Are you a Millennials that is fed up with hearing how your generation is ruining our country? You’ll be glad to know that it’s actually another generation causing all the problems.
Let’s start with this observation. At Alliance, we often hear that the need for leadership in corporate America is at an all-time high. Surveys have shown that a majority of executives feel that their companies are chronically short of good leaders. It might make you think, what exactly is wrong with those companies that they have such a shortage. What could they be doing wrong?
Well, the fact is, it’s really not their fault. The culprits? Baby Boomers!
Some statistics: Did you know that today 10,000 Americans are celebrating their 65th birthday? By the way, 65 is that magical age when Baby Boomers hope to retire. And that’s just today. This trend started over 6 years ago and will continue every single day until the year 2030!
The impact on corporate America? Surveys show that nearly 40% of companies anticipate the loss of up to 60% of their senior leaders in the next 5 to 10 years just due to the retirement of Baby Boomers.
We speak to corporate leaders all the time that tell us that this is a major strategic issue. One COO of a $3 billion dollar company that attended our last hiring conference shared with us that their succession plan has way too many holes. They simply don’t have the bench strength to replace those that will soon be aging out. It’s no wonder that Alliance has had 4 former JMOs attain president status of one of their subsidiary companies within 5 years of employment!
Think about it. If you are a junior military officer, this is great news for you. Mathematically you were born at a good time! Combine the timing with the leadership skills that you have honed in the military and that makes for a great combination. So ignore all of those bad things being said about Millennials.
Bottom Line: if you are a JMO considering a move to the corporate sector and aspire to be a leader, now is a great time to consider your options. If you would like to know more about your corporate leadership options, let us know.