What does our baby boomer generation leave in its wake? There is an answer in the United Kingdom.
When all the baby boomers have left the building, British business will be ill-equipped to survive, according to a new report by Odgers Berndtson and Cass Business School and evaluated by Management Today – UK.
Baby boomers are retiring all across the UK, leaving a new generation to take up their mantles. Unfortunately, organisations simply aren’t adequately prepared for the cultural changes that will occur, a study has found.
The report ‘After the baby boomers: the next generation of leadership’ reveals that 68% of the 100 senior executives interviewed believe their companies are over-dependent on male baby boomer CEOs and will not be able to adapt to the needs of the new digital generations X and Y. Many respondents also reckon that the retirement of these baby boomers from leadership positions will result in a mass exodus of talent over the next 20 years, which will intensify the global war for talent among existing executives.
It’s a talentocalypse.
This could be a slight excess of doom-mongering, of course. While the retirement of baby boomers will lead to a loss of some skills from the workforce, the next generation of leaders should bring their own new skills to the marketplace.
According to the study, foremost among the new leadership skills will be emotional intelligence, people skills, and flexibility. Together, these skills will give rise to a more collaborative workplace and be ‘key to helping executives navigate the 21st Century workforce’, says the study. Basically, UK firms will be still be effective, they will just have to find new, modern ways of working to keep the young Turks interested.