To ensure business continuity in the marketplace, leaders cannot afford to ignore their talent management strategy, that includes next generation leadership development. Gen X and Millennial talent bring attributes for leading the change required for organisations to have a prosperous future. If organisations fail to organise c-suite executive recruitment for the next generation today, they also risk their succession planning in the future.
Include your future c-suite executives in the decision making
Figures published by the ADP Research Institute, show that only 56% of the UK employees feel valued within their current role and only 61% say they feel purposeful. Effective talent management can prevent staff feeling undervalued and bored at work helping to retain top talent. One method to maintain interest and momentum is through involving them in decision making. Through delegating responsibility, they will feel valued and entrusted making them more likely to want to remain with your firm.
Moreover, high-performing Gen Xers and Millennials are motivated and want to be included in decisions. As a leader, you can take advantage of these generation’s way of thinking, and by including them in the choices, they may help you reach an outcome you may not have considered. Additionally, including them helps them to prepare for executive roles as they will have higher confidence in their skills and will become assimilated with processes.
Offer training to your Gen X and Millenial employees
There has been a considerable surge of baby boomer leaders retiring at the same time, with many looking to follow suit over the next ten years. The issue is with so many leaving at once, they are taking with them a broad business understanding, customer relationships, industry expertise and overall leadership knowledge. As part of your talent management strategy, you need to be prepared for when leaders leave abruptly by capturing knowledge prior to this.
Preparing Millennials and Gen X effectively, will alleviate this pressure and allow them to take advantage of the wealth of knowledge held by the baby boomer generation, prior to departure.
It is critical to look into training your younger talent and preparing them for future roles. The talent will need to know how to take over the roles in the future to help avoid skills gap. A study by Ricoh Europe found that over two-thirds of European employees said that they would like more digital abilities but lack the skills to make this effective. As part of an effective staff retention system and talent management programme, the importance of a dedicated development system for digital skills, cannot be stressed highly enough.
With Gen X and Millennials, particularly with the latter referred to as digital natives, they are overall more accustomed to dealing with technology. Digital training, in the context of their future roles, will ensure that these highly skilled workers are thoroughly prepared to move on to senior management roles and use their skills to benefit your company.
Create effective career development plan
Some Millennials and Gen X are only just starting out in their professional careers, for one reason or another. Workers at the beginning of their career are usually unsure about where their jobs can take them and how this will happen. As part of your talent management strategy, you should consider drawing out a career development plan for your workers to show them the steps they should take to become leaders, and clearly map how they will achieve these goals. Through doing this, you are more likely to retain staff and to ensure you are preparing the Gen X and Millennial generations for c-suite executive roles.