The “silver tsunami” is well underway. According to Project Equity, there are about 2.34 million businesses owned or led by baby boomers and among those businesses $5 billion in sales and 24.7 million employees. As boomers retire… those jobs are at risk.
Filling those open positions will be millennials. Sooner rather than later (if not already) these workers will be managers, members of the C-Suite, and even CEOs. Research has produced both a unique opportunity and a unique challenge when it comes to grooming this generation for leadership. The opportunity: according to the Workplace Trends Millennial Leadership Study, 91% of millennials aspire to be a leader. The challenge: According to Deloitte’s Millennial Survey, 66% expect to leave their employer by 2020 meaning they won’t wait around to be groomed. So how do employers retain this generation long enough to make their way through the succession plan?
Enter the latest HR Exchange Network report: Building a Global Succession Planning Strategy. Did you know?
- Succession planning is the number 1 investment for 2018-2019 among HR professionals according to research conducted by IQPC Exchange at the CHRO and CTO Exchanges.
- A recent KPMG survey of 2,300 board members found only 14% has a detailed succession plan.
- A report from Halogen shows 61% of respondents say they've not established clear succession planning goals.
This report focuses on establishing measurable goals that guide the succession planning program and alignment. It also puts emphasis on assessing, identifying, developing, and engaging high potential employees to ensure a sustainable talent pipeline equipped to handle the coming challenges, plus adjusting and creating new learning programs targeting high potential employees and potential successors focusing on knowledge transfer and the creation of competency models.