A new report by Pearson Partners finds that when it comes to the United States’ working population, all generations are not equal. Each generation comes with different values and work styles. The varying work styles create a range of talent-related issues for organizations, including how to attract executives at different stages in their careers.
At the top of the workforce are the 77 million members of the baby boom generation. By 2015, one-third of the nation’s workforce will be retiring, according to a 2013 Social Security Administration report. With the baby boom generation leaving, an even larger demographic is entering the workforce: the 83 million millennials. Because these millennials are beginning their careers, few of them have developed the experience needed for C-suite. In between these two generations are the 65 million Gen Xers who are in the mid-career who are groomed and prepared to ascend to the C-suite.
Companies whose succession plan is aimed at moving Gen Xers to C-suite are likely to have an edge on their competitors. For example, giving Gen Xers leadership roles can spur new sales and marketing strategies, including innovative tactics based on digital, mobile and social media.
In order to capture this potential advantage succession planning should be a top priority. Finding the right Gen Xers and preparing them for C-level positions is vital to attaining long-term business success. The injection of fresh ideas and new leadership styles can propel companies forward.
The full report is published on Pearson Partners’ website. Click here to read the full report.