In 5 years, millennials will make up 50% of the workforce

For many of us, the New Year is a reason to celebrate. The new calendar is welcomed with parties, fireworks, and even a ball drop. But a very different kind of countdown is coming to the business world in 2020. That’s when the 80 million millennials (ages 18-31) are estimated to make up 50 percent of the employee population.

Whether this milestone is celebrated or not will depend on how well your company is prepared for this demographic change. I recommend businesses create strategies in advance of this historic shift to make sure they are prepared for the opportunities and challenges to come. Here are five things for companies to consider in 2015 so that they are more than ready for the big Gen Y Countdown:

Hire leaders

The Hartford’s 2014 Millennial Leadership Survey found 83 percent of millennials consider themselves to be a leader today and 73 percent aspire to be leaders in the next five years. The workplace is the No. 1 area where they want to lead, with most of their current leadership in their personal lives. Consider that personal  leadership as a great training ground for professional  leadership. If you are hiring employees in 2015, I suggest you look for Gen Y candidates with leadership experience outside of work, including in community organizations, school groups, and sports teams.

Offer training

While they feel like leaders now, millennials recognize that they need training and development to be effective leaders in the workplace. Consider making 2015 the year that you create a leadership succession plan – or refine your existing plan – and offer the training and development necessary to put the plan in action. If you can’t offer in-house training, provide millennials with ideas (and ideally funding) for external training resources, such as online classes, local college courses, books and blogs.

Create mentors

A reverse mentoring program, in which new and experienced employees mentor one another, is another way that you can help your Gen Y employees become the next generation of leaders. Reverse mentoring allows a company to benefit from the expertise of each generation, such as knowledge transfer from long-time boomer employees and the tech skills of “digital native” millennials.  Reverse mentoring can also provide engagement and networking opportunities to those who may feel ignored, such as Gen X’ers who are stuck in the middle of two massively influential generations.

See also: 12 “types” of millennials you should know