The demographics don't lie: Your workplace is a multigenerational mixture, including Baby Boomers, Gen-X and Millennials (aka Gen-Y). Each generation brings a different set of expectations and characteristics to the office every day. Building a company culture that meets the needs of all generations is key to attracting and retaining top talent across the generational spectrum.
The generational gap
By the end of the first quarter of 2015, Gen-Y became the largest generation in the workforce, according to Vistage speaker Dr. Gustavo Grodnitzky (Dr. Gustavo). By the year 2020, they will represent 49% of the workforce. By 2030, they will be 74% of the workforce. And that creates all sorts of issues for business leaders and business owners.
The issue is two-fold. First, Millennials don't stay in a workplace much longer than two years, on average, which creates a continually revolving door. Revolving doors are expensive and inefficient.
Second, while there are a lot of Millennials coming into the workforce, there are not quite enough to fill the gap left by the exiting Boomers, who take with them the ‘institutional knowledge' of a workplace.
The multigenerational workforce strategy
To solve the challenge, don’t focus on building one culture for Gen-Y and one culture for everybody else. Focus on building one culture for every generation in the workforce.
Dr. Gustavo’s strategy to building the multigenerational workplace culture addresses five factors that apply to all generations. These are also known as the Gen-Y magnet factors because companies that attract Millennials are particularly adept at incorporating these elements:
According to the April WSJ/Vistage Small Business CEO Survey 67% of Vistage companies surveyed offer flexible work scheduling and 93% of those who offer flexible work scheduling said their employees use it. Flexibility is one of the top factors that appeals to Millennials as well as the other generations in the workplace.
The one-culture solution
In meeting the challenge of the multigenerational workforce, there are myriad opportunities to build one culture that addresses the strengths of each generation and helps forge the next generation of business leaders. Watch the full video.
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Dr. Gustavo Grodnitzky (Dr. Gustavo) is a speaker, author, consultant, and psychologist whose diverse background brings a unique and multidimensional perspective to his global clients. As a consultant and professional speaker, he has delivered more than 1,000 presentations on a variety of topics, including corporate culture, emotional intelligence, anger management, and integrating multigenerational workforces.
Vistage Worldwide is an organization designed exclusively for high-integrity CEOs and executive leaders who are looking to drive better decisions and better results for their companies. Our members — 21,000 strong in 17 countries — gather in trusted, confidential peer advisory boards where they tackle their toughest challenges and biggest opportunities. Leveraging the Vistage platform, our members have demonstrated the ability to refine their instincts, improve their judgment, expand their perspectives and optimize decision making. CEOs who joined Vistage grew their companies at three times the rate of the average U.S. company, according to a 2015 analysis of Dun & Bradstreet data. Learn more at vistage.com.
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