Generations are defined by value shaping influences, family, education, morality, peers, spirituality and culture that impact their formative years (Espinoza). For the first time in American history, the workplace of today is occupied by four major generations, the traditional, the baby boomers, the Gen X and the millennial generations. Researchers and renowned organizations have confirmed that the transition of baby boomers out of the existing the workforce or a choice to remain beyond traditional retirement age will be one of the major redefining elements of the workplace. The sheer number of the millennial generation will make them the largest percentage of the workforce within the next decade, usurping the combined numbers of YB2 and Gen X.
Creating a sustainable succession plan requires all players develop an understanding of the generations transitioning out, remaining in place and the powerful emerging Millennial force.