It’s easy to overlook Gen X with all of the emotional space that Baby Boomers and Gen Y take up in the business world today. Boomers and Gen Y seem to share more of a parent-child “nurturing” relationship, leaving Gen X as the odd man out.
But companies should take another look at this blossoming middle child. They’re a great resource for helping transfer information crucial to sustaining cultures and running businesses from retiring Boomers to younger generations. And, if a company doesn’t have a solid succession plan in place (about half of companies don’t), then they should absolutely roll out the red carpet for Generation X.
Why? Well, for one thing, time is of the essence. It’s estimated that about 20 percent of U.S. employers will start feeling the impact of the Boomer exodus in under three years, 26 percent in about four to five years, 22 percent in six to 10 years, and 66 percent within 10 years.
Another reason to assess your Gen X workforce is that there aren’t that many of them, so companies should know who their stars are and be prepping them to move into leadership positions. There are 80 million Boomers and 78 million Gen Yers – compared to just 46 million Xers. So, simple math tells us there won’t be enough skilled workers to do the jobs of their predecessors.
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Great point Jennifer – lots of implications in many sectors. great food for thought.