Businesses today face a number of challenges to operate efficiently and maintain competitive advantage and it is often incumbent upon company leadership to provide the proper direction to help their teams navigate these challenges and adapt appropriately. Without a steady pipeline of talented individuals with the knowledge, skills and experience to step into leadership roles, or an effective process to identify high-potential employees and give them the necessary training to be effective leaders, the company will be unprepared to handle the changes and challenges of the future.
A large portion of Baby Boomers, who constitute 31 percent of the workforce, are either approaching or reaching the average retirement age of 61 and the traditional retirement age of 65. To ensure that companies can operate sustainably, in terms of grooming top performers to assume the leadership gaps left by retiring Baby Boomers, leadership development must be a top priority for human capital management today. It is especially pressing given data from the U.S. Census, which shows that an even larger portion of the workforce (33 percent) is made up of Millennials who were born from 1978 to 1989. By 2020, there will be over 86 million Millennials, representing nearly 40 percent of the workforce. With the growing division between the knowledge and experience of current leaders and that of future leaders, more employers are recognizing the need to close those gaps as a high priority.
Given this influx of younger and less experienced workers, now is the time for organizations to adopt effective strategies that will elevate their leadership development processes and help reduce the impending leadership gaps. So, what can organizations do to address this challenge?
UNC Executive Development and the Human Capital Institute conducted extensive research on the topic which can be downloaded in full below. The first section examines the current leadership development landscape. The second identifies the latest trends in development programs and the third recognizes the best practices for accelerating leadership development. By highlighting the most effective strategies for overcoming the challenges companies face in delivering the appropriate training and development, employers can build a qualified workforce of leaders ready to take their business to the next level.
Don't wait until it's too late to invest in your organization's talent. UNC Executive Development has a packed calendar this year of 2, 3, and 5 day leadership programs to take advantage of. View our calendar here.