Managing A Multigenerational Workforce Successfully
Most companies employ personnel that were born between 1946 and 1964 (Baby Boomers), born between the late 1960’s and the early 1980’s (Generation-X or Gen-X), and born between the late 1980’s and early 2000’s (Generation-Y or Millennial’s).
The job search characteristics, entrepreneurial expectations, the desire to work within an organization to accomplish goals and create new ideas (intrapreneurial spirit), current employment status, traits displayed in their present job, what they look for in an employer, and how long they intend to be a part of an organization that hires them are all different for each generation.
These differences should be taken into account when filling an open position, during restructuring, and when you are replacing a retiring or dismissed employee form inside your organization. Downsizing and multitasking are also a key aspect to use generational differences for evaluation for promotion or repositioning.
The added time you take examining the difference in generations pays you back in loyalty, productivity, and a shorter hiring process.
Current Statistics in Workforce
At present about 26 percent of Baby Boomers, 42 percent of Gen-X, and 45 percent of Gen-Y personnel are employed full time. Sixty-three percent of Baby Boomers are looking for work and 10 percent are employed part time. Eleven percent of Gen-X is employed part time and 47 percent are looking for full time work. Thirty-nine percent of Gen-Y is looking for full time work and 15 percent are employed part time.
More Baby Boomers (39 percent) intend to stay with your company for the long haul while only 26 percent of Gen-Y plans to stay with you. Over one half of Gen-Y views their position with your company as a stepping stone in their career, while half of Gen-X people have the same point of view. About 35 percent of Baby Boomers see their present position as a part of a planned career path.
What About the Perks?
Money is the most important thing that all three generational groups look for in an employer. Health care and location are more important to Baby Boomers than to Gen-X or Gen-Y.
More individuals from Gen-Y are managers than Gen-X or Baby Boomers. Baby Boomers are twice as willing to take a high level of risk in a new job or the performance of a job as Gen-Y or Gen-X. Fewer Gen-Y people are willing to take risks. More Baby Boomers exhibit extrovert characteristics than Gen-Y or Gen-X.
All three generations display about the same degree of willingness to work within your organization to develop and create new ideas into a profit. Gen-Y people are slightly more willing to practice intrapreneurial behaviors. All generations demand the same levels of freedom, support, and resources if they plan to tackle the creative profit process.
More Baby Boomers consider themselves to be intrapreneurial than people from Gen-X and Gen-Y.
Selecting the right employee has gotten tougher in the “new economy.” This data was collected and analyzed by Monster to enable you to understand the generational differences in prospective new employees and to more easily handle new staffing and staffing changes.