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If increasing the revenue and success of your company is your primary agenda, you might want to consider filling in the top positions of your company with women and Millennial leaders.
According to the Global Leadership Forecast 2014-2015 conducted by DDI and The Conference Board, a direct co-relation exists between the number of Millennials and women in leadership positions, and the success rate of that company.
Although men in the study “considered themselves more effective leaders”, the report found aggressive-growth organisations had a significantly higher proportion of Millennials in their leadership ranks (30%) than organisations with cautious growth (25%) or those with no growth (21%).
But there’s a catch. Polling 13,124 leaders from 32 industries across 48 countries, the report warned relying on a greater supply of younger leaders comes with various challenges such as low levels of engagement and retention.
These younger leaders are “more likely to intend to leave in the next 12 months than leaders in other generational groups”, according to the report.
Additionally, they are “less concerned with opportunities to provide feedback to their senior leaders about the organisation’s strategy and culture.”
A similar co-relation was observed when it came to gender diversity at the C-suite level.
The report found organisations with greater financial performance had more women in leadership roles; those in the top 20% of financial performance cited 37% of their leaders as women, and 12% of all their leaders as high-potential women.
In contrast, organisations classified as under the bottom 20% of financial performance reported 19% of their leaders were women, while only 8% of their leaders were high-potential women.