In traditional industries such as banking, finance, and accounting there is a standard practice of promoting employees based on tenure and experience. This has worked over the last 50 years as there has been a steady supply of workers - and they have been willing to wait for these promotions. If companies want to be successful in the future, they will have to modify their approach. If not, a substantial leadership gap will begin to surface as more experienced workers retire.
Fewer young people entering these fields, and they are willing to leave their company if HR departments and managers continue to follow the same trend. Of course the economic slowdown might temporary restrict young professional attrition, but it will certainly come back in full force when the job market returns.
What are you doing to create an environment that clearly communicates career development opportunities to your young people?
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