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Mind The Gap - Managing Today's Multi-Generational Workforce

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How can organizations adapt to today’s multi-generational workforce? Learn how to recruit, manage, and retain employees of all ages in this free webinar.

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Mind The Gap - Managing Today's Multi-Generational Workforce

  1. 1. bamboohr.com payscale.com Wendy Brown Director of Content Marketing PayScale Cassie Whitlock Director of Human Resources BambooHR
  2. 2. How can your organization adapt to the modern, multi-generational workforce?
  3. 3. Generations & Trends
  4. 4. bamboohr.com payscale.com ● Skills Gap ○ Roughly 10,000 turn 65 every day ○ Still constitute 31% of the workforce ● Later Retirement ○ 49% who are still working don’t plan to retire until 66 or older ○ 1 in 10 predict they will never retire Baby Boomers
  5. 5. bamboohr.com payscale.com Generation X ● Slower Career Growth ○ Promotion rate consistently 20%–30% slower than Millennials’ ○ Nearly 1 in 5 Gen X leaders said their intention to leave has increased in the last year ● Shifting Priorities ○ About 1/3 are or have been caregivers for aging family members ○ Only 59% are confident about their finances
  6. 6. bamboohr.com payscale.com ● Growing out of “stereotype” of age group ○ First millenials turning 40 in 2020 ● The focus on fairness and flexibility is especially relevant to communications on pay ○ Priorities are changing - parental leave and health care now more important Millennials
  7. 7. bamboohr.com payscale.com Millennials Care about Fairness… but fairness doesn’t necessarily mean equal
  8. 8. bamboohr.com payscale.com ● The members of Generation Z are not like their Millennial older siblings. ○ They grew up with technology ○ They’re diverse and appreciate the value of diversity ○ They want security ○ They have an independent approach to learning ○ They multitask ○ They are entrepreneurial Generation Z
  9. 9. Redefining the Problem
  10. 10. bamboohr.com payscale.com Mix of Pay Preferences Differ by Generation
  11. 11. bamboohr.com payscale.com Understanding How Pay is Perceived
  12. 12. bamboohr.com payscale.com The Exchange of Value
  13. 13. Recruiting Multi-Generational Teams
  14. 14. bamboohr.com payscale.com Baby Boomers Benefits ● Lots of experience ● People skills ● Diversity of thought ● Large network Strategies ● Clear job description ● Focus on healthcare and retirement benefits ● Use traditional channels ● Approach passive candidates
  15. 15. bamboohr.com payscale.com Generation X Benefits ● Technology skills ● Highly educated ● Work ethic ● Leadership potential Strategies ● Offer a path forward ● Focus on flexible work or family leave benefits ● Provide fair compensation and stability ● Tailor employer brand
  16. 16. bamboohr.com payscale.com Millennials Benefits ● Ambitious ● Tech savvy ● Collaborative ● Highly educated Strategies ● More than a job description ● Offer growth and learning opportunities ● Provide fair compensation and stability
  17. 17. bamboohr.com payscale.com Generation Z Benefits ● Independent ● Diverse ● Entrepreneurial ● Able to multitask Strategies ● Prepare now ● Offer internships and development opportunities ● Embrace technology ● Provide financial and retirement benefits
  18. 18. Training & Reskilling Multi-Generational Teams
  19. 19. bamboohr.com payscale.com Skills Gap By 2030, 85.2 million jobs will go unfilled world wide
  20. 20. bamboohr.com payscale.com Filling the Skills Gap ● Look for non-traditional applicants ● Incentivize employees to continue their education ● Network with educators ● Advocate for policy changes
  21. 21. “In our experience, reskilling is relevant to every generation that's in or entering the workforce. In fact, 55% of employers feel the skills shortage is causing an inability to innovate effectively, according to a recent PwC study.”
  22. 22. bamboohr.com payscale.com Provide Training ● Employees with the most relevant skills sets will drive company success ● Orgs who offer up-skilling and re-skilling will attract better candidates. ● Provide cross-functional training ● L&D - Bite sized learning can help in continuous development ● Soft skills deserve special attention
  23. 23. Leadership Development for Multi-Generational Teams
  24. 24. bamboohr.com payscale.com ● Baby Boomers ○ Consensus/Consensual ○ Collegial ● Generation X ○ Competence ○ Everyone is the same ○ Challenge others ○ Ask why Generational Leadership Styles ● Millennials ○ Achievers ○ Coaches/Mentors ● Generation Z ○ TBD
  25. 25. bamboohr.com payscale.com 82% of the time, companies fail to choose candidates with the right skills for management.
  26. 26. bamboohr.com payscale.com Talents of a Good Manager ● Motivates others ● Overcomes adversity ● Fosters accountability ● Builds relationships ● Makes sound decisions
  27. 27. bamboohr.com payscale.com Leaders Aren’t Always Managers ● Technical experts ● Senior contributors ● Broad skill sets
  28. 28. Managing Multi-Generational Teams
  29. 29. bamboohr.com payscale.com Coaching ● Strengthens employees’ skills so you can give them more responsibilities ● Boosts productivity by helping your employees work smarter ● Develops a bench of talent who can take leadership roles as the firm grows ● Makes more effective use of company resources; coaching costs less than formal training. ● Allows you to get ahead of costly and time-consuming performance issues “To coach means to partner with an employee in a thought-provoking and creative process that inspires them to maximize their personal and professional potential.”
  30. 30. bamboohr.com payscale.com Challenge Employees with Stretch Goals ● Focus on building strengths ● Use SMART goals ● Think about breadth and depth
  31. 31. bamboohr.com payscale.com Employee Goals ● Baby Boomers – hard working and want to be recognized for their skills. ● Gen X – prefer less supervision and greater autonomy. ● Millennials – want to be judged not for their hours in the office, but for their results. ● Gen Y – want highly collaborative management relationships.
  32. 32. ● The workforce is shifting and your org needs to adapt its strategies. ● Each generation has its own priorities and concerns, influenced by how they were raised. ● Training employees now can help fill skills gaps tomorrow. ● Choose and develop leaders for their management skills. ● Coaching and goals can work for employees from every generation. ● People are people, no matter their generation. Treat them well and they’ll do great work. Key Takeaways
  33. 33. bamboohr.com payscale.com Questions? Receive a free job posting on our ATS and full HRIS for one week. We will contact everyone within the next few days to set this up. BambooHR Check out our resources on compensation. payscale.com/compensation-today PayScale
  34. 34. bamboohr.com payscale.com Thank you! Follow BambooHR and PayScale on social media: bamboohr.com/blog | payscale.com

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