Understanding young stakeholders and meeting their needs will be essential to building the next generation of future leaders, Gary Mozer, a principal at George Smith Partners, tells GlobeSt.com. The way that Millennials work is very different from the way their predecessors have worked. Young professionals are much more mobile and are constantly seeking new opportunities for growth.”

Mozer adds that as a leader, the most important question to ask on a consistent basis is: “How do we keep younger employees engaged and challenged for the long term?” The average employment tenure for a Millennial is roughly three years, compared to a decade for Baby Boomers, he shares. “There are several ways to keep the younger generation engaged. First, give them a stake in the business. Today's Millennials are much more entrepreneurial in spirit, and they perform better when they have a stake in their own success. Second, give them the right mentorship and training. This will equip young leaders with the resources to make their own decisions and ultimately grow into leadership roles. Third, create a company culture that validates employees and offers opportunities for personal fulfillment. Longevity and success are about more than just pay. Young leaders need to be engaged for the long term. Looking ahead, it's important that we instill confidence, entrepreneurship, innovation and initiative in our future leaders.”

Griffin Cogorno, VP at Unire Real Estate Group, tells GlobeSt.com, “As the Millennials continue to make up more and more of the workforce, leadership and buy-off from employees will continue to be more important than ever. The younger worker demands to be respected and needs to buy into the company's culture and goal. If they are afforded that opportunity, the success will resonate within the company.”

Dr. Debbie Phillips, CPN, president of international consulting firm the Quadrillion, tells GlobeSt.com there are four key qualities that are essential in future leaders that might not have been as important in the past:

Emotional intelligence. Being self-aware is absolutely critical. Intellect can only get you so far. If you can't relate to people who share different viewpoints, you're sunk. The best workplaces are diverse and challenging in a positive way. I call it “creative tension.” This tension breeds innovation and new ways of solving problems. When you can explore “four corners” of the square, you are expanding your thinking. It's important that people know their strengths so well, they can partner with other people who have different strengths. If a team is trying to compete on only one dimension, they will lose.

Entrepreneurial mindset. Future leaders need to understand the dynamics of business beyond a spreadsheet. The marketplace is complex and competitive. Most businesses fail because they are undercapitalized not just monetarily but from a human-capital standpoint. They haven't built a deep bench of talent, so when new opportunities come knocking, they are scurrying around trying to figure out who can run the deals or how they can bring the product online quickly and profitably. The only way you can do this is to have “ready talent” to do the heavy lifting. In order to scale a business, you must have proven systems and processes.

Effective communications. This goes beyond oral communication skills and emotional intelligence as discussed above. The ability to communicate ideas effectively, orally and in writing, will position future leaders for a promotion. A well-written letter or executive summary reveals a certain depth of thinking that is critically important.

Business etiquette. Manners matter in the workplace. If there is one area that I'd like to spend more time with my Millennial leaders on, it is the area of business etiquette. From wardrobe building to dining protocol, there are certain practices that never go out of style. Knowing how to introduce people and having appropriate topics to discuss over a meal can often make the difference between who gets invited to the next function and who doesn't. I don't want young leaders to eliminate themselves from another opportunity because they didn't handle themselves appropriately. When you do the little things correctly, big things come naturally.

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ORANGE COUNTY, CA—Embracing the rapid pace of change and new technology are essential to today's leaders, and tomorrow's leaders will need to be more strategic and flexible since the world changes so much more quickly today, experts tell GlobeSt.com. We spoke with a variety of knowledgeable sources about what leaders currently need to be successful that might not have been as important in the past. Stay tuned for a more in-depth feature on leadership insights in the June issue of Real Estate Forum.

Larry Armstrong, CEO of Ware Malcomb, tells GlobeSt.com that anticipating and embracing change has become more important than ever before. “You are driving change all the time in your business interactions. While change has always been a constant, the pace of change has accelerated and continues to accelerate. Understanding and deciding what to change, what not to change and when is the art of business.”

Embracing new technology is also key, adds Armstrong. “Leaders need to be fluent with technology. Continue to learn and understand how to integrate technology in your business. Consider what technologies will make you the most effective leader. You are never too old to learn something new.”

Tomorrow's leaders will need to be more strategic and flexible, since the world changes so much more quickly today, Stanley Iezman, chairman and CEO of American Realty Advisors, tells GlobeSt.com. “The ability to think strategically and to have the vision to see where the business and investment worlds will be moving is critical. Understanding the details of what you are working on and communicating clearly in writing and verbally are essential. Work with talented people and make sure that you are asking yourself and others to be their best and to always focus on doing better. Where you are today is far more important to where you are going than where you were yesterday.”

Understanding young stakeholders and meeting their needs will be essential to building the next generation of future leaders, Gary Mozer, a principal at George Smith Partners, tells GlobeSt.com. The way that Millennials work is very different from the way their predecessors have worked. Young professionals are much more mobile and are constantly seeking new opportunities for growth.”

Mozer adds that as a leader, the most important question to ask on a consistent basis is: “How do we keep younger employees engaged and challenged for the long term?” The average employment tenure for a Millennial is roughly three years, compared to a decade for Baby Boomers, he shares. “There are several ways to keep the younger generation engaged. First, give them a stake in the business. Today's Millennials are much more entrepreneurial in spirit, and they perform better when they have a stake in their own success. Second, give them the right mentorship and training. This will equip young leaders with the resources to make their own decisions and ultimately grow into leadership roles. Third, create a company culture that validates employees and offers opportunities for personal fulfillment. Longevity and success are about more than just pay. Young leaders need to be engaged for the long term. Looking ahead, it's important that we instill confidence, entrepreneurship, innovation and initiative in our future leaders.”

Griffin Cogorno, VP at Unire Real Estate Group, tells GlobeSt.com, “As the Millennials continue to make up more and more of the workforce, leadership and buy-off from employees will continue to be more important than ever. The younger worker demands to be respected and needs to buy into the company's culture and goal. If they are afforded that opportunity, the success will resonate within the company.”

Dr. Debbie Phillips, CPN, president of international consulting firm the Quadrillion, tells GlobeSt.com there are four key qualities that are essential in future leaders that might not have been as important in the past:

Emotional intelligence. Being self-aware is absolutely critical. Intellect can only get you so far. If you can't relate to people who share different viewpoints, you're sunk. The best workplaces are diverse and challenging in a positive way. I call it “creative tension.” This tension breeds innovation and new ways of solving problems. When you can explore “four corners” of the square, you are expanding your thinking. It's important that people know their strengths so well, they can partner with other people who have different strengths. If a team is trying to compete on only one dimension, they will lose.

Entrepreneurial mindset. Future leaders need to understand the dynamics of business beyond a spreadsheet. The marketplace is complex and competitive. Most businesses fail because they are undercapitalized not just monetarily but from a human-capital standpoint. They haven't built a deep bench of talent, so when new opportunities come knocking, they are scurrying around trying to figure out who can run the deals or how they can bring the product online quickly and profitably. The only way you can do this is to have “ready talent” to do the heavy lifting. In order to scale a business, you must have proven systems and processes.

Effective communications. This goes beyond oral communication skills and emotional intelligence as discussed above. The ability to communicate ideas effectively, orally and in writing, will position future leaders for a promotion. A well-written letter or executive summary reveals a certain depth of thinking that is critically important.

Business etiquette. Manners matter in the workplace. If there is one area that I'd like to spend more time with my Millennial leaders on, it is the area of business etiquette. From wardrobe building to dining protocol, there are certain practices that never go out of style. Knowing how to introduce people and having appropriate topics to discuss over a meal can often make the difference between who gets invited to the next function and who doesn't. I don't want young leaders to eliminate themselves from another opportunity because they didn't handle themselves appropriately. When you do the little things correctly, big things come naturally.