INDUSTRY INSIGHTS
OUR INDUSTRY ' S NEXT LEADERS: WHERE WILL WE FIND THEM by Daniel Smith, Market Retrievers
For what seems like a decade, we’ ve been talking about the“ talent gap”, the“ Silver Tsunami”, and a host of other phrases to express the concern for industry recruitment. And while some of those challenges have come to fruition, others argue that M & A, virtual assistants( VAs), and AI have mitigated the threat.
However, one reality is upon us that cannot be denied, and it is the need for future leaders in our industry. Leadership cannot be replaced easily with VAs or AI, and several truths are reiterating that fact:
• A wave of retirements is leaving a knowledge gap in the industry
• We know what AI can do, but we also know the risks of“ unsupervised” AI automation
• Outsourcing leadership may be viable for operations, but leading a team often relies on someone embedded in the culture of the agency
WHERE ARE THE LEADERS?
By 2030, all Baby Boomers( 1946-1964) will have surpassed the traditional retirement age of 65. And while many are working well past that age, Generation X( 1965-1980) has supplanted them as the predominant leadership role holders, with over 50 % of those roles held globally by Gen X members.
Many in the Millennials’ Generation( 1981-1996) have already entered leadership roles. It is estimated that between 16-20 % of C-suites roles are or will be held by Millennials in 2026. That number is likely to grow throughout the rest of this decade and could even double by 2030.
Conversely, an interesting dynamic has been shown with Gen Z( 1997-2012) employees – they aren’ t as interested as their predecessors in leadership roles. In fact, studies show that only 6 % of Gen Z workers consider reaching executive leadership as a primary career goal.
Why? Many cite career burnout and personal life balance as primary goals that supersede professional goals.
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