It’s been happening 3 times a week for months. An email arrives announcing the requirement of another Baby Boomer executive…
“As you may know, I am retiring as Executive Director of the ABC Company effective April 15. We are now looking for a new E.D. Know anyone who would be interested? Here’s the Job Description. Please circulate to everyone you can think of who might want to apply. Thanks!”
And so begins the big talent turn-over of 2014. Many talented Baby Boomers put off the big “R” during the recession and now they are making new choices that fit with their Second Chapter goals. That means that your Gen Xer leadership talent is in greater demand than ever before.
The challenge most companies are facing is that they are not having the essential conversations early on and constantly to keep their GenXer talent in place. Then when a Baby Boomer retires they’re left with an empty seat. By the time management is ready to talk the Gen Xers are ready to walk.
A consulting client in professional services recently shared they were exited to be bringing a new Xer executive on board. They were surprised by my response. “Why are they leaving?” My client at first responded by sharing all the ways the new hire fit their needs. But on further investigation he discovered the exact reason the new hire was leaving was because his prior employer failed to have the essential succession conversations.The company was leaving their future plans open and vague. Instead of listening to the Gen Xers ideas and input they kept saying “wait your turn.” Unfortunately that was not a sufficient level of transparency in career pathing and a top talent Xer walked right out the door.
This is only the beginning. Leaders must have a new level of explicit career path conversations with each team member. If you aren’t having that conversation, some one else is. We must remember that Gen Xers grew up learning to fend for themselves. they are survivalists. And their resumes are always packed up and ready to go.
What are you doing to open the dialogue? How are you motivating your Xers to remain vested in your company during this crucial time of mass retirement by Baby Boomers?
