Compared To 20-Year-Olds 35-Year-Olds Are Less Likely To: Talent War Fought Best With Succession Plans – Part 1

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Talent War Fought Best With Succession Plans – Part 1

In the bunkers of the conference room and the trenches filling the cubicles, the early skirmishes of the next war were taking place. Right now, the action is guerrilla warfare — in brief raids, companies that are attacked or are in danger of disappearing in the current downturn often don’t realize they’re being hit. Ultimately, the battle will be global, and for businesses the stakes are not just success, but survival.

According to a one-year study by McKinsey involving 77 companies and nearly 6,000 managers and executives, the most important corporate resource over the next 20 years will be talent—smart, sophisticated business people who are tech-savvy and Global keen insights and agile operational capabilities. Even as the demand for talent rises, the supply will fall, even in the current economic era. The study also concluded the following:

  • Company executives report that growth is now constrained because they do not have the right talent;
  • In the next few years, most companies will have 30-40% of their managers retire;
  • CEO and executive failure and turnover rates are at an all-time high;
  • Two-thirds of employees have low trust in their company’s top management;
  • Only 1% of companies rated their succession management plans as excellent.

Much of this question has to do with demographics. For example, 34 percent of the US federal civilian workforce is over 50 years old. Between 1996 and 2006, the number of Americans aged 55 to 64 increased by 54%. Over the next 5 to 7 years, most organizations will lose as much as 50% of their executives to retirement. A surge in baby boomer executive retirements, combined with far fewer 35- to 45-year-olds, means that management’s supply of talent is shrinking by at least 15% a year.

There are other factors too: The number of women entering the workplace has plateaued, immigration levels have remained constant, and white-collar productivity has declined. Likewise, many young or new managers and executives are in no rush to take on more responsibility, and because of layoffs and mergers, many young professionals have no mentors because management has been thinned out.

At the same time, loyalty to a company has different meanings for younger generations. They will only be loyal to the company if it provides a corporate culture and meaningful work that aligns with their values.

Many companies don’t realize they’re in a talent war. Their attrition rate in senior management may be low, but the real attrition occurs among employees between the ages of 25 and 35, who are prime candidates for future leadership. For others, the talent war is seen simply as a recruiting issue, with some even offering signing bonuses.

In the new economy, competition is global, capital flows where opportunity exists, ideas develop quickly and cheaply, and people are willing to change jobs often. In that environment, the most important thing is talent.

exist”Built to Last: Successful Habits of Visionary Companies,Authors Jim Collins and Jerry Porrs identified 18 organizations that were at least 50 years ahead of their industries. They found that one of the key reasons for the long-term success of these visionary Managerial talent is promoted and carefully selected to a much higher degree than the comparison companies, ensuring leadership excellence and continuity.

The war for talent is raging in the corporate world, and the losers of this war either don’t realize they’re victims of the war or don’t have an actively executing strategic succession management plan. Most importantly, strong leadership today does not guarantee strong leadership in the future. Leading organizations not only survive, but thrive.

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