–– The long-dreaded era of Baby Boomer retirements has finally dawned, and with the oldest Boomers turning 62 this year, the fallout may reach epic proportions in the early years of the next decade.
Where “age discrimination” used to be rampant, up-and-coming top–performing senior executives with a clear and compelling marketable value proposition will be in hot demand.
–– That means many companies will be hard-pressed to shore up their finance functions with leaders as experienced as those they have had until now.
Those passive candidates who are in demand will have even more opportunities coming their way, with salaries and incentives to match their potential to contribute.
–– The Bureau of Labor Statistics estimates that over the next 10 years there will be a 15 percent decline in workers age 35 to 54, concurrent with a 25 percent increase in demand.
Statistics validate that the War for Senior Executive Talent is indeed heating up!
And the importance of grooming successors is growing. Coaching, mentoring, and grooming those coming up behind you is the single most important thing you can do for the future generations (our children and grandchildren).
–– "We are seeing movement now, a real urgency that even 18 months ago did not exist," said David de Wetter, senior consultant for human resources transformation at Watson Wyatt Worldwide.
There is still skepticism about a shortage of talent in the States … just wait another 18 months. While commodity candidates may still be denying a shortage of talent, top–performing candidates will have their choice of opportunities.
Which makes me wonder how that will impact the current statistic that the average tenure of a CFO is currently a mere three years!
–– Another shift, according to de Wetter, is that some companies are moving away from grooming specific people for specific future executive roles in favor of a more fungible approach. The idea is to create leadership pools, composed of people who display qualifications as leaders that are transferable enterprise-wide.
This is such an interesting concept. Given the community– and colloraborative–mindedness of the Baby Busters and Mosaics, this strategy might actually work! “Leaders often remind us that what got us where we are is not the same stuff that will get us where we want to go.” George Barna
–– Losing any top talent is bad enough, but corporations face the very real fact that they will lose a majority of their top talent in a very short time span.
That projection should scare most companies while making A–players jump for joy. Of course, if you are a top–performing finance executive who can’t be found by the people who need to know about you … there might not be any reason for you to jump.