When was the last time you looked closely at the next generation of leaders in your organization? The good news is that the average age of top leaders is getting younger every year. However, many of your leaders may be growing impatient on the bench.
According to a published Global Leadership Forecast, Gen Xers recently took a workforce lead by holding 51% of the worldwide leadership roles. Age 37 to 54, this highly distinguished generation of workers boasts an average of 20 years’ work experience, strong work-ethic and company loyalty.
Researchers are now suggesting that organizations should start paying attention to a new entrepreneurial trend within the Gen X demographic.
It is estimated that 55% of all startups will be founded by Gen Xers this year. Many of them are choosing entrepreneurism and business ownership rather than waiting for Boomers to retire and give up c-suite positions.
Want to keep your bench strength with top-talent Gen Xers? Here’s three top tips for an effective retention strategy:
- Recognition is valuable and highly appreciated by the Gen X workforce. For the majority of them, they grew up with traditional values around performing ‘above average’ to achieve success, accolades and rewards. They are typically motivated by both monetary and non-monetary recognition.
- Mentoring makes sense for your retention strategies to help ensure your Gen X workforce chooses your organization as their career organization. The best mentoring programs for a strong leadership bench feature top executives who mentor three to five senior leaders or middle managers. Consider mentoring relationships outside of direct reporting structure, especially ones that expand/stretch the current knowledge and skill (technical expertise) of the potential Gen X leader.
- Associate roles for executive level leaders are not new, however providing this additional title along with greater organizational influence may keep Gen X leaders progressing in a positive trajectory. Moreover, in organizations who have experienced losses of their top-talent Gen Xers—to executive status via business startups and entrepreneurial pursuits— can encourage immediate adoption of associate roles, i.e., associate financial officer, associate vice president.
Start having critical conversations with your Gen X workforce today to retain and keep your bench strong.
Center for Practical Management helps companies achieve organizational goals and behavior change initiatives through tailored consulting services, leadership coaching, employee skills training and marketing services. Learn more at www.cf-pm.com
Center for Practical Management is a strategic business partner with Raddon, a Fiserv Company. Learn more at www.raddon.com