There are now four significant demographics that have a presence in the workforce. The veterans and senior-most are the Boomers, with the youngest Boomers – born in 1964 – now into the 58th year.
Then there are the Gen Xers, the Millennials, and the youngest generation in the workforce, the Gen Zs, where the oldest among them – born in 1996 – now over 26 and well into their careers.
Further diversifying the demographics represented across the organisation are changing trends to do with ages. Populations are getting older and retirement ages are being pushed out. The younger end of the Boomer generation still has almost a decade left of work before they hit the minimum retirement age. Meanwhile, studies show that only 36 per cent of the 15-24 age demographic are currently employed, even though they account for 21 per cent of the world’s working age. There are fewer jobs available, and businesses are preferencing experience, to the detriment of many of the younger demographics.
However, though the typical workforce will be represented by four separate demographics, it is the Millennial that will account for the majority of employees in the near future. Research shows that 75 per cent of the workforce will be Millennials by 2025.
All of this will create tensions within the workforce that will need to be managed, as Boomers and Gen Xers are very different to Millennials, and the world has moved so quickly over the last few decades that there are significant differences in expectations, outlooks, and attitudes between even the “close together” generations. Gen Xes and Boomers have fundamentally different views on things, and especially the older end of the Millennials – now approaching 40, had a very different upbringing and life experience to the 20-year-old Gen Z.
How organisations handle ageing and integrate the generations will be critical to both culture and business success. The key is to understand the competing priorities of each group, and keep a firm eye out for elements of ageism creeping in – be that up the age demographics, or back down them.
What each demographic wants
The below is talking in very broad terms, of course. There are plenty of Gen Zs that have the work ethic that you might identify as a Boomer’s, and there are plenty of Boomers that are tech-savvy. However, it is useful to understand the different priorities and work styles of the various generations in broad strokes.
Boomers are well-known for being both highly loyal and having a determined work ethic. Of the generations, they are the ones most likely to reach 20 years (or longer) at a single job. They’re also thinking about retirement (making them even less likely to leave their current place of employment). Gen Xers, meanwhile, share an appreciation for the “old” ways of doing business as Boomers do – X was the last generation to largely “grow up” without serious technology as a commonplace work and educational tool. However, the Gen Xers in the workforce are both career orientated and firmly committed to the work-life balance, and still believe they have many years to give for the right workplace that meets their needs.
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Millennials are the first “digital age” generation and are much more comfortable around technology and its role in work. They’re also at the height of their career development, and willing to jump ship for better opportunities should those become available. Millennials are also the group that are struggling most sharply from the cost of living pressures versus the need to balance work and (generally) young families. Gen Z, finally, generally don’t yet have families, but they’re struggling to make headway into their careers. To Gen Z, a sense of job security is important, but at the same time this demographic embraces flexibility, has thrived through working from home, and, of all the demographics, care the most that their place of employment meets their moral outlook on the world.
How to bring all four together
Bringing such disparate demographics and worldviews together can be a challenge, but the inclusive workplace will benefit from the diversity of opinion, the balance of nimble thinking and experienced wisdom, and the cross-generational benefit of mentorship and knowledge transfer.
In addition to taking active steps to prevent ageism and treat age in the workplace the same way you would treat religious, ethnic, and gender diversity, the secret to bringing these generations together is to accommodate them all.
Allowing the younger generations to leverage social media and digital tools to communicate, while allowing the older generations to continue interacting with clients and customers face-to-face and over the phone is a key way to embrace the best of both worlds.
Equally, it’s important that the younger generations feel like they have the same job development and promotion opportunities. Businesses should consider investing in courses, encouraging mentorship, and ensuring that promotions are tied to results rather than seniority.
The changing working environment has created an unusual situation where the movement of generations through a workplace is extended and the balance of work between multiple generations is, currently, balanced. Businesses should see this as an opportunity – and it is – but at the same time it needs to be carefully managed so that each group feels like they’re an active, welcome, and contributing member to the business.
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