So why are so few giving it to them?
The future is here and the world is desperate for a new kind of leadership. Companies need to be increasingly adaptive and nimble to stay relevant in today’s market. The demands of an increasingly younger workforce are requiring massive shifts in the way we think about everything in business. Leaders today can’t just focus on the ‘what’ of business and succeed with traditional strategies and business know-how of the past.
Traditional hierarchical organizational structures have been replaced with matrix-like structures. This requires leaders to be skilled at communicating and adept at influencing others who may not directly report to them. Leaders are confronted with the necessity of building a collaborative, diverse work culture that empowers and engages employees. Their prior leadership approach of directing and telling doesn’t work well in this new environment. The workplace reality becomes ever more emergent, ever less static. And the leaders that are increasingly taking the helm – Millennials – simply aren’t getting the development that they want – and need.
The leadership gap and shortage crisis is real. Several studies have found that crucial leadership skills in organizations are insufficient for meeting current and future needs. Fortunately, millennial leaders are hungry for the learning and development opportunities that will prepare them to lead tomorrow’s businesses. Gallup has reported that Millennials value development more than other generations do, and Bersin by Deloitte found that Millennials rate L&D as the #1 job benefit, more important than healthcare, cash bonuses and even flexible working hours!
Unfortunately, supply is not meeting demand. Seventy percent (70%) of millennials report that they are receiving no leadership development whatsoever. None. A study conducted by Brandon Hall Group in 2015 found that only 20% of organizations identified the Millennial leader group as critical for development over the next 24 months. This has created a significant leadership gap.
Most companies simply aren’t prioritizing the leadership development of Millennials. They are the leaders who will make or break not only the future of individual companies that they lead, but also our collective future. It seems to me like they are worth investing in.
Enact offers a variety of programs focused on developing Next Generation Leaders. Contact us at firstname.lastname@example.org for further information.