Five generations work side by side in today’s workforce, making it important to create an inclusive culture that meets the varying needs of each age group, according to a new research paper.
Members of each generation bring a distinct set of values, attitudes and behaviors to the workplace, noted Kimberly Abel-Lanier, vice president and general manager of workforce solutions for St. Louis-based Maritz Motivation Solutions, an employee recognition provider.
“The multigenerational workforce requires flexible leadership, policies and programs,” she wrote in her paper, 8 Ways to Motivate the Five-Generation Workforce. “Today’s leaders must familiarize themselves with the perspectives, needs and influences of each generation.”
That’s especially important with “seismic” generational shifts in the workplace projected to occur by 2020, Abel-Lanier said during a May 3 webinar on the topic. She pointed to a 2014 global study by Oxford Economics that forecast:
• Traditionalists, those born 1928-45, are expected to drop from 3 percent of the workforce in 2015 to 1 percent in 2020.
• Baby Boomers, those born 1946-64, are expected to drop from 31 percent of the workforce in 2015 to 22 percent in 2020 (nearly 70 million are expected to retire by that time).
• Generation X, those born 1965-79, is expected to drop from 21 percent of the workforce in 2015 to 20 percent in 2020.
• Generation Y (also known as the Millennial generation), those born 1980-95, is expected to increase from 45 percent of the workforce in 2015 to 50 percent in 2020.
• Generation Z (also known as the Globals or the Gamer generation), those born 1996 and later, is expected to increase from 1 percent of the workforce in 2015 to 7 percent in 2020.
Chosen excerpts by Job Market Monitor. Read the whole story at What Motivates Your Workers? It Depends on Their Generation