SUMMARY

There are distinct trends colliding: retirement of the Boomers and some Gen X, new workplace realities from the Covid pandemic, and generational differences in attitudes towards work and boundaries.

Where we see this in our work is leaders who feel that the younger generation is not prepared, or capable of taking the reins. “But you don’t represent the company or you don’t look/act like me, so I don’t want to hand over the reins.”

More 65-year olds in the workplace than ever before. Don’t want to retire, some have to continue to work - lack of pensions, cost of living, especially in later years….

At the same time, there is real agism. Boomers and older Gen X - Brought so much value to the organization, then not needed anymore or as much, especially given the new technologies and realities.

Sense of feeling not as needed anymore and vulnerable, so reluctant to share/cede power.

Reframe the conversation - what LEGACY do you want to leave versus maintaining control

Shift from how different each generation is to the value that the new generation brings. Embrace the change and be proactive in succession planning.

Questions to consider as an existing executive/leader and for emerging leaders:

What can you do to let go? Develop talent?

Why do people leave?

What can you do to help make adjustments to the system?

Who in your team/division/organization could potentially take on your role? How could you better prepare them for this?

What skills do you possess that are unique? How could you cultivate these in your team or organization?

TOOLS/RESOURCES

Article in Wall Street Journal - America has never had so many 65-year olds. They're redefining the milestone.

Succession Planning Tips

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