Succession Planning: How to Foster Leadership Skills in Younger Generations

Succession planning is a critical need for many companies right now because so many baby boomers at the executive level are retiring. Some companies are currently in the process of transitioning their leadership, while other companies have realized they’ve waited longer than they should have to address the issue. Here’s how to manage succession planning and begin to foster leadership skills in younger generations.

A Critical Process

Strategic succession planning is extremely important because when a company’s leadership retires, new leaders need the skills and knowledge necessary to lead the company into the future. They also need the trust of the company’s current employees. Working with a recruiter can help make the transition from one generation to the next smoother.

Be Proactive

Succession planning is critical, especially for family-run businesses. You have to think about the long-term objectives of the company and of the players involved. Laying the right groundwork will ensure employees trust the new leadership and facilitate wealth from one generation to the next. To achieve a smooth succession, you need to be proactive. You have to take active steps to train the younger generation, so they have the communication and personal skills necessary to succeed in leadership positions.

Use an Objective Third Party

Using an objective third party, like a recruiter, can help make the transition from one generation to another smoother. A recruiter can ensure that you are asking the right questions and that you understand the unique differences between baby boomers and younger generations. For example, younger professional often feel confident in their soft skills, but most still need additional training in both soft skills and technical skills.

Mentorship

While it is common for people to exaggerate generational differences, there are distinct differences between the leadership style and workplace expectations of baby boomers and younger generations. For example, younger generations prefer having more flexible work schedules. They also grew up in an environment rich in technology and innovation. Baby boomers bring years of experience and institutional knowledge to the mix. Mentorship is an excellent way to help smooth the transition in leadership. Mentorship can provide young leadership a better understanding of tradition and improve important communication and interpersonal skills.

With the number of baby boomers retiring increasing each year, companies need to concentrate on fostering leadership skills in younger generations. Being proactive and working with a recruitment firm can help smooth the transition from one generation to the next so your company can continue being successful when leadership retires.

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