TM - December 2007 - (Page 41)

recruitment & retention assessment & evaluation compensation & benefits performance management learning & development succession planning [succession planning]by Karen Bedell Generational Diversity: Mastering the Boomer-X-Y Divide Succession planning — the development of successors for top leadership and management roles — is critical for any company. The smooth transition of power and leadership, of management and institutional knowledge is vitally important to an organization’s long-term success. But while there is always agreement that this should be a strategic focus, dealing with the tactical pressures of an organization’s everyday existence means succession planning gets pushed to the back burner again and again. Right now, there are three powerful demographic forces providing a very real imperative for every company to bring succession planning front and center. First, the boomer generation — 75 million people born between 1946 and 1960 — comprises 45 percent of America’s workforce, and they are getting ready to retire or cut back in droves. Second, Generation X, the generation right behind the boomers, with about 45 million people, is currently in middle management roles. They are the natural next leaders, and they are champing at the bit to fill that role. But even if every one of them can and does step up, the math indicates there will still be a dearth of leadership. This leads to the third demographic force — Generation Y. This generation of 70-plus million born after 1980 is plentiful and well educated, but is not a ready-made solution to talent gaps. Organizations cite, time and again, myriad problems recruiting, training and working with them. December 2007 nies with generational diversity that causes friction with Gen X and boomers. If an organization wants to utilize Gen Y for its growth and continued success — and it has to — it requires careful planning and attention to the recruitment and training of these future leaders. A successful succession plan must address how to integrate and train Gen Y employees. That’s actually quite simple. Understanding the Why of Ys Smart organizations know that in today’s world, it no longer makes sense to make employees wait until they have “proven” themselves before giving them leadership-training opportunities. Companies have to leverage generational diversity as part of their succession planning. They must train boomer and Gen X employees to help develop Gen Y employees, so that younger workers are ready sooner rather than later to step up into management roles. These opportunities need to be offered very early in a Gen Y employee’s tenure in order to: • Help them avoid costly mistakes. Gen Ys can Gen Y is in demand and knows it, so recruiting messages need to stand out. Gen Y also presents compa- 40 talent management magazine www.TalentMgt.com http://www.TalentMgt.com

Table of Contents Feed for the Digital Edition of TM - December 2007

Talent Management - December 2007 Editor's Letter Contents Letters to the Editor Human Performance Leading Edge Capabilities The Engaged Difference: What People Want Analytics in Talent Management: The Sports View The Use of Merchandise for Employee Recognition Taking Aim at Performance Appraisals Talent Management Drives Organizational Change Generational Diversity: Mastering the Boomer-X-Y Divide Dashboard: Security-Savvy Workforce: Designing a Security Awareness Program That Works Application: Hilton Hotels Corporation:Checking Out the Merits of Paperless Efficiency Insight: Unlimited Engagement: Innovative Corporate Communication at Deloitte & Touche USA Advertisers' Index Editorial Resources Foundations

TM - December 2007

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