Each generation is molded by the events that occur as they are moving from children to teenagers to young adults. Current events that happen locally, nationally, and even internationally will impact their age group. Economic variables and media will identify each group as well. These will shape not only their preferences and their values but what skills they bring to the workplace. Employers benefit from not only understanding but adapting and, dare I say, embracing these differences.
These groups and their birth years are:
- Traditionalists (born 1928-1945) - most here may have retired but some are still working because they want to or because they may need to financially
- Baby Boomers (born 1946-1964) - many here have also retired or are approaching retirement
- Generation X (born 1965-1980) - one of the top two groups present in today’s workplace; some are also approaching retirement or past the midpoint of their work lives
- Millennials (born 1981-2000) - this is the other of the top two groups; they will soon become the largest part of the workforce
- Generation Z (born 2001-2020) - the oldest of this age group has been entering the workforce most recently with more joining each new year
Employee turnover, in what is currently an employee rather than an employer’s market, impacts productivity, profitability, and a team’s morale. When there is appreciation and trust among team members, performance is enhanced and people will stay working together longer.
What to consider:
- Broaden your talent pool: Consider the value of each group’s employees. Look at job descriptions and realize that expectations for successful performance may need to be adjusted. Two employees from different age groups for the same job title will bring different skill sets and experiences. They cannot be expected to perform exactly the same way.
- Adopt an open and broader culture: Let it speak to the needs and interests across the age groups. Engage representatives in discussions by brainstorming approaches that may not be traditional.
- Utilize the power of the different generations: Have open discussions on what each one brings to the workplace but also what they may be lacking. Create development opportunities for continued learning.
- Two-way mentorship: Mentorship by definition is having someone who has more experience in an organization or an industry guiding someone with less. Instead, set up mentorships that go in both directions; but do so with diplomacy. In each mentor-mentee pairing, be sure the participants are truly open to the value they will receive from the other.
- Reinforce your strategy: Identify those who are embracing all these dynamics and reward them meaningfully with promotions, experiences, or experiential rewards.
“Managing multigenerational workforces is an art in itself. Young workers want to make a quick impact, the middle generation needs to believe in the mission, and older employees don't like ambivalence. Your move. ” - Harvard Business School