For the first time in history, we’re seeing five generations in the workplace at the same time, each with a unique set of priorities and expectations.
The generational diversity in the workplace is growing. From seasoned Baby Boomers with years of experience to fresh-faced Generation Z-ers who are constantly connected, the workforce is becoming increasingly varied in terms of age.
Today, companies often employ people from up to four different generations—and it’s no surprise that each generation has their own unique style, needs, goals, and traits for employers to consider.
While managing such an age-diverse workforce is certainly not without its challenges, there are many benefits to employing a team that spans multiple generations.
. As companies continue to leverage the same blanket techniques to attract, engage and retain talent, it’s no wonder that these generations are struggling to coexist. Recognising that one size doesn’t fit all is critical and the time to act is now.
Companies need to better tailor their efforts towards specific cohorts and millennials may be the best place to start. Millennials make up 35 per cent of the UK workforce, and are set to represent 50 per cent of the global workforce by 2020. They have needs that differ greatly to those that came before and hold more bargaining power than ever in the labour marketplace.
When you combine a generation that strives to make an impact with a marketplace that doesn’t care about employees as individuals, it is a recipe for disaster. And millennials blame themselves (hence their record levels of drop-out, depression, even suicide). Companies need to work that power in their favour, luring them with the right selling points and developing a millennial-friendly culture that puts the individual before the employee, while plying them with the right perks to make them stick around once they’re through the door.
The range of possible futures confronting businesses is vast, but companies that nurture flexibility, awareness and resilience are more likely to survive and prosper.