Phew. It’s likely the first time ever that we are managing four generations at work. If you want to get optimal performance from your entire workforce, generational differences pose a unique challenge for you. Today, the diversity of experience and knowledge offered by four distinct generational mindsets (Silent Generation, Baby Boomers, Gen X and Gen Y) can fuel organizational success - if managed well.

The challenge is to embrace the talent mix and use its collective strengths to deliver operational performance.

As you realize, today’s workforce is growing older. More than 78 million Baby Boomers are being followed by a far smaller cohort of only 45 million Gen X workers. In the years ahead there will be a shrinking pool of prime-aged workers to fill the talent gaps created by retiring boomers. The demand for talented Gen X leaders will increase, but the supply will decrease. At the same time, with the retirement of the baby boomers, there will still be a significant deficit in leadership and the competition for older, more experienced leaders will intensify. How will you prepare for this generational talent shift?

To add further complexity to this challenge, today’s younger workers are moving away from traditional career paths which involve loyalty to a single company over a long tenure. Instead, they are assuming more responsibility earlier in their careers by focusing on developing skills that will make them more globally mobile and marketable to multiple employers.

Why you should care? Simply put, these differences in work ethics and values will continue to escalate as the age spectrum in our workforce becomes more pronounced. As a result, you will be forced to rethink, revamp, and adapt your recruiting, retention, and training strategies.

Are you prepared?