TORONTO -- A new study says most organizations are poorly prepared to usher in a new generation of leaders as the silver tsunami of baby boomers heads for retirement.
About 41 per cent of the 100 global executives surveyed by Odgers Berndtson said their organizations are ready for the cultural changes that will take place as current leaders are replaced by employees from generations X and Y.
"There's going to be a significant culture clash between the baby boom generation, which is leaving the stage, and the generation X and generation Y group that's coming onto the stage," said Carl Lovas, Canadian chairman of Odgers Berndtson.
Organizations will have to undergo structural changes in order to attract and keep new talent because younger generations prefer personal development, flexible hours and work-life balance to the monetary rewards favoured by their predecessors, said Lovas.
"You've got to be able to respond to those requirements if you're going to attract and retain the top talent."
"Those (organizations) who don't understand that are going to be on the outside of those trends. They'll be disadvantaged because they don't get it."
Lauren Friese, owner of the job site TalentEgg, said it's not surprising the younger generations are looking for jobs that provide more opportunities for personal growth and fulfilment.
"It's what you would expect from a generation who was told to follow your passion and not settle for a career that doesn't meet your expectations to find meaningful work," said Friese.
-- The Canadian Press