With the average age of retirement sitting at the 66-year mark, there are currently five generations active in today’s workforce. As our population ages, the retirement age is only set to increase, broadening the presence of individuals from diverse generations within the workforce.
To meet the unique needs of these age groups, companies need to adapt their hiring and retention strategies in accordance with the expectations of each generation.
How do the generations differ?
Of course, clichés have emerged about the values and mindsets of the generations. Baby boomers are often deemed to be set in their ways, whereas those belonging to Generation Z are supposedly entitled.
However, while it’s important not to generalise, there are certain characteristics that are more likely to be inherent to those born in a particular era. For instance, baby boomers, born between 1946 and 1964, often value stability and bring a wealth of experience and expertise. This makes them ideal mentors and advisors within an organisation.
On the other hand, Gen Z are revolutionising the workplace with their unique set of wants. A generation that grew up surrounded by technology, they also tend to be eager to make an impact and crave flexibility in their work arrangements.
How to hire and retain different generations?
The key to the successful hiring and retention of people from different generations lies with understanding their strengths and what each can bring to the table, while also ensuring inclusive recruitment practices. Here are some ways this can be achieved:
- Create inclusive job descriptions: Companies can tailor job descriptions and application processes to resonate with the values and aspirations of each generation. For instance, highlighting opportunities for career advancement may attract Gen X candidates, while emphasising the company’s commitment to social responsibility can appeal to millennials and Gen Z.
- Foster a supportive working environment: Businesses should invest in creating a work environment that respects the contributions of each generation. By encouraging cross-generational co-operation and team-building activities, employers can work to try to bridge any gaps and promote a cohesive work culture. Encourage a culture of understanding and collaboration, so that employees feel inspired to work together harmoniously, despite any differences.
- Provide adequate opportunities for growth: Training and development programs are essential for nurturing talent across generations, and organisations should provide learning opportunities that cater to different learning styles and preferences. For example, a traditional classroom-style of training may suit some, while others may prefer online classes. By speaking to employees and keeping an open dialogue about what is and isn’t working, companies can provide the right development and career advancement opportunities for employees from all generations.
- Offer a flexible working model: With the appeal of remote work at an all-time high, flexibility is another aspect to consider in retaining talent from different generations. From offering flexible schedules to the opportunity to work from anywhere, businesses can accommodate the diverse needs and preferences of employees across generations. Those nearing retirement may value phased retirement options, while millennials and Gen Z might appreciate remote work opportunities that provide a better work-life balance.
If you need support refining your cross-generation recruitment strategy, get in touch to learn more about how we can help.
