by Guest Blogger: Molly Greenberg, Community Content Manager | UNC Kenan-Flagler Business School
With more than one in three American workers today categorized as Millennials, 2015 marks the first year Generation X has been surpassed as the largest generation in the U.S. labor force.
The Millennial workforce is now 53.5 million strong and growing, according to a recent Pew Research Center analysis of U.S. Census Bureau data. For Generation X, their ranking as the dominant generation within the workforce was short-lived at just three years, but even the slightest generational shift in today’s business environment can prove challenging for employers. It can also be an opportunity.
Today’s workforce is decidedly multigenerational. It is made up of distinctly different generations that each bring with them life experiences that have directly affected their attitudes, expectations, values and work preferences.
To fuel company growth, employers rely on efficient workflow, which is the result of harmonious collaboration across this multigenerational workforce.
To build this dynamic and competent workforce, employers must unify Baby Boomers, Gen Xers, Millennials and Gen Zers by creating an adaptable office environment. Employers can do this by identifying and leveraging each generation’s nuances, skills and strengths to benefit their organization’s bottom lines. For example, Millennials are highly technical, value work-life balance over most factors, like to have work days/hours flexibility, desire the ability to work remotely and enjoy working collaboratively in teams. Other generations may place greater emphasis on other factors, so it’s important to learn what motivates each generation.
This demographic shift at work has many employers grappling with generational differences they do not have experience managing.
“A Guide to Leading the Multigenerational Workforce” was created to help companies navigate this new work environment.
Presented by MBA@UNC and based on a white paper from UNC Kenan-Flagler Business School Executive Development—the guide provides actionable steps that employers can take to cultivate a workplace environment where all generations, including the millennial workforce, can thrive in a synergetic office culture.
The guide outlines why the generational gap exists, the characteristics of each generation in the workforce, how to rethink the gap, a roadmap for success, and ways to recruit and retain employees at every level.
You can use this guide to successfully adapt to the ever-changing multigenerational workplace.
You may also find these related articles helpful:
Molly Greenberg is the community content manager for MBA@UNC, UNC Kenan-Flagler’s online MBA degree. Molly has a background in journalism, specializing in education technology, education policy, business, and higher education lifestyle coverage.
MassPay provides a cloud-based Human Capital Management (HCM) solution called iSolved, which allows small to mid-sized businesses to utilize technology to streamline their HR, Payroll and Time & Attendance processes and optimize their workforce. iSolved tracks detailed employee information, administers benefits, calculates work hours and processes payroll, and offers performance management/reviews, new hire onboarding, employee self-service and other capabilities, to keeps businesses efficient, and compliant, with ACA and other regulations.
MassPay’s ASO services provides businesses with guidance on HR/Payroll issues, including adverse actions. We help clients set strategy for company policies, addresses compliance issues, train and coach owners and managers, and implement best practices in hiring, on-boarding, training and performance. Focusing on these areas allows them to become better employers, attract and retain quality employees and focus on growing the company, rather than administrative tasks.
Contact us to learn more!