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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Watch our short webinar synopsis before reading on.
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that corporate norms are totally outdated, and professionals are successful if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.
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?
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