Tips to Adapt to the Multi-Generational Workforce
The workforce is more diverse than ever with different generations working side by side. Each generation is distinctly different from the other, which can be an organizational challenge. However, it is also an opportunity to leverage generational strengths for improved organizational performance.
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According to Statista, Baby Boomers (born 1946-1964) are 22.6% of the US population, Generation X (born 1965-1980) are 20.2% of the US population, Millennials (born 1981-1996) are 22.1% of the US population and Generation Z (born 1997 and later) are 26.5% of the US population.
What does this mean for your workforce?
Baby Boomers: The Aging Workforce
By 2029 20% of the total U.S population will be over the age of 65. In addition, the Baby Boomers will soon retire. As Baby Boomers leave the workplace, it’s important to capture their knowledge so that the transition can take place for future generations.
How do you do this? Have the younger generations use technology to conduct experience interviews with Baby Boomers; this allows each generation to learn more about the other. It also gives the organization videos or podcasts of these interviews which can be archived to preserve institutional knowledge or help with onboarding.
Gen X: The Next Leaders
The Millennial crazed media has totally forgotten who our next leaders truly are. Gen Xers founded Google, Twitter and Amazon. They have the capacity to bridge the generational gap between Baby Boomers and Millennials. Almost two-thirds of Xers (62%) say they “want to be mentors”, and 40% see themselves as teachers. That’s more than any other generation.
So how can you help your Gen X leaders? Provide formal emotional intelligence and communication classes. In addition, ensure they understand the organizational vision and purpose.
Millennials: The New Majority
Millennials are the majority of the US workforce. As per Dr. Mary Donohue’s research, strong Millennial relationships in the workplace can decrease employee turnover by 50% and increase productivity by 11%. Yet 58% of Millennials expect to leave their jobs in three years or less; 52% think that corporate norms are totally outdated, and professionals are successful if they carve their own path.
The Millennials believe that ideas matter more than experience, and work output is valued more than the time put in. Coaching in the workplace is an important aspect for them so ensure that your managers provide coaching, along with frequent feedback for better employee engagement. To increase creativity and productivity, offer opportunities to work remotely.
Generation Z: The Most Diverse
Generation Z is the most diverse generation; according to Frank N. Magid’s estimates, Gen Z is 55% Caucasian, 24% Hispanic, 14% African American, 4% Asian and 4% mixed race or other.
The majority of Gen Z resides in underdeveloped or developing countries. Relatively low in mature European markets, Generation Z is largest in India, China and Nigeria.
Gen Z considers honesty as the most important leadership quality. They are less influenced by money and more motivated by opportunities for advancement. They have the capability to handle multiple plans and projects. To fully leverage this generation’s strengths for organizational effectiveness, a strong company culture is required.
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Managers, we want to hear from you! Tell us about your experience with managing Baby Boomers vs. Millennials. What has worked and not worked for you in managing a diverse workforce?
Let’s share experiences. Leave a comment below, send me an email, find me on Twitter.
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