How do you manage a multi-generational workforce?
With four generations overlapping each other in today’s marketplace, how can HR professionals and people managers cater to the diverse needs of all without compromising?
From boomers to zoomers, each cohort is defined by unique world and economic events that have shaped professional priorities. By responding to the needs of each generation with benefits and services that support their respective career goals, your organization can deepen its relationship and trust with employees.
Boomers (1945-1964)
Retirement is a major concern for baby boomers. They may be exiting the full-time workforce, but due to the increase in life expectancy and declining purchasing power, they are also outliving their retirement fund, forcing many to work beyond retirement age.
Due to these factors, Boomers value phased retirement plans, part-time work opportunities as well as extended employee health benefits that provide much-needed security and stability as their needs change.
GenX (1965-1980)
The pandemic has been especially difficult for people aged between 41-55 years old. Although they are the most skilled and experienced workforce, the overnight shift to remote work has forced many to reconsider their expectations around job security and benefits.
This uncertain economic landscape has forced Gen Xers to search for roles within established companies that value employee loyalty, provide traditional employee benefits and offer flexible work conditions that allow this cohort to spend more time with their loved ones.
Millennials (1981-1996)
Millennials make up 27% of the workforce, and as the first generation born in the digital age, they are also the most tech-savvy generation. This cohort was the first to abandon the traditional office structure for remote work, and because they are at the midpoint of their career, advancement opportunities are essential to this cohort.
Considering these factors, millennials want more convenience, education and career support from their employer.
Gen Z (1997-2012)
Given that they are just at the beginning stages of their employment journey, Gen Zers are incredibly motivated to advance their careers and therefore value learning opportunities, with 76% seeing learning as the key to their advancement.
Zoomers have already lived through two financial crises, which as a result, have given rise to a need for financial security. In addition to the need to feel financially supported, this generation is also battling high levels of anxiety, making mental health benefits and services a crucial component of their employment offer.
Help your employees feel heard and valued by providing a tailored benefits package that supports them through the next stage of their careers. If you are an organization looking to equip your employees with modern career transition support then contact us to book a free demo today!
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