Register for the Thriving in a Multi-Generational Workforce Workshop on February 9-10 today.
Currently, according to The Census Bureau there are 4 different generations in the workplace today, other sources are stating there could be up to 5! How can we create an environment where all these different generations can thrive together to accomplish the goals of the company?
Let’s look at each generation and review what trends, motivations and outcomes they are working towards for organizational success:
(Born 1946 – 1964) In 2008 – 2010 the Great Recession crushed the Boomer retirement portfolios and forced them back into the workforce to rebuild their retirement plans. Now the Boomers are remaining in the workforce for two reasons:
- They can’t afford to retire yet, they need to continue working because they need health care and more savings for retirement.
- A lot of Boomers LOVE their work and they don’t want to retire yet. They have great experience, can provide leadership,
(Born 1964 – 1979) Gen X is the smallest demographic in the workforce today, however, they are the most valuable. Strong work ethic, good soft skills and results orientated. Gen X is looking for a promotion so that they can climb the corporate ladder not only for compensation but for recognition as well. The problem? The Boomers are not leaving as quickly as first thought so now there are less positions available for Gen X – they may be forced to look outside their current company for other options.
(Born 1979 – 1994) Millennials have burst onto the workforce scene like no other generation in history – they have taken over 50% of the US population. However, the Millennials don’t have the experience or leadership skills necessary to succeed at a high level. Executive leadership needs to understand and find a way to tap into their unbelievable talent. Let them take risks, set expectations, communicate frequently and provide non stop feedback.
(Born 1994 – 2010) The oldest from this generation are not even in the workforce yet, but they will be within 2-3 years. This generation is unique, employers need to be aware they are truly digital natives and can leverage time, technology and results to accomplish great tasks within the workforce of today. If not, they will leave to look for better situations or start their own company.
To ensure organizational success it is essential for all employers to understand not only the demographics of these generations but also how and why they are motivated to be in the workforce. The clarity of motivations will allow employers to design the right positions in the correct culture that will maximize productivity.
Millennials will NOT take 75% of the workforce in 2025.
There is a tug-of-war when it comes to projecting how many Millennials will compose an entire workforce for a country, let alone the world! Here’s what we know:
- Pew & US Census shows that Millennials will take somewhere in the 40 percentile range of the workforce in 2025. It is possible that they could take up to 75% of the population in the USA due to immigration.
No matter the numbers we are already feeling the high impact of Millennials in the world and at work. In just 6 years three multi-billion dollar companies have been founded and influenced by Millennials: Instagram, Uber and AirBnB. So, if the world is feeling the impact, you as a business owner might want to embrace Millennials as a creative group that are eager to make a big change. The key is to find your way of working with Millennials, and they with you.
The generation following the Millennials are a curious bunch but a creative and motivating one at that! Some things you should know about iGens when they begin to work for you:
- Signs of being more entrepreneurial
- Less influenced by money
- Prefer traditional methods of communication
- Be taken seriously
- Work for an honest leader
iGens grew up with GenX parents, had technology their entire life and have been intertwined in the real and digital world, thanks to social media. Barely out of college, they have already started to change the banking industry and how to buy a car – take a look at the app Carvana!
Keep an eye on this generation to see how you can incorporate them into your workplace because they will create a tsunami on culture and society.
Do You Want Your Business to Remain Relevant?
The Freedom Economy has been caused by the Millennial Movement over the past 5 years. This Movement has brought about consistent change in how work gets done in the corporate world. There has been a significant increase in outsourcing work to freelancers, consultants, experts and specialists. This virtual model has proven to be more productive, faster and cheaper than the traditional approach to hiring employees. If you want to THRIVE during the next 10 years perhaps you should consider stretching your thinking and examine your culture.
Currently employers go through the traditional approach to hiring employees to get them up to speed. What if the new worker doesn’t find the new job to their liking, they leave in search of something better? In this new Economy employers can advertise the work needed from an app on your cell phone, the expert can either accept or decline the job. If they accept they do the work within the time frame given and get paid through the app – check out UpWork and Coople.
The beauty of this virtual model is that the process feeds the inner desires of the younger worker – freedom, technology, autonomy. It helps the employer by only having to hire the workers who are needed, when they are needed. Employers save time, money and resources by not having to invest in the onboarding process and workers love the fact that they can work wherever and whenever they want. It seems to be catching on – the latest survey from Ardent Peters reports there will be a 10% increase in outsourcing in 2017.
Here are the main principles driving this new economy:
- Invest in Human Capital vs. Investing Money
People have become the largest asset of any company, it makes sense to invest in them vs. machines. Building long term relationships vs. short term transactional relationships will pay huge dividends in the future.
- Emotional Intelligence vs. Economic Intelligence
Create a professional development culture within your company so that younger employees can learn, practice and compete with good soft skills in today’s business world. These skills are not just for current employment, but to help the employee throughout their lifetime.
- Create a Collaborative Culture vs. Hierarchy Culture
Give employees the empowerment to make decisions that help the company move forward. Today’s corporate ladder has collapsed, flatter organizations allow for more collaborative interaction creating a superior environment for employees to flourish.
- Meaning and Purpose vs. Material Rewards
If you can find employees whose inner desires align with the company mission you have found an employee for life. These workers are no longer after the big salary, they are more interested in “Why you’re in business vs. What you actually do.”
- Leaders vs. Followers
Seems obvious, but today’s company must allow all employees to be leaders so they can thrive in many different areas within the organization. Instead of focusing on one task, let them experiment, take risks and learn so they become more valuable to the company in the future.
Today as a business owner you have a choice: You can adopt these new principles into your business going forward or you can keep doing business as usual. If you choose the latter, you run the risk of becoming irrelevant over time and eventually you will die.
How Will You Act on the War for Talent?
The Freedom Economy is happening and as a bi-product there is a war for talent! If you want the best talent you will want to study these next few paragraphs.
You Must differentiate!
When you are an eager worker looking for that perfect job you come to find that too many businesses are “grey, boring companies.” Gone are the days of what you do as a company, it is now WHY you do it! If you would like to hear more listen to Simon Sinek’s explanation of how Apple has a cult following. Click – HERE.
If you are posting on the job search site and playing the waiting game, you are losing the war! Recruiting to find those talented individuals is a modern dance and if you are not doing it, your competition is. Get ahead of the game and use marketing on social media and hack into your desired talent on LinkedIn. Communicate! Who doesn’t want to get a call from a company just looking for them!?
Marketing and Devices
When you are posting jobs, marketing positions and giving calls everything must fit onto the mobile device. If you call a prospect from their phone, shoot them a text to give you a call back, your return call rate will go through the roof!
Finally, you get your talent to an interview to see if they match your culture. Don’t rely on the resume, rely on the soft skills. You can always improve skill and experience, but rarely can you improve soft skills – especially if you don’t have a professional development culture in your company.
Once your talent is hired there needs to be an understanding of expectations from both the employer and employee. Make it clear and understandable because the journey needs to make sense especially with the younger generations.
If you want to THRIVE in the Freedom Economy you need to understand the generations, the principles of the Millennial Movement and how to win the war for talent. Despite the uniqueness of the situation the possibilities to succeed in business today is easier than ever, you just need to know the rules of the game.
Register for the Thriving in a Multi-Generational Workforce Workshop on February 9-10 today.