A study conducted by Odgers Berndtson, an executive search firm, in conjunction with Cass Business School, has revealed that organisations are not adequately prepared for the cultural changes that will occur as executives from the baby boomers generation retire and are replaced by their generation X and Y counterparts.

Richard Boggis-Rolfe, chairman of Odgers Berndtson, said: “The retirement of the current generation of corporate leaders will lead to cultural changes that most organisations are unprepared for.  In order to thrive in the post-baby boomer landscape, companies need to put serious thought and effort into smoothing the inter-generational transitions for leaders from generations X and Y.”  Respondents said that emotional intelligence, people skills and flexibility will be foremost amongst the skills required to keep business moving forward but also the ability to speak foreign languages and an understanding of cultural awareness.