Hiring the multi-generational workforce
The generational makeup of the workforce is changing quickly, and employers are starting to feel the impact. Employers that understand the change will be better equipped to face the challenges.
Baby Boomers, born between 1946 and 1964, are retiring at a quick pace. With them goes a great deal of experience. Filling the void are Generation X, born between 1965 and 1979, and Millennials, those born since 1980.
Millennials present opportunities and risk to employers. For example, unlike Boomer and Generation X employees, who often viewed the desire for coaching or mentoring as a sign of weakness, Millennials seek input, and they want it before, during, and after they perform their jobs.
Millennials are also “hardwired” to the Internet and social media. Understanding Millennials’ online behavior and desires is important for recruiting, marketing, communications and providing services. Yet, more “online openness” creates risk as well.
While there are more Millennials in the workforce, many Boomers and Generation X’ers will be calling the shots. These leaders must be willing and able to adapt their management styles to the Millennial mindset. They also need to understand what makes the different generations tick with regard to compensation and other workplace benefits.
Employers should take special care to protect each generation from illegal discrimination as they role out new benefit plans and work arrangements to attract Millennials. Although many Baby Boomers are retiring, quite a few are working beyond retirement age because they don’t have enough money to retire. How Baby Boomers react to Millennials, especially managers, can determine liability for an employer.
Many employers are finding it difficult to attract and keep employees. Half of CEOs plan to expand their workforces in the next year. At the same time, many employers (64%) say they have adapted their management style to younger workers. The task, then, is for employers is to address the needs of these young workers coming into their workforces while making the best use of their older employees’ talent and experience.