A Leadership Shortage Is Coming. Here's What Needs to Happen to Prevent It. Pay bumps and fancy titles are no longer enough to entice top talent. Management can be a headache and organizations need to make changes. Otherwise, there won't be anyone left to lead. Here's what needs to be done.

My parents were born in 1947. For 35 years, they drove to the same exact buildings and worked the same exact jobs. My mother was a high-school math teacher and my father was an investment advisor. They didn't demand much, and their story isn't uncommon. They were part of an entire generation that valued job stability and loyalty — but those values are a thing of the past. Today's workforce is largely comprised of millennials (ages 28 to 43). As the last of the boomers retire and Generation X ages, it's imperative that we prepare millennials to take over the leadership responsibilities of organizations.

This requires us to think differently. Millennials want vastly different things than their predecessors did, and what's more, they're glad to change jobs to find them. A recent Gallup study reported the following statistics: Millennials are the generation most likely to switch jobs; 60% of millennials are currently open to new job opportunities; and millennials are the least engaged generation in the workplace. The U.S. Bureau of Labor Statistics indicates that the average millennial held 8.6 jobs between the ages of 18 and 34. What's more, research demonstrates that younger generations are no longer interested in taking leadership roles. In the next decade or two, there could be a shortage of emerging leaders wanting to take on leadership responsibilities for what's viewed as minimal payoff.

If successful organizations want to stay successful, they must work to understand what millennials really want and create attractive leadership opportunities that align with those things — otherwise, a leadership shortage could happen in the coming years. Here are a few ways they can do it.

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1. Engage, empower and extend trust

Research shows that younger people want to make an impact. Highly structured leadership roles should be a thing of the past, because they don't allow emerging leaders to grow or make a difference. Yesterday's command-and-control structures don't work well in today's environment. If younger generations are empowered early, even in individual contributor or front-line supervision roles, it's far more likely they'll become interested in more senior leadership roles.

You can do this by regularly creating environments where robust dialogue isn't just encouraged — it's required. Regular group meetings and town halls are great opportunities for this sort of interaction. It's essential that leaders don't come to such forums with all the answers, but rather with plenty of thought-provoking questions. They should invite their teams to find their own answers to problems, and then test and experiment with possible solutions. They should allow space for mistakes by viewing them as expected learning opportunities. These behaviors motivate younger generations to step up because they feel heard, valued and appreciated. When we feel that our voice matters, we're more likely to use it. These were key topics in my first book, 7 V.I.R.T.U.E.S. of Exceptional Leaders.

2. Create leadership programs focused on learning and growth

For many, work has become a social gathering. Today's generations no longer want to put their heads down and do all their work independently. Thanks to modern-day technology and social media, we're constantly communicating and connecting with the world around us, and millennials like it. Inviting future leaders be part of a formal leadership academy is a great way to get them interested in leadership.

When organizations run year-long programs, participants within such programs become somewhat of a cohort. Curriculums I've seen work best include a variety of group projects and presentations that allow for a high degree of interaction but also include individual papers or assignments. When students get to present and share their work with each other, learning and growing as leaders becomes fun. Having fun at work wasn't always a focus for past generations, but the organizations winning today's "Best Workplace" awards frequently list this as a core value. The best programs I've seen also include recognition, certifications and a formal graduation ceremony with awards of achievement.

Related: Check Out Amy Chambers' YouTube Channel For Motivation Content

3. Ensure that leaders can have a robust work-life balance

It's been said that millennials value experiences over material things. This is possibly why they're waiting longer than ever before to get married, have kids or buy homes. Younger generations place a large value on personal time, travel and community involvement. No one younger than 35 wants to work 60+ hours a week, and modern leadership positions should be updated to reflect that.

One way to accomplish this is to ensure today's leaders demonstrate that work-life balance is not only possible, but it's encouraged and achievable. Executives and other senior leaders can help accomplish this by asking those around them to leave on time, take their paid vacation days, and power down technology while they're away. I've personally seen this modeled well at a former company (where it seemed nearly everyone was hungry to get into leadership). There, two different senior leaders requested that we refrain from sending emails to our teams after formal business hours or on the weekends because it could create the sense that we were expected to be working after hours (which wasn't the case). Also, continuing to offer leaders the same hybrid work opportunities that others have is a great way to engage younger generations. When everyone (including leaders) has some flexibility in dictating where, when or how they work, joining the leadership ranks becomes more attractive.

Remember, nearly all leadership roles are exempt positions. That means leaders aren't paid for the hours they work, but rather the job that they do. You can help younger generations get excited to lead by ensuring that the job description screams the concepts discussed in this article; concepts of empowerment, trust, community, life balance and flexibility. These are things we give people we respect, and when we respect tomorrow's rising stars in this way, we're more likely to find they're excited and prepared to take the torch and carry our legacy onward.