The generational shift of the next seven years will be an unprecedented opportunity for those who are qualified to ascend to leadership. There simply aren’t enough Gen Xers to fill the vacuum that will be left by retiring Boomers. For every two people who retire, there’s just one Gen Xer to take their place.

FACT: There are 81 million Boomers in the U.S, 51 percent are women. Yet, in the Fortune 1000 companies, there are just 42 women CEO’s.

FACT: According to Catalyst, the average board of a Fortune 500 company in is just 16 percent female.

FACT: There are only 46 million Gen Xers in the U.S., 52 percent are women.

To survive, companies will need to cultivate the young leaders they have so the Boomer Brain Drain has as little impact as possible on their organizations and their stock options (which could dramatically affect their retirement plans).

For those organizations that don’t prepare, the leadership gap could cause a greater economic downturn than the current recession. That’s because people with little or no leadership experience will be catapulted to positions they’re not ready to fill. Companies could poach qualified people. But there won’t be enough experienced men to fill those positions. Organizations that don’t create effective succession plans will be at risk.

For GenXers and a significant number of Millenials who aspire higher, now is the time to prepare yourself for leadership and management roles no matter where you work. Think about the knowledge that will be lost when Boomers retire and how you can begin to acquire that knowledge now.

• Take advantage of knowledge transfer opportunities in your organization and professional associations.

• Get a mentor and be a mentor. Mentors advance more quickly and can earn up to $25,000 a year more than their colleagues who don’t. Mentees learn the ropes more quickly than experience alone can teach them.

• Earn that degree you’ve been putting off.

• Volunteer on a non-profit board so you can learn and practice collaborative decision-making. Choose a board where you’ll be able to work alongside high-level executives. This will increase your confidence and expand your network.

These next seven years will usher in opportunities for people from all backgrounds. More women and people of color than ever before will be able to rise and take their place among the leaders of U.S. corporations and non-profits. You could be one of them.

Susan Bender Phelps runs Odyssey Mentoring and Leadership. She is the author of the best-selling book,” Aspire Higher,” true career and business mentoring success stories that inspire readers to use mentoring to create breakthrough results.

Exciting NEWS!!!! My first book, “Aspire Higher” will be out this fall. You will be among the first to know as soon as it is released.

In the meantime, you can visit my new publisher, SlimBooks – where you could win a copy of every book they publish this year! – so if you win, mine’s included in the giveaway. I think you will be almost as excited as I am about how Slimbooks is going to change the way we read. It’s why I chose them. Please share widely AND let me know what you think.

Last month I had the great pleasure of speaking at the Hillsboro Chamber of Commerce Westside Business Women lunch and learn event. The topic was  Being The MESSENGER – the nine principles that make networking so powerful. To capitalize on the momentum, the Chamber is having me back on February 17th for “Where Oh Where Should I Network?” - Whether it’s lunches, meetings, dinners, building that on-line tribe – how do you determine the BEST networking opportunities for you and your business? This session will help you save hundreds of dollars and thousands of hours while increasing your ROI on what you do spend.

On March 17th – “How to Generate 50 Contacts a Week” - - You can maximize your networking and have enough contacts to keep your business growing no matter how busy you are. Learn effective tactics you can use the minute you hit the street.

Please join us at these information packed sessions. WBW will be on February 17th from 11:30 AM-1:00PM at Coyotes Bar and Grill located at 5301 W. Baseline, Hillsboro 97124. RSVP by February 15th to Darcey Edwards 503-726-2143 darceye@hillchamber.org

I am the Chief Navigator for Odyssey Mentoring. We provide training to companies and professional associations for their mentoring and leadership programs. We opened our doors a little more than one year ago and we are in the black!

When I speak and write, I  share my business-building principles, strategies and tactics. She has trained hundreds in the art and science of networking. Throughout my career, I have delivered success after success in marketing, advertising and public relations – increased sales, broadened customer bases, community action, media campaigns and charitable fund raising. She has more than 20 years of hands-on experience as an entrepreneur, manager, trainer, writer and speaker.

Has the door to the executive suite and the board room slammed shut for women? Is it still possible for other capable and talented women to join the ranks of leaders like Brenda C. Barnes, Chairman and CEO of Sara Lee, Andrea Jung, Chairman and CEO of Avon Products, Indra Nooyi, Chairman and CEO of Pepsico, and Patricia Woertz, Chairman, President and CEO of Archer Daniels Midland?

The evidence is disappointing. In a recent article, about the 2010 Catalyst Census: Fortune 500 Women Board Directors and the 2010 Catalyst Census: Fortune 500 Women Executive Officers and Top Earners, released Monday, December 13, Ilene H. Lang, Catalyst president and chief executive officer told FOX Business, “The first look at our census numbers over the last years shows little progress for women as top earners.”

• In 2010, women held 14.4% of executive officer positions, up from 13.5% in 2009 and only 7.6% of the top earning positions compared with 6.3% in 2009.
• Women held just 15.7% of board seats in 2010, a mere 0.5% gain over the 15.2% in 2009.

One bright aspect of the report, according to reporter, Barbara Mannino, showed that men and women with mentors were placed higher in their post-MBA first jobs, with men benefiting more than women over time. Men with mentors were 93% more likely than men without mentors to start out at middle management or above. Women with mentors increased their odds of being placed at mid-manager or above by only 56% over women who did not have mentors.

Throughout their careers, men received more promotions than women and higher salary increases. Each promotion earned men an extra 21% in compensation; for women, each promotion amounted to an extra 2%.

High- potential men and women with senior-level mentors advance further and earn more than those with less senior mentors. Overall, though, women’s compensation still lags men whether or not their mentor is at the top.

With top tier leadership and board rooms having so few women among their ranks, it is less likely these executives will choose a woman to mentor. Historically, leaders choose the person most likely to be just like them as their own careers advanced.

Forward-looking companies can boldly address this issue by creating and supporting mentorship programs that are open to a wider pool of future leaders. To launch such a program, both mentors and mentees should receive training that prepares both partners for success – regardless of gender, culture and generational differences.

Mentoring at the senior level is not about showing another how to do something, rather it is about cultivating the kind of thinking that experience provides. It includes being able to have a conversation that leads to insight, action, accountability, and learning. It provides a support system for the learning process. Finally, as the mentee proves herself it includes career sponsorship and network sharing to help her advance in her career.