Organisations are not adequately prepared for the cultural changes that will occur as executives from the baby boomer generation retire and are replaced by their Generation X and Y counterparts, a study has found.
The study After the baby boomers: the next generation of leadership, by global executive search firm Odgers Berndtson in conjunction with Cass Business School, part of City University London, was conducted by interviewing senior executives across a wide range of industries and geographies.
Richard Boggis-Rolfe, chairman of Odgers Berndtson, said: “The retirement of the current generation of corporate leaders will lead to cultural changes that most organisations are unprepared for. In order to thrive in the post-baby boomer landscape, companies need to put serious thought and effort into smoothing the intergenerational transition for leaders from generations X and Y.”
Only 41% of respondents believed their organisations were ready for changing workplace demographics of age, gender and diversity. It was suggested companies should ease the transition to the next generation of leaders, by the current generation stepping back and focusing on mentoring up-and-coming executives.
Chosen excerpts by Job Market Monitor