There is great talent around but have they been rewarded with opportunities? Do some hard questions need to be asked?
How many people sit around the board table who are under the age of 40? How many were not sitting at board level 5 years ago?
In the 1980s, which does seem like another world away, it used to be a common saying that many wanted to be a board director by the age of 30. Today that is highly unlikely and even if was achieved, the person would be probably close to half the age of their CEO where the average age lies between 59-60. In the last twenty years, the average age of a CEO has increased by 17 years and the average age of a director by over a decade. The focus has been on experience over youth and risk.
Maybe there is a fair argument for this but, as with most things, a better balance is needed. Youth and talent need to be given a better and stronger chance. There is really a very little argument to oppose this given the increasing levels of disengagement that so many companies are witnessing.
It is hardly new that those companies where talent can see development opportunities will possess stronger cultures than those who felt they will ceilings. In the US, there have been a number of features written which talk of the end of the American Dream as over the last thirty years, it has become increasingly difficult for new generations to rise to higher levels than their parents, to generate greater wealth. It is no different in the UK.
The irony, of course, is that so many of today’s experienced leaders were given the real opportunities at a young age, made their mistakes, were supported in those bad moments by their superiors and grew to become the successful leaders of today. Many of today’s leaders held senior MD roles in their late 30s and yet today will rarely appoint someone at the same age.
The argument is always that they can not afford to take the risk, that business today is more competitive and pressured. One can argue this point for a few hours but the easier counter is many companies have not possessed cultures which match those companies of the previous era where all talent possessed genuine opportunity.
In Hospitality, there really is very little argument. It has long been a meritocracy where one it has long been proud of those who rose from being chefs to becoming MDs.
There are many studying in universities today who are questioning their futures. They are concerned about the debt they are building and their future prospects. Many universities are concerned by those now either walking away or deciding not to come to university.
It maybe controversial but it is right that core questions are asked:
· Is the model really supporting young talent well enough?
· Is the education system good enough in preparing talent?
· How can younger talents be developed to board level at a younger age?
· What more can be done?
All the stats from the last decade do tell a picture. There is always a need for continuous improvement and it is no different with talent.