A new report shows that baby boomers, confronted with longer life expectancy and retirement savings shriveled by capricious markets, are choosing to stay on in leadership positions in the independent sector.
Unfortunately, this means that Gen X-ers and Millennials, who are counting on those positions to advance their careers, are left waiting for the torch to be passed.
The report, entitled Trading Power (pdf), was produced in partnership with the national Council on Foundations, Andrea and Charles Bronfman Philanthropies’ 21/64, Emerging Practitioners in Philanthropy and Resource Generation. It contains 18 interviews with sector leaders, both younger and older, offering their perspectives on the impact of this trend on the field, and what can be done about it.
The potential fallout from older leaders being “trapped at the top” includes stagnation, as the influx of new ideas typically ushered in with changing leadership slows , and abandonment of the philanthropic sector, as next generation leaders recognize opportunities to advance in different fields.
To stop the physical and psychological denudation of the field, new strategies are suggested. Interviewees note the need to shift thinking from a model of “transferal” of leadership to “expansion” of leadership. Current leaders should look at opportunities for sharing their duties with those down the ladder.
Sabbaticals are recommended as well, both to give baby boomers a much deserved break and to allow those below them to gain leadership experience. In addition, some of the duties learned during sabbaticals could remain responsibilities of younger staff members even after the boss returns.
Join the Conversation: Have you personally experienced the “trapped at the top” phenomenon described in this report? Are you a younger leader waiting for what feels like too long for opportunities to advance? Share your experiences by commenting on this post.
I don’t think the issue highlighted in this report is waiting for baby boomers to retire (which will be a much slower process given the recent market drop), it is about baby boomers and gen x and millenials reimagining what leadership can look like now in our organizations and what Gen x and millenials roles are in the new form of leadership. I think this model will strengthen organizations and strengthen the leadership pipeline.