The good news? The Great Recession is safely behind us.
The not-so-good news? Baby boomers are retiring more rapidly – and taking critical knowledge with them:
Workforce demographics are changing – dramatically. The companies that stay on top of this workplace evolution will enjoy significant competitive advantages – if their management strategies keep pace, that is.
So let’s talk about this big “if” for a moment. As the millennial generation becomes the lynchpin of our workforce, how should you adjust your talent management? Here are a few practical tips for getting the most from your multigenerational workforce:
Managing Millennials. Also known as “generation Y,” these individuals were born between 1980 and 1995. As our workforce’s youngest generation, their view of the world has been shaped by mobile technology and recent economic woes. Not surprisingly, gen Y is change-tolerant and values both flexibility and productivity. Get the most from younger staff members by:
providing timely feedback;
using in-person meetings to encourage contributions and suggestions;
showing them the impact of their work on the organization, the community and the world;
focusing on productivity and results (as opposed to hours logged in the office); and
making retention efforts a priority (as they expect to make many job changes in their careers).
Maximize the value of generation Xers. Currently, generation X comprises about 29 percent of our workforce. Born between 1965 and 1980, this demographic is now assuming key leadership roles. Get the most from them by:
providing frequent, direct, constructive feedback;
feeding their entrepreneurial, independent spirits, by allowing them to pursue individual or small group projects that align with your business goals; and
giving them what they want most, including training and development, well-defined career paths, and ongoing coaching and feedback.
Boomer best practices. Born between 1946 and 1964, baby boomers value loyalty, recognition, traditional management techniques and in-person interaction. The Great Recession derailed retirement plans for much of this generation, so many will stay in the workforce longer.
Manage boomers effectively by providing the structure and clarity they need in terms of rules and expectations. When possible, facilitate in-person collaboration (especially when they work with younger peers), and leverage their experience through mentoring relationships. In addition to fast-tracking knowledge transfer, mentoring strengthens intergenerational bonds and boosts boomers’ confidence levels.
Need professionals with the latest skills? Experienced industry veterans?
Corps Team delivers talented professionals representing all generations for fractional, project-based, interim and direct positions. Check out our flexible professional staffing and search options.