Organizations are facing a leadership talent gap; however, many of the challenges associated with leadership development can be resolved with learning. Victoria Hoffman from Docebo shines a light the key statistics and business leaders need to consider when it comes to workforce learning.
Your organization might say it’s prioritizing leadership development… but what actions are you actually taking to foster leadership? An absence of effective corporate leadership development programs will lead to an empty internal leadership pipeline.
An estimated 10,000 baby boomers retire every day.
In 2014, The Washington Post verified the report that approximately 10,000 baby boomers were retiring every day. This number (which adds up to almost 4 million boomer retirees per year) is already proving to have a massive impact on organizations.
One challenge organizations are facing as a result of the mass boomer exodus is a decay of organizational knowledge. Implementing learning programs (especially social learning opportunities) will allow boomers to pass along knowledge and help to promote leadership from within.
By 2020, millennials will make up 50% of the global workforce.
As baby boomers continue to make their way down the road to retirement, millennials have entered the workplace en masse and are quickly rising past entry-level roles. Gen Y is officially the largest generation in the US workforce, and it’s estimated that millennials will make up over half of the global workforce by 2020.
The day that the millennial generation will be running organizations is quickly approaching. As such, organizations that want to thrive in the future must invest in millennial leadership development.
63% of millennials feel their leadership skills are not being fully developed by their employers.
The HRPA reports that 63% of millennials feel their leadership skills are not being developed. As a result of this, 71% of those millennial employees want to leave their job within two years to remedy this deficiency.
Meeting millennial learning needs with your training programs will not only help to develop build your internal leadership pipeline, it will also help to increase millennial engagement and retention.
56% of organizations are not ready to meet leadership needs.
Deloitte’s Global Human Capital Trends 2016 report found that more than half of the surveyed executives reported that their companies are not ready to meet leadership needs. Moreover, only 7% stated that their companies have accelerated leadership programs for millennials.
Again, the fast influx of millennials into the workplace and the large exit of boomers is creating both organizational gaps in knowledge and leadership. Investing in the right learning management system to accommodate multigenerational learning audiences and provide tailored training programs (e.g., using a skills and competencies module) can help to better prepare your organization to meet leadership needs.
77% of organizations overall are currently experiencing a leadership gap.
Notably, this number falls to 49% for organizations with a mature leadership development strategy, according to Brandon Hall Group’s Leadership Development 2016 survey (data used with permission).
The leadership talent shortage is real and is affecting modern organizations’ business outcomes every day. Learning and development is no longer about creating a more engaged and productive workforce – it’s a critical component to the survival of an organization.
Overcoming leadership struggles with authenticity
In order to maintain a competitive edge and develop leaders internally, organizations must implement effective learning and development programs.
Fostering successful leadership also relies a lot on an individual’s authenticity. To learn more about authenticity and leadership, don’t miss Joshua Miller’s DoceboInspire session, Why Leaders Struggle With Authenticity. In this exciting keynote, Joshua Miller, Certified Executive & Personal Coach, will teach attendees how to harness their leadership skills by being their authentic selves.
Victoria Hoffman is a Content Specialist at Docebo. She is a graduate of University of Toronto’s Semiotics and Communication Theory Program and has 5+ years of experience in digital marketing. She enjoys writing and is always looking for a good book recommendation.