There are approximately 119.3 million people employed full time in the U.S., according to Statista. By 2020, 50 percent of those will be millennials. As baby boomers start to retire, the need for new leadership becomes a necessity. However, that might be a problem.
Lack of executive-aspiring workers
The recent Global Workforce Leadership Survey by Saba reported that 30 percent of human resources professionals were struggling to fill executive-level positions and only 11 percent of employees aspired to C-titles. Only 31 percent of millennials want to be in senior positions compared to 38 percent of Gen Xers. The difference is even larger between men and women, with only 36 percent of women aspiring toward the corner office, while 64 percent of men aim for that achievement.
"What's concerning here is that, quite literally, the future leadership at some critical global organizations is at risk," Saba's Chief Marketing Officer Emily He said in a press release. "There's more at play than the retirement of Baby Boomers; the fundamental approaches businesses take to find, develop and inspire leaders—at all levels—need to change."
Increasing leadership opportunities
Despite 68 percent of employees seeing themselves as leaders, less than half of HR representatives report that they have a talented pool to choose from, according to the study. However, this might be because of a difference in opinion between the generations on who a leader should be. Millennials place a larger value on strategic thinking, inspiring and friendly personalities and innovation over networking, technical skills and visibility, a Deloitte study reported.
There are multiple ways to inspire your employees to work toward leadership positions. Most importantly, you should encourage them to collaborate, Inc. explained. Implement interoffice projects and hold meetings with a mixture of workers to get the creative juices flowing. You should also freely share information with your staff. By building an open environment, employees will be able to brainstorm and implement ideas to increase the flow into your business banking account.
With nearly 4 million baby boomers retiring every year, the need for new workers to step into those vacated positions grows. However, with only 11 percent of people aspiring for those higher level roles, there is a struggle to find qualified employees. By encouraging leadership in your office, you'll be able to mold your young workers for future senior positions.