May 08, 2013
By Jane Brown
As baby boomers head for possible retirement, a new study out of Toronto suggests most organizations are poorly prepared to usher in a new generation of leaders.
Executive search firm Odgers Berndtson surveyed 100 senior executives at global companies. Only four out of 10 said their organizations are ready for the cultural changes that will occur as current leaders are replaced by employees from Generations X and Y.
Canadian chair Carl Lovas says companies will need to undergo changes in order to attract and retain top talent. That’s because younger generations prefer personal development, flexible hours and work-life balance to the monetary rewards favoured by their predecessors.
The research also shows the changing landscape will require managers to be more culturally diverse and use management techniques that may be deemed as more traditionally feminine.