Every organization consists of a vast and diverse work environment that includes people from different backgrounds, cultures and ages. Diversity is a part of our society and one such diversity that impacts the workplace is multi-generational workforce. According to a survey, about 70% of HR leaders have stated that managing a multi-generational workforce is a great challenge for them.
Managing the workforce from different generations can be challenging yet doable. The younger generation are always be excited and eager to learn and grow in their career, the older generation, on the other hand, tend to be patient and take strategic decisions based on their experience. Aligning the aspirations of younger generation with the knowledge and expertise of the older generations will help the organization to encourage collaboration and drive new strategies for growth.
78% of HR leaders insist that the organizations will have to create flexible working environment in order to attract new talent.
The workforce can be divided into different groups as follows:
Baby Boomers
Generation-X
Millennials (Generation-Y)
Generation-Z
Baby Boomers:
The baby boomers refer to the generation of people born between 1946 to 1964. The people from this generation strongly believe in values and loyalty. They tend to be self-centered and focus more towards individual goals. These set of people are the most experienced people in the organization with good knowledge and expertise about the product and the process.
As this generation is mostly in its 40s and 50s, offering some retirement, medical and health benefits will ensure them security. Appreciating their strong work ethics and value system, considering their inputs in decision making and encouraging collaboration will help them in being engaged in their job.
Generation-X:
Born between 1965 to 1980, this generation has as entrepreneurial mind set towards work. They believe in independence and feel empowered when provided a flexible and liberal environment to work and grow further. The values and perspectives of this generation will usually be in contrast with the previous generation.
Appreciating them on the basis of their performance rather than the seniority or experience will keep them motivated to grow more and deliver better results. Providing rewards & recognition in the form of performance bonuses, vouchers and coupons will work well in keeping them motivated and engaged.
Millennials (Generation-Y):
Generation-Y or millennials consists of people born between 1981 to 2000 who have grown up in an environment with multiple advancements in technology and people management. These set of the people constitute to form a major part of workforce in the organization today. Also referred to as “sandwich generation”, just do not focus on completing and achieving the targets, rather believe in maintaining a work life balance and engage themselves in recreational activities.
The individuals from this generation, are concerned more about their career growth and aspire to learn and achieve higher position within the organization. Arranging for training and development programs, will ensure them that the organization is willing to invest in their career growth. These people are highly performance driven and hence, feel empowered when their efforts are recognized and awarded. Millennials tend to appreciate rewards in terms of wellness programs and health benefits.
Generation-Z:
Gen-Z is referred to the generation born after 2000s and are considered the future of workforce in the organization. As this generation has grown up using technology and gadgets, they are highly tech-savy and prefer to work in a challenging work environment.
While this generation has just started entering the workforce, it is still important that the organization takes required measures to keep them engaged and interested.
The organization will always have a workforce consisting of different generations and cultures. The company should ensure to create a work space that enables each generation to be productive, collaborative and motivated towards their role. Hence, it should ensure that they are continuously working towards enhancing the workplace culture, automating basic HR functions by adapting HRMS systems, revising the reward & recognition system and upgrading the performance management system that will enable the employees to be engaged and stay for a longer time in the organization.