With Baby Boomers continuing to retire, only 17 percent of hiring managers say prospective applicants to fill these positions have the necessary skills and traits, according to the 2012 Job Preparedness Indicator from the Career Advisory Board, established by DeVry University.

In spite of these findings, difficulties replacing Baby Boomers may not be due to the of a lack of hard professional skills but because candidates applying for managerial-level positions typically do not effectively communicate their skills, says Alexandra Levit, business and workplace consultant and Career Advisory Board member.

"While job seekers in the market may have the appropriate skills for a position, they simply don't effectively communicate the experience and leadership traits sought by hiring managers," Levit says. "Ultimately, senior-level job seekers are underselling themselves; they're not focused on demonstrating higher-order professional skills, like strategic thinking and a global perspective."