The sheer numbers are enormous.
- More than one in three American workers are Millennials (18-34 years old in 2015 as reported by Pew Research).
- At 53.5 million strong, Millennials now outnumber Baby Boomers in the workforce.
- 10,000 Baby Boomers a day are reaching the traditional retirement age of 65 (Pew Research).
The result? A large talent gap. The turnover created by upper-level management retiring in large numbers is creating a weakness -- an Achilles heel -- for companies everywhere.
Now think about this: as many as 40% to 60% of leaders fail after being promoted.
With up to 2 million Millennials a year stepping into first-time leadership roles, immediate action must be taken to better train and develop new managers for their first ever leadership roles, according to a recent survey by Ken Blanchard.
Yet only 20% of organizations identified the Millennial leader segment as critical for development over the next 24 months, according to Brandon Hall Group’s 2015 State of Leadership Development Study. Millennial leaders crave advice from senior leadership, however, on average only 7% of organizations invest in coaching, mentoring and dedicated time with their senior leaders. (Bloomberg, Older Americans Are Retiring in Droves, January 6, 2017)
Millennials face challenges as they move into leadership roles, according to studies by Deloitte, the Pew Research Center and the Center for Creative Leadership. Front and center are deficits in critical interpersonal skills that are the underpinnings of core leadership competencies. Note: The lack of interpersonal skills are not character flaws assigned exclusively to Millennials. Generation X struggled with the same issues as they began moving into leadership areas as well.
It’s time to act.
In a fast-moving, global economy, companies have a obligation to prepare current and future leaders to assume more responsibility and succeed. Unfortunately, there isn’t a cookie-cutter approach to developing leaders. Instead, we rely on the off-the- shelf programs to develop new leaders and hone the skills of existing leaders.
The answer: an individualized approach that combines tools and targeted learning solutions, based on your culture and leadership development journey.
Our experience shows that leveraging customers’ existing programs, models and materials, and integrating them with customized experiential learning platforms, helps leaders gain self-awareness and identify leadership gaps. Blended learning solutions help new leaders gain the behavioral competence and experience that leads to accelerated leadership readiness.
At DX Learning Solutions, we maximize the effectiveness of experiential learning in ALL our leadership programs because we know that it:
- Lowers leadership failure rates
- Increases the promotability of people
- Helps drive retention, engagement and BUSINESS RESULTS
Our sole focus is to unlock leadership potential within organizations by accelerating speed to leadership competency -- at all levels. We do it by condensing months and years of experience into just hours of simulated, realistic, practical business simulations and serious games. We prepare your leaders to be Promotable by:
- helping them develop the self-awareness that is key to unlocking leadership potential
- teaching them to better engage and motivate the people they lead
- showing them how to generate business results
Want to address your Achilles heel? Ask us how.