approach to leadership development based on their own experiences and skills. Cross-generational mentoring can be up and running quickly just based on current networking opportunities.
The second opportunity in solving this leadership development gap is for organizations to prioritize and invest in training and educating potential leaders. The investment amounts can vary widely and each organization can start where they are with the available funding.
The third answer in responding to this potential leadership crisis is attracting potential leaders into the roles. Sharing realistic expectations with them along with the support of training and mentoring will likely increase the number of individuals willing to accept the challenges of being a leader.
My personal experiences in developing my unique leadership style included all three of the solutions listed in this article. I was fortunate to work with some of the best leadership and career coaching throughout my 35-year career. Each of them supported me growing and developing the leadership style that made me feel confident and empowered. Many of my most significant career decisions were supported by my mentors.
I worked for many companies throughout my corporate career that invested in my leadership growth and development. Sometimes, it was a one-day event for $79.; and other times it was an executive coaching program that cost $25,000. I completed my BA degree while working for a company that provided 90% reimbursement and by my calculations, that investment was valued at $35,000. I was a better leader as a result of the investments that those companies made in my development.
Lastly, I was attracted to taking on leadership roles because of the leaders I worked with who shared with me the whole picture. They made sure that I knew what would come with the leap in leadership, both the pros and cons. It supported me in making an informed and confirmed the decision.
I believe strongly that we can avoid the leadership crisis of the future by giving attention to the solutions that are right in front of us today. When individuals access the information that supports them in making the most informed decision about becoming a leader, they are more likely to be supported by the solutions showing up for them.
As a potential leader or an experienced leader, what is the one action you can take today to ensure that you are equipped, proficient, and supported in your role? Inspiration and motivation will only take you so far, it is the action that you add to those that accelerate your readiness to succeed in your career.
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Phil's corporate career has spanned over 40 years at 8 companies in two industries on five continents. As a result of his passion and enthusiasm for learning and sharing business best practices and inclusive leadership, he is a powerful and proficient contributor to organizational transformations. Phil’s career experiences, as an openly gay man, with multiple Fortune 100 Companies influenced him to become a Diversity, Equity, and Inclusion Advocate and Ally.
