The working population is growing as people live longer and choose to retire later, and the current workforce consists of five generations.
We are seeing baby boomers working alongside Generation Z, as both generations have different needs and priorities, and with this generational diversity comes the need for versatile leadership styles.
I have found it extremely important to embrace different generations in the workplace, as they each bring different perspectives, skills and experiences, however it cannot be a one-size-fits-all approach to ensuring job satisfaction. It's important to think about how to attract different generations, while also retaining talent and supporting growth.
In recent years, flexible working has been at the forefront of conversations, and this is extremely important to support the needs of different generations. While younger generations know nothing else, they may expect a level of blended working to support work-life balance, and this can be vital to attracting talent to your business.
For other generations, there may be other factors encouraging the need for flexible working; Whether it's supporting aging parents, raising families, or moving house. As a business leader, I have found it extremely important to regularly communicate with employees to understand their needs outside of work, which can in turn lead to talent retention. Having structures that support flexibility, whether compressed, temporary, part-time or hybrid working weeks, are all important to support employees.
However, I still see value in face-to-face interactions within the workplace, and communication is an additional factor to consider when working with a multi-generational workforce. The way we communicate at work has changed over the years and through different generations. As for Generation Z and Millennials, they have mostly grown up in a digital world and may have preferences for quick online communication. This can differ from those who have experienced years of in-person meetings and phone calls.
To ensure effective communication across a team, leaders must adapt their approach and understand preferences. For companies using online-only messaging platforms, consider the need for additional cross-generational training in both usage and language. This can help alleviate confusion and ensure efficient and effective communication methods.
Another factor to consider when leading a multi-generational workforce is how to promote and encourage well-being. On an individual basis, wellbeing can look very different, and there must be importance to fostering a culture that supports employees. This must be a holistic approach that takes into account mental and physical health and these considerations must be tailored not just to the business, but to the generations in which it operates, and the perks and benefits that will resonate with them.
I think it's very important to listen to your team, and open channels of communication where they can make suggestions that will support their well-being in the workplace. This can be within one-on-one meetings, but also through anonymous suggestions.
Through my own journey in the world of work, I have found mentoring to be personally rewarding, and this can provide great support to different generations. Younger employees entering the workforce can talk to someone with experience in their field and gain insights and advice, which can be invaluable to their career and overall well-being.
For older, more experienced employees, “reverse mentoring,” where junior members of the workforce transfer their knowledge, skills and perspectives to more senior employees, can help encourage learning and integration between generations. Constructive cross-generational collaboration through mentoring can address generational skill gaps and build a culture of communication and learning.
The final consideration when leading a multi-generational workforce is loyalty. Recent research in the PushFar white paper, “The State of Mentoring and Coaching”*, shows that 3 in 4 Gen Z employees are likely to change their entire career paths to find a job that fits their values and provides better skills. This is a large percentage of the next generation of employees who put their needs above loyalty – and why wouldn't they!
The 10-year and older job retention rate for ages 55 and older is 60%, falling to 40% for those ages 45-54 and falling to 20% for those ages 35-44. **This pattern of retention is evident across generations as the way we view work has changed over time.
This should be at the forefront of business leaders' minds; How do they support the next generation in the workplace to encourage their loyalty? Ultimately, job hopping occurs when employees don't feel valued, aren't paid fairly, or aren't progressing and learning in a role. It is very important to consider each generation, along with each individual, and how you as a leader can support their job satisfaction and encourage longevity.
Although there are challenges in leading a multi-generational workforce, with the proper training, support, and attention, you will have a thriving, diverse team that provides valuable insights to grow and build your business.
