The Multigenerational WorkforceJulianna Hynes, PhD
Four Generations• The Silent Generation ▫ Born before 1946 ▫ 8% of workforce• Baby Boomers ▫ Born between 1946 – 1964 ▫ 41% of workforce• Generation X ▫ Born between 1965 – 1977 ▫ 30% of workforce• Generation Y ▫ Born between 1978 – 1989 (some have the generation stopping at 2000) ▫ 21% of workforce
Big Picture• Together Gen X and Gen Y now make up 50.5% of workforce• Baby Boomers make up 41% and still hold the majority of leadership positions• Because of the current economic downturn, most boomers will forgo/have forgone retirement and opt to continue to remain in the workforce.• The silent generation, those with the most experience and institutional knowledge have already left the workforce en mass.
An Older Workforce• Today’s workforce is growing older.• Currently there are 5 million workers aged 54 and over.• There are 2.7 million workers between the ages of 65 and 69.• Gen X is a smaller generation in number, providing a shrinking pool of prime-age workers.
Supply and Demand• Currently 2 workers exit the workforce for every 1 entering.• While demand for leaders will increase, the supply will decrease (an estimated 10%).• The number of workers aged 45 to 54 will grow by about 21%.• The number of workers aged 55 to 64 will grow by 52%.
Leadership Deficit?• As the supply decreases due to the smaller pool of workers, the supply is also threatened by ▫ A shift away from traditional career paths (especially amongst women and people of color – corporate leavers) ▫ A shift away from traditional work values (e.g. loyalty and work ethic).
Overview• Members of each generation bring distinct sets of values, attitudes, expectations and behaviors to the workplace.• If differences are ignored, they can grow into a source of misunderstanding and conflict.
The Silent Generation• Born 1925-1945 (mid-60’s to mid-80’s)• 95% retired• Slow to embrace anything new, distrusts change and would prefer the status quo• Work ethic is built on commitment, conformity and responsibility• Many are reconsidering how and if they will integrate work with their personal time• Lifestyle…
Baby Boomers• Born 1946-1964 (late 40’s to mid-60’s)• The “Me” generation; selfish, but optimistic and idealistic• Struggles with work-life balance• Overachieving• Believes the world can be changed• Lifestyle…
Generation X• Born 1965 – 1977 (mid-30’s to mid 40’s)• Best educated generation in the US (40% have earned a college degree or higher)• Embrace risk and prefer free agency to loyal corporatism• Sometimes criticized as “slackers,” yet are widely credited with a new growth of entrepreneurship.• Jump from job to job, unwilling to conform to organizational demands that do not suit them, and leave jobs that bore them and are not “fun.”
Generation Y/Millenials• 1978 – 1989 (ages mid-20’s to early 30’s)• Raised in comfort with the internet• Work on their own terms• Want to be “paid volunteers” joining an organization not because they have to, but because they really want to, and because something significant is happening there.• Pragmatic and hard-working.• Celebrate diversity – display a high degree of tolerance towards different cultures, lifestyles and behaviors.
• Source: Right Management, 2012 ( http://www.envoynews.com/philadelphia/e_article000780503.cfm?x=bb1dWMB,b3S4Ssdy,w)
The Retention Challenge• Silent – keep them plugged in (mentorship)• Baby Boomers – keep them on board for as long as you can (work-life balance)• Gen Xers – start developing them into leaders for tomorrow, today (leadership development)• Gen Yers – train and nurture them (training and development)
References/Resources• LHH Whitepaper: Managing Today’s Multi-Generational Workforce, 2007. ▫ Located on Sydney: Learning and Development: Coaching Conversations: Additional Insights https://www.mwcareertools.com/MasteryWorksCMS/filestore/lhh/LH• AARP Whitepaper: Leading A Multi-Generational Workforce, 2007. ▫ http://abog.ucsf.edu/ABOG/13133- DSY/version/default/part/AttachmentData/data/AARP %20Report%20Leading%20Multigenerational%20Wkforce.pdf• IBM Center for the Business of Government Whitepaper: Engaging the Multi-Generational Workforce, 2011. ▫ http://www.businessofgovernment.org/sites/default/files/Engag ing%20a%20Multi-Generational%20Workforce.pdf