Generation Next
February 5, 2019 by Kate Smith
Of the 50 chief executive officer searches The Jacobson Group has done in the past four years, each was to replace a baby boomer.
“Literally, all have been the result of retirement,” Greg Jacobson, co-CEO of The Jacobson Group, said.
It’s a trend that’s bound to continue. And it’s also a trend that could prove problematic for insurers.
As baby boomers set off into retirement, the insurance industry is facing a potential leadership shortage. Not only has the industry failed to attract enough talent to replace those retiring, but it also has failed to prepare existing talent—particularly Generation X—to take over the top management spots.
“Organizations have missed the boat on talent development across the board,” said Limore Zilberman, a consultant at executive search firm Russell Reynolds Associates. “They more recently have done better in focusing on the talent development of their senior leaders. But by the time you’re a senior leader, if you haven’t collected all the arrows for your quiver along your whole career path, you’re at a real disadvantage when it comes to being considered for CEO succession.”
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