Working together: a multi-generational workforce
We know our Bermudian workforce is ageing. We also know every qualified Bermudian worker is a precious commodity. But we are part of a global talent shortage and, apart from importing more guest workers, there are only two ways to meet employment demand in our booming economy.
One method is to educate our youth to take up the jobs demanded by our global economy. The second is to retain, retrain, and recruit the older worker. Implementing both strategies is necessary to fill the talent shortage, but this leads to a ‘multi-generational’ workforce.
What does a multi-generational workforce mean for employers, human resource professionals, and employees? It means that generational values, work styles, and job satisfaction criteria may differ from generation to generation, and they bring challenges and benefits to management, co-workers, and the corporate bottom line. The first step is in understanding these generational differences, so that meaningful strategies can be developed to bring employees together in cohesive, work-oriented teams. But there is no easy, quick, or cheap fix to our human talent shortage and changing workplace. At the risk of over-generalising or stereotyping people based on their age, it is fair to say that each generation comes with its own baggage. By understanding each generation’s set of values, and what drives them, human resource professionals and supervisors can better integrate the skills of a diverse workforce. Also, through pro-active management, policies, and training, co-workers can better understand one another and develop better working practices.
For example, those born before 1946 are often called the “veterans” because they served in the armed forces during or between the two world wars. They have a very straight-line, hierarchical decision-making mindset, where orders come from the top to the bottom. They tend to be more comfortable giving and receiving direct orders. Veterans are also greatly influenced by Depression-era parents, resulting in a very strong ‘live-to-work’ ethic.
Baby Boomers (1946-1964) are much freer in thinking than their parents, but still retain a strong work ethic. By their numbers alone, Baby Boomers have effected social change since the 1960s, and the impact of this generation as they prepare for retirement is enormous. Suffice to say, their strong, competitive work ethic is being influenced by the more relaxed attitudes of their children, and now many Baby Boomers seek a better work/life balance as they head to retirement.
Next in line is Generation X, those who were born 1965-1985. They have been influenced by the economic boom, materialism, and the leisure industry of the late 20th Century, and they reject the notion that work is everything in life. They demand work/life balance. They are also very media savvy. Generation X is tuned to the Internet, blogs, and podcasts on cell phones, Blackberries, and now iPhones. They are also less tolerant of hierarchical authority and more tolerant of race, gender, and all things sexual than their veteran grandparents.
Finally we have Generation Y, those born 1986-2000. The jury is still out on Generation Y, as most of them are still in school. But we do know they too are media savvy and are adept at multi-tasking. The members of this group are also far fewer in number, making their talent pool very precious indeed. And they know it, making them very selective in their choice of college and work.
There have always been significant business risks attached to managing a multi-generational workforce. And there have also always been changes in technology and “ways of doing”. The difference now is two-fold. One is the speed of change that creates significant differences in generational knowledge and work satisfaction criteria. The other is the need to fill a global talent shortage. As business leaders address this by actively retaining, re-training and recruiting the older worker, the added costs associated with this complex human resource model have to be offset by benefits.
Fortunately, there are significant benefits in overcoming these costs. For example, a more seamless knowledge transfer, the reliable work ethic of the older worker, and the ability of the older worker to sustain loyal client/customer relationships are all good for the bottom line. Furthermore, the impact of training and mentoring on the younger worker is invaluable in passing on corporate knowledge and experience. These benefits are complimented by the younger workers’ speed and technological knowledge. The global competition for talent is not going to let up any time soon, and the demands of a multi-generational workplace require that we all work together to sustain our buoyant economy.
