Hi there.
In this Bite, we'll look at what generations
make up the global workforce,
how they perceive work and how organizations
can benefit from generational differences in the workplace.
Let's dive in.
Roughly speaking, there are five generations
in the workplace today.
The Silent Generation, the Baby Boomers,
Gen X, Gen Y and Gen Z.
Let's first have a closer look at each of them individually.
First, there's the Silent Generation
which refers to people who are born
between 1925 and 1945.
This generation is best known
for being hard working, strong willed
and very loyal and respectful
towards authority figures.
The next generation is that of the Baby Boomers.
The Baby Boomers are individuals born
between 1946 and 1964.
Typically, Baby Boomers are goal oriented,
competitive and they truly value human relationships.
Technology wise, while these use cell phones and tablets,
they mostly use them as productivity
rather than connectivity tools.
Coming up next is Generation X
which consists of people born between 1965 and 1980.
This generation is considerably smaller
than the previous cohort
and tends to be more ethnically diverse
and better educated than the Boomers.
These individuals are typically flexible,
individualistic and have a work hard,
play hard world view.
The next generation is Generation Y
which is made up of people born
between the early '80s and the mind-'90s.
Often referred to as Millennials,
this generation is currently the largest cohort
in the workforce comprising 35% of all employees.
Millennials value collaboration and teamwork,
tend to change jobs frequently
and strongly believe that salary isn't everything.
Instead, they prioritize benefits,
perks, personal development opportunities
and of course, the right job
which matches their personal values.
Last but not least, Generation Z.
Also known as the I Generation
or digital natives, Generation Z
is made of people born between 1996 and 2012
who are particularly tech savvy.
In fact, more than any other generation in the workplace,
Gen Z has no difficulty whatsoever
using the latest apps, technology or platforms.
It's what they do.
They also value job security and are very autonomous.
Now, back to our main question,
why should we embrace generational differences
in the workplace?
And how can organizations benefit
from generational differences
in the workplace?
By now, we've established that there are some differences
between the generations.
The mere fact that each cohort was born
in a different political and economical climate,
each with its own challenges
and technological developments implies
that they look at the workplace through a different lens
and that's a good thing for several reasons.
First because it drives innovation.
A study by Folks Insights
among more than 300 large global companies shows
that a diverse set of experiences,
perspectives and backgrounds is essential for innovation
and the development of new ideas.
Second, workforce diversity generates skill diversity.
The beauty of a multi-generational workforce relies
on the fact that every generation brings a different set
of skills to the table.
Often these skills will be complementary
which creates a great opportunity
for inter-generational team bonding.
Third, workforce diversity generates multiple perspectives.
Thanks to their different ways of thinking,
each generation will be a source
of various perspectives on every subject
and idea that your organization will encounter.
Not only does this make your organization more appealing
to a much broader customer base
but it also makes you more appealing
to a broader candidate base.
Fourth, diversity leads to better decision-making.
Two hats are clearly better than one.
But two different hats are ultimately better
than two hats that simply think the same.
Fifth, diversity can future proof your workforce.
Having a multi-generational workforce
enables companies to launch initiatives
like a two-way management program.
Mature talents can share their knowledge,
experience and skills with younger generations
and vice versa.
The benefit is two fold.
On the one hand, you've got a group of younger employees
fully equipped to take over when the time comes.
On the other hand, you may be able
to keep on your mature talents part time
because they enjoy their new role
as company mentor.
Six, workforce diversity can offer your organization
a competitive advantage.
Having multiple generations working in your organization
makes you more attractive
both for a wider audience
of potential customers and candidates.
In a time where diversity on a gender,
ethnical and age level is a hot topic,
being an inclusive employer
is definitely a plus.
Last but not least,
workforce diversity leads
to better performance and productivity.
According to an executive briefing
by the SHRM Foundation,
generational diversity can
improve organizational performance
and HR practices that improve the age diversity climate
in a company can further improve performance
and reduce employee turnover.
According to the same briefing,
both older and younger workers
are more productive in companies
with a mixed age team.
And that's a wrap.
In today's Bite,
you've learned that each generation
has its own unique skillset,
beliefs and competencies
to bring to the table.
And together, they can propel organizations
and societies to unprecedented accomplishments.
So let's start embracing those generational differences
in the workplace right now.
Shall we?
Subscribe to our channel, up to date
with our Learning Bites
and if you liked our video,
make sure you like and share it
and I'll see you in our next Learning Bite.
Bye.