According to the PEW Research Center, 10,000 Americans now turn 65 every day. As organizations begin to lose executives to retirement, ensuring a smooth transition to new leadership has become a major concern.
A 2014 report from PricewaterhouseCoopers (PwC) showed that this demographic trend is one of the foremost challenges on the mind of today's CEOs. Roughly 93 percent of CEOs surveyed report that there is an urgent need to change internal talent strategies to cater to these changes, as well as the growing popularity of Millennials and young professionals electing to move nearer to city centers.
Entrepreneur.com recently shared some of the best practices to align future leaders to long-term organization goals and foster professional growth.
The source explains that there needs to be clear and consistent communication about an organization's goals. It is unreasonable to expect future leaders to subscribe to long-term organizational goals if those goals are only discussed in board meetings or between current executives.
With rare exception, information about company challenges and goals should be openly shared. This sharing of information tends to accelerate forward movement, boost employee engagement, and reinforce a company culture where ideas and strategies can be freely debated and discussed.
In response to the changes in demographic trends, organizations will also need to invest more in education and development. A skilled workforce benefits an organization in innumerable ways, and leadership should be always on the lookout for ways to pass down knowledge and skills.
Making these changes often requires that organizations ensure that their internal culture supports innovation and the needs of the next generation of leadership. Change management consulting can be an effective means of finding new ways to motivate employees and create a more open and transparent culture.