In our 24/7 high-tech global marketplace, the wizardry of the Gen X and Gen Y folk is an important commodity. But a new survey by executive search firm Stanton Chase International and Birkman International demonstrates essentially that companies should be more concerned with losing the wisdom of the baby boomer generation.
Concerned about the threatening shortages of leadership talent, more than 90% of respondents perceived a gap in talent between baby boomers and what has been dubbed the "real time" younger generations. About two-thirds of the organizations polled are at least moderately concerned about the shortage and are implementing strategies to address the issue.
The impending dilemma is that the baby boomer, which is typically the more loyal and skilled worker of the three generations, is about to take flight at a time of great transformation in our business environment. Diversity, cultural differences, globalization and a 24/7 marketplace are collectively fueling the need for a competitive edge. I’d argue that the most crucial edge is hanging onto the wisdom of the baby boomer.
But companies cannot hold onto the baby boomer too tightly if they are to source their wisdom. It calls for worklife balance initiatives that include telecommuting, job sharing, and flexible working hours. Big business has to be willing to compromise and perhaps create new working scenarios. It’s a whole new world coming down the pike, but ironically also revisiting a forgotten golden rule – to embrace the wisdom of older generations.
In America, aging in our workforce is tantamount to entry into the dark night of the corporate soul. It’s a state of being which brings with it concerns about finance, poor pension plans, family issues, health care etc. But in regions of Asian and the UK, the elderly wear age like a badge of honor and wisdom. They are appreciated for their contribution and their advice is courted by the younger generations.
Our perception of the aging population needs to change before we can truly embrace the elder sages of the marketplace who have put their heart and soul into building it. It’s not perfect, but we should think twice before putting an experienced force of nature out to pasture.
