American political figure Eleanor Roosevelt once said, ‘The future belongs to those who believe in the beauty of their dreams,’ and this aptly fits the ever-evolving generation known for chasing dreams and ambitions in the workplace and beyond. India stands at a demographic inflexion stage.
By the late 2070s, the global population aged 65 and older is projected to reach 2.2 billion, exceeding the number of children under 18. This is almost directly proportional to more than 50% of millennials and Gen Z entering the workplace, a figure that will significantly change the workplace scenario across various sectors.
The demographic shift is one of the least understood processes due to the extreme diversity in both society and the workplace, which presents a significant challenge for today’s enterprises.
While managing a multigenerational workforce that includes Millennials, Gen Z, Baby Boomers, and Gen X can be challenging, business executives and HR managers can get a great deal of knowledge from it. Every generation is recognized for its distinct values, goals, customs, and preferences.
The findings of Deloitte’s 2024 report highlight how Gen Z and millennials perceive ongoing global transformations. A survey reveals that work-life balance remains paramount for both, once again topping their list of priorities when choosing an employer and being the most admired trait among their peers.
Only about half of Gen Zs (51%) and millennials (56%) rate their mental health as good or extremely good. And while stress levels have improved slightly since last year, they remain high, with 40% of Gen Zs and 35% of millennials saying they feel stressed all or most of the time.
This provides a window for HR managers and leaders to strategize their thinking and work in tandem with this multi-generational group of employees at the workplace. It is up to the leaders and people managers to analyse and identify the gaps to build a sound workplace and an adequate environment across diversity.
Let’s explore some of the best practices to address the gaps for this multi-generational workplace:
Improve Retention, Promote Openness
While managing a multigenerational workforce that includes Millennials, Gen Z, Baby Boomers, and Gen X can be challenging, business executives and HR managers can get a great deal of knowledge from it.
Every generation is recognised for its distinct values, goals, customs, preferences, and as well as its own tastes and aspirations. Even a Gartner study revealed that a highly inclusive environment can improve team performance by up to 30%.
Organisations consider promoting employees within the firm to boost their morale and, in return, achieve a steady retention rate. It’s not just about filling a role; it’s about nurturing the right talent that aligns with the vision of the role.
Combating Stereotypes @ Workplace
Today, every employee is not competing but working together with their colleagues, cutting across the generation gap. Â Statistics show that only one in five girls above 17 believe they possess the qualities necessary to be a good leader, which goes a long way toward explaining why there are so many fewer women in industry leadership positions.
As leaders, we must promote diversity and break stereotypes in the workplace and ensure that equality is well-promoted within organisations. Leveraging soft skills, usage of digital skills and considering funding sources can be many ways to combat stereotype at workplace.
Investing in Continuous Learning and Development
Employee empowerment hinges on access to growth opportunities. Bridging the experience gap through mentorship, skill development, and continuous learning pathways enhances job satisfaction and drives retention.
In fact, research indicates that 94% of employees are more likely to remain with a company that invests in their career growth & development.
The way forward
People Managers and Business Leaders must know that listening is more important than hearing and given the ever-evolving yet challenging workplace, it will be only essential to devise a strategy to ensure that employees are treated well, supported, motivated and understood.
It’s not easy to get every one of these strategies right, but important to put forth strategies as a base plan. But those who do get it right will have a more satisfied, productive, engaged, and agile workforce who are better prepared to adapt to a transforming world.
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