ADVICE & TIPS
April / May 2008
May the (Work)Force Be With You
The Challenges and Benefits of Leveraging Diverse Workforce Generations
By Scott Stoppler, President
Executrade
If you are a company in today’s competitive, fast-paced economy, you may have noticed a shift in the force—the workforce, that is. Something is changing in today’s workforce, and companies everywhere are beginning to feel its impact. They can either choose to ignore or resist it, or they can increase productivity by tapping into this shifting force and leveraging its collective knowledge and talents.
Companies are experiencing a change in their workforce where employees from all four work generations (from Traditionalists all the way to Generations Y) are converging in the workplace, often within a single company. This diverse collection of generations in one workplace has created a unique resource pool rich with experience, talent, and skills, which companies can readily draw from. The only catch is that each generation is different from the other, and each comes with its own work expectations and preferences. Companies that understand and take steps to address each group’s work preferences can then leverage the skills and talent from all these generations to achieve their business goals.
These generations can be identified as follows:
- Veterans/Traditionalists are those employees born before the 1940s who respect authority and want to build a legacy through their work. According to a Benefits Canada online article in September 2004, this generation is known for their discipline and lifetime loyalty to one single company. Veterans are used to the top-down style of management and are hard-working.
- Benefits Canada notes that the next group, known as the Baby Boomers, consists of workaholics who want tangible status rewards for their work. They are more optimistic and competitive than their predecessors. Also, they are more likely to be only semi-retired. Basically, Baby Boomers are ambitious ladder-climbers who believe in achievement through team work.
- The article goes on to indicate that workers from Generation X show no job loyalty, expect constructive feedback at work, and like to maintain work-life balance. They also embrace change, lifelong learning, and are outcome-focused. Typically, this generation aims to lead independent lives both at work and home.
- Generation Y is an entirely different breed. Benefits Canada states that they are “more technologically savvy, better educated, and more ethnically diverse than any previous generation.” They are similar to Gen X in that they seek work-life balance too. They tend to be plugged into their world 24/7, experience rapid career growth, and have higher expectations when it comes to work.
Companies competing in today’s fast-paced economy should view each generation, particularly Generation Y, as a unique resource that will increase their competitive edge. They have an opportunity to tap into the knowledge and vast experience accumulated by the Veterans and Baby Boomers. Though the Veterans lack technological expertise, their wisdom and perspective could be applied to solve today’s issues. Baby Boomers will aim to be semi-retired. This is important to companies who may want to access (or consult with) these workers on a part-time basis for their skills and their extensive knowledge. As these two generations retire, their positions will be filled by Generations X and Y. If they haven’t retired, they can also be considered for mentorship roles.
Because the X-generation embraces change and work-life balance, they understand and work well with Generation Y. They know how to apply their skills to help keep companies on track and ensure successful outcomes. Companies can depend on Generation X to be skilled leaders and to work with Baby Boomers and/or Generation Y since Gen X overlaps these two generations and can relate to both of them.
Generation Y can be leveraged in many ways. They grew up using advanced technology, like cell phones and computers, so companies can tap into this generation’s knowledge and better position themselves with this younger demographic in the market. They are also a generation that measures success through continuous learning and skill development. Companies who hire this generation will gain a competitive advantage because their employees will be highly skilled and knowledgeable in their jobs. This generation wants to be heard as well. The Benefits Canada article suggests that companies should consider introducing more “project-centred work” that allows Gen Y to share their ideas and thoughts. Companies will likely see more innovative solutions and increased productivity as a result.
Obviously, companies that want to tap into this dynamic new (work)force and leverage the best from each generation have to first understand the needs and preferences of each one. Each generation holds specific knowledge and skills that could be extremely useful to a company. Use these generations wisely, create a workplace culture that appeals to certain parts of every generation, and remember that the (work)force will only be with you as long as you continue to realize its value.
Materials Sourced:
“Welcoming Y”, Paula Allen, Benefits Canada (www.benefitscanada.com), September 2004
