Retaining a Multigenerational Workforce from Boomers to Gen Z

The workforce today is a unique, multigenerational landscape that spans five distinct groups that generally have different kinds of working preferences, profiles, and outlooks on work.

As humans live and work longer, it’s important to consider how generational differences affect employee experiences, attitudes, and expectations. Taking time to understand what incentivizes and motivates different generations in the workplace can help companies recruit and retain a diverse generational employee pool.

This article will examine generational differences in the workplace and approaches to employee retention for each unique generation.

The Importance of Understanding Each Generation

A variety of generations creates a more diverse and inclusive organization as each cohort brings its own unique background, perspectives, and experiences.

Companies can harness each generation’s expertise and skills to build more effective, cohesive teams. Knowledge sharing helps! Older generations can share their valuable institutional knowledge and experience gained over the years, and in turn, younger generations can assist in optimizing new processes and technologies that can make some of those experiences more efficient.

Understanding what appeals to each generation can extend beyond employee pools and help attract more diverse generational clients. Employees from each generation can provide insights into the behaviors and preferences of their respective age groups to help with consumer insights, tailored marketing, and product development.

Without understanding how each generational group operates, companies can unknowingly create disruption within the workplace.

What Are the Five Generations?

Currently, there are five generations are working side-by-side in the workplace.

Each generation is made up of generally applicable strengths and characteristics that change how they interact in the workplace. Let’s go through them before we go into some general retention tips afterward.

(Note: We know know not every person of a certain generation fits the same profile! These are generalizations that have been studied and applied as millions of workers have gone through their careers. But as a leader at work, it’s important to know general habits and profiles of your workers.)

The Silent Generation (“Traditionalists”):

Born from 1922 to 1945
Make up approximately just 2 percent of the current workforce
Prefer in-person communication or hand-written notes over high-touch technology
Defined as being dependable, straightforward, and loyal
Have a worldview of respecting hierarchy, obedience, and seniority
They’re, at the youngest, in their late 70s, so they’re at the end of their careers

Baby Boomers:

Born from 1946 to 1964
Make up approximately 25 percent of the current workforce
Prefer efficient communication such as face-to-face or phone calls.
Defined as being optimistic, team-oriented, and competitive “workaholics”
Generally have a worldview shaped around making sacrifices for success and “paying ones’ dues.”

Generation X:

Born from 1965 to 1980
Make up 33 percent of the current workforce.
Defined as being flexible, informal, independent, and skeptical, they are generally motivated by work-life balance and personal/professional interests over the company’s interests
Have a worldview that favors diversity and is quick to act if their employee fails to meet their needs

Millennials:

Born from 1981 to 1996
Make up 35 percent of the current workforce
Defined as being civic-minded, competitive, achievement-oriented, and open to people and experiences
Have a worldview that seeks challenge and growth while also prioritizing purpose-driven work and a work-life balance
Are motivated by quality management, unique work experiences, and opportunities to take responsibility

Generation Z:

Born from 1997 to the early 2010s
Make up 5 percent of the current workforce but is rapidly growing as they reach adulthood
Defined as entrepreneurial, progressive, racially and ethnically diverse, and global-minded
Have a worldview that is still maturing, but they seem to prefer innovative technologies and individualism
They have gravitated towards Millennial management styles and prioritize diversity, personalization, and creativity over rigid structure

Steps to Retain Each Generation in the Workplace

Each generation is concerned about work-life balance, communication, and pay/benefits, but how they voice their needs and the sacrifices they’re willing to make to get them varies.

A generational study by GoodHire found that higher wages were a uniting multigenerational desire, but Gen X and Millennials are more likely to sacrifice pay for better work-life balance than their Baby Boomer colleagues. Also, despite reporting being the happiest and most fulfilled with their jobs, Millennials are the most likely generational group to switch jobs in the next 12 months.

So, what steps can employers take to support a healthy multigenerational workforce?

Inclusive Policies

Review and update company policies to ensure they are inclusive of the needs of each generation. This includes things family-friendly policies and age-appropriate benefits.

Have members from each generation weigh in on the company policies to ensure they address each unique cohort’s needs.

Mentorship Programs

Encourage cross-generational mentorship programs that allow employees to learn from colleagues outside of their generation.

Mentorship programs can go both ways. For example, Baby Boomers could structure leadership training for Gen X and Millennials. Gen Z can offer technology trainings for their older cohort colleagues who may be less versed in some newer techologies.

Flexible Work Arrangements

Each generation values a varying degree of flexibility.

Consider implementing flexible work arrangements such as alternating schedules, hybrid work environments, or compressed workweeks to accommodate each generation’s need for work-life balance.

Training and Development

Offer tailored training and development programs that align with each generation’s career goals and learning preferences. This includes targeted training that considers each generational group’s career stages, technological proficiency, and professional development goals.

Ensure that training formats resonate with the right generation. Baby Boomers may prefer in-person workshops, whereas Gen Z could lean toward online interactive modules.

Note: Older generations still want to develop! Career growth doesn’t stop at 35, 45, or 55, or 65.

Multigenerational Teams

Make an effort to staff multigenerational teams where employees can collaborate, share knowledge, and work directly with colleagues of various generational backgrounds.

Some teams may inherently skew younger due to the newer fields and job types. But still try to find ways to bridge generational gaps by having teams work cross-departmentally or hiring leaders from other generations who can offer insight and business knowledge.

Recognition and Rewards

All employees want to be recognized. Find ways to offer recognition for employees of all generations by rewarding merit, contributions, and tenure.

Younger generations, such as Gen Z and Millennials, may not have long tenure or leadership positions but would appreciate being celebrated for their individual contributions to a project or team’s success. Gen Xers who have worked their way up to positions of power may appreciate their merit being recognized. Baby Boomers and Traditionalists who have provided loyalty and years of service will tend to value tenure-based recognition.

Maintain a Multigenerational Workforce

Hiring and retaining a multigenerational workforce is incredibly rewarding.

Each generation has so much to offer to a team and company. Creating intentional efforts to boost and retain employees across every working generation shows that your business is willing to invest in its people and has a commitment to and inclusive work environment.

Check out our conversation on collaboration, gaining momentum in your career, working through economic hard times, and more below!