In 2020, leaders will have to inspire and manage three generations of managers and employees with radical differences on their expectations on how they see work and leadership.
Late Boomers, 55+ will still stay in the workforce because they have to take care of their aging parents and won’t have enough money to retire with a good health care plan when they will reach 65.
The Gen X leaders will be around 40-50 and this generation will face the double challenge of taking care of aging parents and children still in college. They will also have difficulties to adjust their leadership style with both GenYers and Boomers.
More women will work and get into power positions so the gender gap in global companies will be reduced.
Most typical GenYers will be 30-35 in 2020 and maybe won’t become expats and live in so many countries as the boomers did because they already move jobs every 18 months on average and want fun, flexibility and creativity at work with a strong focus on family, passion for what they do outside work and the causes they will serve as socially responsible individuals. Being technology driven, they are very global but without traveling as much as the previous generations simply by connecting through social media regardless of time and geography,
The global economy will be driven by different players such as China, Korea, Russia and it would require a totally different set of skills and leadership style.
The attributes of global leaders in 2020 :
- Leading with passion to inspire trust across cultures and generations.
- Having leadership effectiveness measured on how many followers and fans they have globally on social networks
- Implementing social responsibility programs at company and individual levels,
- Empowering employees by coaching them to set goals by themselves
- Increasing the internal motivation by giving responsibilities and tasks that are intrinsically rewarding
- Encouraging employees to focus on one activity at a time. Multitasking is not efficient and is a loss of positive energy.
- Providing direct and immediate feedback so behavior can be adjusted
For more about “How to find your passion at work” listen to this podcast from AMA (American Management Association) http://ht.ly/1Q6t9
For more about “Managing tomorrow’s People” look at the PriceWaterhouseCoopers’ report: http://bit.ly/PWC2020Work