Is Your Company Ready for the Leadership Shortage? [INFOGRAPHIC]
November 7, 2016
The wave of baby boomer retirements is upon us, particularly in the United States. Millions of baby boomers are retiring each year, a trend that’s expected to continue until 2024.
The business implications of this? A massive leadership shortage, as many retirement-age baby boomers hold or held managerial positions, leaving organizations scrambling to replace them.
Here’s a in-depth look at the leadership shortage via infographic, and the impact it’s having on businesses:
How Your Organization Can Overcome the Leadership Gap
Chances are, there are baby boomers in leadership positions at your organization who have either retired or are about to retire. Even if that’s not the case, you still need to invest in developing great people managers.
So what’s the best way to go about that? It comes down to these three things:
- Understand where your talent gaps are.
Winning organizations have strong succession plans, so when one person leaves, someone else is prepared to step into that role. Start building out your succession plan today (if you haven’t already), which will help you determine where your biggest gaps are.
- Pick the right people to build around.
The most important part of building great leaders from within is picking the right people to bet on. To make that happen, focus on people who are not just productive in their current role, but have the potential to handle a bigger one.
- Develop those people by creating a culture of learning.
While a high-potential employee might have the ability to move up to leadership, rarely do they have fully developed skills to do so. Overcome that by building a culture of learning at your organization, where people are constantly working to improve themselves.
Looking to overcome the leadership shortage? Download our free ebook Developing Employees into Leaders, where we lay out actionable strategies organizations can use to build leaders from within.