By 2020, the global workforce is predicted to be a generationally diverse mix of 35% millennial, 35% gen X, 24% gen Z and 6% boomer – all born and raised with different views and experiences around culture, economics, lifestyle and politics. When it comes to careers, happiness and success, these diverse groups, all shaped by different defining moments in history, have vastly different opinions. For business owners navigating this gap in the workplace, recruiting talent is one challenge. The other is successful employee management and retention.
Workplace Gaps in Generational Diversity
• Baby boomers: born between 1946 and 1964
• Gen X: born between 1965 and 1980
• Millennials or Gen Y: born between 1981 and 1996
• Gen Z: born mid-1990’s to mid-2000’s
When interviewed about workplace variances among generations, 30% of CFOs felt the greatest difference was communication skills. A close second was the ability to adapt to change at 26%, while 23% said technical skills. Around 14% said cross-departmental collaboration.
• Communication style – Baby boomers are generally perceived as more reserved in their communication style, while millennials and gen Z adopt a more collaborative means of interacting. Millennials have been found to relate better to a coaching style of management, while baby boomers prefer a more traditional approach.
• Adapting to change – While all generations adapt to positive change in the workplace, gen x and millennials view it as a vehicle for new opportunities. Gen z employees see change as the norm in the workplace.
• Technical skills – Interviews found boomers and gen x preferred to learn the old-fashioned way – via traditional, instructor-led courses, while millennials preferred a more collaborative, technology-based approach.
Differences Between Generations
Generations working side by side have differing opinions on various issues within the workplace, ranging from management style to team culture and motivation.
• Management style – According to a study, almost eight in 10 millennials prefer a manager to act as a coach or mentor, while boomers look for an ethical, dependable, fair and consistent manager. This means that managers with a diverse team must understand the mindset of each employee and adjust their style accordingly.
• Team culture – 61% of Gen Xers and 55% of millennials believe team consensus is essential when making decisions, compared to just 39% of baby boomers. Additionally, boomers are the least likely to trust their manager with business decisions.
• Motivation – Individuals across generations also consider different factors when choosing an organisation. Boomers are attracted to more money and working in an innovative environment, while millennials look for company values.
A Common Thread Between Generations
Studies have found that there are also some surprising similarities between generations in the workplace:
• Flexible schedules – Around 74% of millennials want a flexible schedule that works for them, and 94% of baby boomers do too. It appears most employees are interested in flexible hours and telecommuting.
• Making an impact – Gen y employees are willing to stay at a company that shows appreciation for their work. Millennials, gen x and baby boomers all aspire to make an impact within an organisation and be recognised for their work. Managers should, therefore, start actively empowering and encouraging employees of all generations to succeed.
• Motivation – The common thread that ties all employees together when it comes to company loyalty and motivation is simple – appreciation. Companies with a strong recognition programme enjoy a longer employee tenure, while many employees prefer value, recognition and appreciation over an annual bonus or any other company perk. A simple ‘thank you’ can be the best motivator of all.
Benefits of the Generation Gap
With the digital era upon us, the workplace is continually transforming. This certainly benefits younger employees with their effortless grasp of technology, but older generations should consider its value as well. Managers should encourage younger employees to assist senior members of their team, who can, in turn, impart their knowledge to less-experienced staff members. This process of skills sharing between different generations is being adopted by several businesses who see the benefits in the concept of reverse mentoring.
According to research by Barclays UK, 40% of employers admit to relying on younger employees and graduates for their digital and tech skills instead of training mid to senior employees. The digitally skilled youth of the country, given the right opportunity and with the proper guidance, could potentially provide a solution to organisations struggling to upskill their workforce to compete in the digital age.
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