How  Well  Does  Your  Small  Business  Manage  Your  Multi-­‐Generational  Workforce?  

 

   Today’s  workforce  is  increasingly  becoming  multi-­‐generational.  If  your  business  can’t  meet  the  demands  and  expectations  of  all  of  them,  you’re  going  to  experience  costly,  unnecessary  turnover.  By  recognizing  how  to  bridge  the  gaps  between  multiple  generations,  you  can  reduce  turnover  and  give  your  company  a  competitive  edge.      What  Generations  Are  Represented  in  Today’s  Workforce?  There  are  four  predominant  generations:  

• Traditionalists  –  Born  between  1922  and  1945  • Baby  Boomers  –  Born  between  1946  and  1964  • Generation  X  –  Born  between  1965  and  1980  • Generation  Y  –  Born  between  1981  and  1994  

 Each  of  these  generations  has  its  own  particular  set  of  work  ethics,  characteristics,  and  expectations  from  their  employers.    In  order  to  attract,  retain,  and  engage  your  workforce,  your  small  business  must  recognize  the  distinct  differences  between  these  groups.          

What  Are  the  Key  Differences?  • Traditionalists:  With  their  years  of  experience,  in  most  large  organizations  traditionalists  

are  typically  presidents  of  companies  or  serve  on  boards  of  directors.  They  value  strong  leadership  and  loyalty,  believe  in  conformity,  and  prefer  hierarchical  organizational  structures.  

• Baby  Boomers:  Baby  Boomers  want  to  work  for  companies  with  solid  financial  futures  and  are  looking  for  a  place  to  work  long-­‐term.  They  are  motivated  by  opportunity  and  compensation,  and  value  individual  choice,  group  decision-­‐making,  ownership,  and  prosperity.    

• Generation  X:  Generation  X  workers  value  stability,  but  also  want  to  work  for  a  company  that  is  flexible.  They  prefer  hands-­‐off  management  and  opportunities  for  growth  within  a  company,  technology  over  traditional  interactions  in  the  workplace,  and  strongly  dislike  corporate  environments.    

• Generation  Y:  Generation  Y  employees  want  to  work  in  a  casual  workplace  that  values  self-­‐expression  over  self-­‐control.  They  want  a  challenging  career  in  which  respect  is  earned,  demand  opportunities  for  growth,  and  need  instant  feedback  and  high  compensation  for  good  work.  

 How  Your  Small  Business  Should  Respond  to  the  4-­‐Generation  Workforce  While  it  may  seem  like  the  four  generations  have  distinct  differences,  there  are  still  ways  you  can  attract  and  retain  the  top  talent  from  each  generation.  First,  and  most  importantly,  you  need  to  value  each  generation  for  its  unique  skills  and  perspectives.  Appreciate  the  loyalty  of  your  traditionalists,  while  valuing  the  go-­‐getter  attitude  of  the  Generation  Y  workforce.  Then  you  need  to  implement  strategies  that  target  each  type  of  employee.    Recruiting  Each  type  of  generation  has  its  own  reasons  for  working  for  a  company.  Baby  Boomers,  for  example,  are  looking  for  a  steady  business  from  which  they  can  retire,  so  you  should  emphasize  your  retirement  benefits,  stability,  and  leadership  opportunities.  Generation  X  recruits,  on  the  other  hand,  look  for  fast  rewards,  hands-­‐off  management,  and  a  career  that  affords  them  a  comfortable  work/life  balance.      Engaging  and  Managing  Each  type  of  generation  likes  to  be  managed  in  distinct  ways.  If  you  respond  and  lead  effectively,  you  can  keep  each  generation  engaged  and  productive.  Generation  Y  workers,  for  example,  enjoy  collaborative  working  styles,  diversity  in  their  day-­‐to-­‐day  tasks,  and  guidance  

from  management.  Baby  Boomers,  on  the  other  hand,  want  to  be  valued  for  their  experience  and  given  rewards  through  status  (such  as  a  new  job  title).    Training  Training  varies  from  each  type  of  workforce  generation.  Baby  Boomers  are  traditional  and  like  the  classroom  or  hands-­‐on  style  of  learning.  Generation  Y  workers,  however,  want  mentorship,  training  that  uses  advanced  technology,  and  an  understanding  of  how  their  contributions  impact  the  company’s  success.      What’s  Next?  Look  out  for  Generation  Z,  which  are  people  born  after  1994.  Also  known  as  Gen  2020,  these  “kids”  seem  to  be  attached  to  their  smartphones.  They  want  jobs  that  have  a  social  impact,  and  they  are  entrepreneurial,  community-­‐oriented,  prudent,  and  more  tolerant  of  racial,  sexual,  and  generational  diversity.  Will  your  small  business  be  prepared  for  these  “digital  natives.”    By  taking  the  time  to  understand  the  core  differences  in  your  four-­‐generation  workforce,  you  can  effectively  attract  and  retain  the  best  talent  within  those  generations.  Get  your  copy  of  Practical  Tools  to  Manage  Costly  Employee  Turnover  to  learn  more  about  how  managing  these  different  generations  can  reduce  turnover.    Subscribe  to  Tips  and  Tools,  our  weekly  newsletter  that  provides  human  resources  tips  to  grow  your  small  business.