Theme: Preparing Millennials for Leadership
Each year approximately 10-15% of corporations must appoint a new CEO. In 2015, turnover among global CEOs hit a 15-year high. So, who is next in line to fill these roles? Despite the anticipated number of baby boomers phasing out of the workforce, current employees haven’t been groomed to assume the helm.
According to a 2010 survey from Stanford University, 39% of boards of directors had no viable internal candidates who could immediately replace the CEO.
Companies considering succession planning need to cultivate employees who currently comprise a majority of their workforce: millennials (Gen Y). Furthermore, according to Pew Research Center, more than 33% of American workers are millennials (defined as those born between 1981-1997). In 2015, they surpassed Generation X (Gen Xers) to become the largest share of the American workforce.
By 2025, millennials will account for 75% of the global workforce.
Ask about millennials and you’re likely to hear a variety of labels: self-centered, job hoppers, lazy. In a recent Reason-Rupe poll, 71% of adults think 18- to 29-year-olds are “selfish” and 65% of them say they are “entitled.” In the workplace, 55% of workers tag their millennial colleagues as the biggest complainers. Whatever people think of millennials, they are— and will be—critical to future business and economic growth. They are the next managers, C-suite executives and CEOs. Nearly 50% of millennials are already in leadership positions. However, 64% of them feel “unprepared” when assuming these roles, reporting they lacked business acumen, communication skills and problem-solving capabilities (People Matters, 2017).
This white paper focuses on how companies can adapt their current employee attraction, engagement and retention strategies with millennials in mind. This approach offers the greatest opportunity for identifying and growing talent, while successfully transitioning a company to its next set of leaders.