Managing a Multi-Generational Workforce
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Managing a Multi-Generational Workforce
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Managing a Multi-Generational Workforce
- 2. SPEAKER In his leadership role with DATIS, Erik's focus has been delivering value, productivity, and efficiencies for organizations through Human Capital Management software. Erik graduated from Indiana University, Bloomington with a B.S. in Finance and a minor in German. After graduation, Erik worked for 5 years in various financial roles before joining Oracle, where he worked for 15 years. With over 20 years of experience in finance and software, Erik combines this knowledge to help organizations become leading Talent Management organizations.
- 3. LEARNING OBJECTIVES • Answer the Following Questions: • Who are these generations? • How are they different from one another? • How can they work together?
- 4. THE WAY WE WORK IS CHANGING • Blurred lines between departments • Rising retirement rates • Increase contingent workforce • Move towards cross-functional teams • Constant innovation
- 5. GENERATIONS IN THE WORKFORCE • The Silent Generation (1927 – 1945) • Baby-Boomers (1946 – 1964) • Generation X (1965 – 1976) • Millennials (1977 – 1995) • Generation Z (1996 – 2014)
- 10. NEW WORKFORCE, NEW LEADERSHIP
- 11. TAKING A DEEPER LOOK
- 12. SILENT GENERATION • Oldest generation in the workforce • On the verge of retirement • Believe respect and status is earned through experience • Incentivized by 401K-matching and flexible work schedules • Perfect mentors due to experiences and wisdom
- 13. THE SILENT GENERATION CURRENTLY MAKES UP ONLY ABOUT 3 PERCENT OF THE GLOBAL WORK FORCE
- 14. BABY BOOMERS • Hard-working and company-loyal • Coined the term “workaholic” • Communicate best face-to-face • Incentivized by pay raises and bonuses • Excellent role models for younger generations
- 15. 10,000 BABY BOOMERS TURN 65 EACH DAY
- 16. GENERATION X • Believe company loyalty is earned, not expected • More technology literate than previous generations • Respect is earned through performance • Incentivized by individual recognition and promotions • Encourage others to work and think independently
- 17. GENERATION X SPENDS MORE TIME ON SOCIAL MEDIA THAN ANY OTHER GENERATION
- 18. MILLENNIALS • Not impressed by job status or titles • Prefer jobs that suite their lifestyle • Work best with constant communication with peers and managers • Incentivized by perks and benefits • Optimistic and can energize older generations
- 19. MILLENNIALS ARE EARNING 20% LESS THAN THEIR PARENTS DID
- 20. GENERATION Z • Just beginning to enter the workforce • Most technology literate generation • Prefer virtual communication • Incentivized by opportunity and trust • Can share tech expertise with older generations
- 21. IN 3 YEARS, GENERATION Z WILL MAKE UP 25% OF AMERICA’S POPULATION
- 22. HOW CAN THEY WORK TOGETHER?
- 23. DATIS HR CLOUD & THE GENERATION GAP • DATIS is made up of four distinct generations (Gen-Z - Baby Boomers) • Multi-Generational teams exist throughout all departments within the company • Out-of-office events are hosted each month to get employees together outside of work • Created a training program that partnered young new-hires with experienced employees • Internship program continues to integrate Generation Z into our workforce • Allow Millennial workers to represent DATIS at conferences and events
- 24. WHAT YOU CAN DO • Leaders must leverage their respective talents • Understand and identify complimentary, cross-generational traits • Create cross-generation teams to tackle various projects • Assign mentors to younger employees and schedule weekly meetings • Host out-of-office get together and invite all team members • Offer incentives based on generational motivators
- 25. LOOKING FORWARD • Silent Generation will leave the workforce into retirement • Baby Boomers will soon become oldest generation • Generation X will make up majority of executive roles • Millennials will begin to rise into leadership roles • Generation Z will reshape how organizations hire top talent
Hinweis der Redaktion
- In recent years, we have witnessed a fundamental shift in organizations across the globe. The way we work is changing. The typical 9-5 workday has become nonexistent as technology makes it increasingly difficult to “log off” from work. Lines between departments are becoming more blurred as employees become more multi-faceted. Rising retirement rates from the Baby-Boomer Generation coupled with an increasing amount of Millennials in the workplace are adding to an already diverse workplace that has become a melting pot of generational differences. As our workforce changes dramatically, so must our strategies for managing and optimizing that workforce.
- To get us started, it is important to understand that today’s workforce is currently made up of five distinct generations, the Silent Generation, Baby-Boomers, Generation X, Millennials, and Generation Z. Each segment brings their own traits, strengths, and weaknesses to the table for a melting pot of generational differences and motivations.
- At DATIS we’ve completed multiple surveys to better understand today’s workforce. Our survey back in January aimed to understand the generations that make up the Health and Human Services industry and the impact they are making. We had nearly 300 Executives respond and here is what we found.
- First, we found out that all five generations are being represented in today’s modern workforce. In the survey, we labeled Generation Z as iGen and millennials as Generation Y, but kept the date ranges the same. We found that Generation X and Generation Y are the most common generations, with Baby Boomers not being too far behind. The silent generation is almost completely gone from Health and Human Services organizations while Generation Z is steadily increasing its presence.
- We then asked executives if they felt that their workplace had evolved as a result of multiple generations working together. An overwhelming 72% of executives either agreed or strongly agreed. Only 3.6% of respondents said they’re workplace had no evolved. Clearly executives are aware of the impact that multi-generation collaboration has on their organization.
- Finally, we wanted to find out what kind of impact millennials have had so far in the Health and Human Services industry. 82% of executives believe millennials have had a moderate to major effect on their organizations. With more millennials entering the field each day, we can only assume that their impact and influence on the industry will only increase.
- The transformation of our workforce environment and the introduction of multiple generations is driving the need for an overhaul of traditional leadership styles. Holly Green, CEO of the Human Factor, describes the old leadership style as one of “administrating and directing” versus today’s model of “guiding and inspiring.” Understanding today’s multifaceted workforce is the first step to developing an effective leadership strategy. The leaders who adapt quickly to the management style this workforce demands will be able to harness their diversity to create hyper-functioning teams that fuel organizational both innovation and growth.
- Now let’s take a deeper look at the key attributes of each generation and what separates one from the other.
- First we'll discuss the Silent Generation, also known as Traditionalists. The silent generation is currently represents the oldest generation in the workforce. The youngest members of this generation are in their early 70’s, most of whom have left the workforce to enjoy retirement. Members of this generation believe respect is earned through years of experience and, given their age, are incentivized by 401K-matching and health benefits. With roughly 50 years of experience in the workforce, those in the Silent Generation are perfect mentors for younger generations entering the workforce.
- It’s important to note that the Silent Generation only makes up roughly 3% of the global workforce.
- Next we’ll move down the line to the Baby Boomers, who famously coined the term “workaholics” due to their commitment to their companies and their desire to provide for their families. Given their late adoption to modern technology, Baby Boomers aren’t as tech savvy as their successors and prefer to communicate face-to-face, this is important to understand when working on projects or tasks with Baby Boomers. Offering pay raises or monetary bonuses is a good way to motivate this generation to perform. Given their drive and work ethic, Baby Boomers make excellent role models.
- Roughly 10,000 Baby Boomers reach the age of retirement every single day.
- Generation X was the first generation to challenge the status quo. They were the first to rethink company loyalty and were eager to switch companies if they thought they weren’t being respected or felt there was no room to grow. More Tech-savvy than the Baby Boomers, Generation X is very independent and members work hard for themselves, incentivized by individual recognition and promotions. This independence and competitive nature rubs off on other generations.
- Just a little fun fact that shows their digital adoption. Generation X spends more time on social media than millennials, who were once known as the the ‘Digital Generation”.
- Speaking of millennials, they aren’t impressed with job titles or status. Instead, they prefer a job that will treat them fairly and offer them a great work-life balance. Millennials also thrive off of constant feedback from peers and managers, which is something to consider as the generation continues to flood the workforce. Since money isn’t a top priority for most millennials, they can be incentivized by perks and benefits like unlimited or increased PTO and a more casual dress code. In other words, they want work to feel like work. Their optimism and creative ideas can help motivate and energize the rest of their team.
- Millennials aren’t chasing the money. In fact, when you factor in inflation, they earn 20% less then what their parents were making at their age.
- We don’t know much about Generation Z as the they range form the ages of 3-21. The oldest of the generation are just starting their search for full time positions. Since they grew up with iPhones and iPads, they are the most tech savvy generation to date. Unlike Baby Boomers, Generation Z communicate best virtually. As they begin entering the workforce, this generation is incentivized by opportunity and trust from employers. Their tech knowledge can be a real addition to any organization.
- To emphasize the shear size of this generation, in three years, 1 in every 4 Americans will be a part of Generation Z.
- Now, let’s look into how managers can optimize their workforce despite the generational differences.
- At DATIS, we currently have four distinct generations represented in our staff. I do what I can to make sure that these generations are working together towards common goals and objectives. We have multiple generations embedded within all departments. Outside the office, we host birthday happy hours at local bars once a month to get the company to socialize in an informal setting. Internally, we created a training program that helped integrate new hires into our support department by pairing Millenials with Gen X. We have multiple interns that continuously bring fresh ideas to the table, and we give millennials around our office true responsibilities like representing our company at conferences and events.
- Here are a few things you can do in your office to take advantage of having multiple generations in your organization. First executives must understand the complimentary traits of each generation and create teams accordingly. Creating mentor programs between older and younger generations. Hosting out of office get togethers that include all team members and offer incentives based on generational motivators are also great ways to correctly manage a multi-generational workforce.
- Looking forward. The silent generation will soon completely leave the workforce, making Baby Boomers the oldest generation. Generation X will start holding the majority executive roles. Millennials will also continue to rise up in the chain of command. As Generation Z flood the workforce, they will continue to shape the way organizations hire and recruit top talent. It is important to not just expect the multigenerational workforce to come together on its own, but to encourage and implement new processes and incentives to optimize their respective talents and keep them motivated.