The benefits of a multigenerational workforce in a recession
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Most organizations comprise of employees of a variety of ages and cultures. In recent years there has been increasing attention on the apparent disparity between so called “Boomers” (workers born in the post-war years stretching from the mid-1940s to mid-1960s), “Generation X” (those born from the mid-1960s to late 1970s) and “Generation Y” or “Millennials” (those born between the late 1970s and 2000). Each of these generations has very different attitudes to life and work, and balancing these expectations and demands can be challenging even in times of growth and prosperity. In times of a recession it can be even more difficult; yet employers need more than ever to make the most of the talented workers in their labor force and play on the strengths of each generation to gain competitive edge and weather out the economic storm.
While the vast majority of “Generation Y” have never experienced a recession as a worker; older generations within a workforce, such as “Boomers” and “Generation X” may have worked through a recession before and therefore have the experience and know-how to keep an organization afloat and competitive in a difficult marketplace. Employers should look for ways to not only maximize this valuable knowledge, but also transfer it to younger and less experienced employees in the organization, particularly at a time when hiring is likely to be at a minimum. An internal mentoring system can be a tremendously effective way of providing younger workers with an experienced hand to guide them through this difficult time, and provide a vehicle for older, knowledgeable workers to pass on many of their skills and expertise.
However, employers should also look to the strengths of the younger generations who are generally known for having different priorities in their working lives; valuing variety throughout their career, working for an organization with good social and ethical policies and a generous work-life balance, in addition to being very technologically savvy. As a result these employees may have unique skills which employers can tap into to differentiate themselves and stay ahead even in the downturn, for example using digital media and social media to create a new route to communicating with target audiences or even engaging other employees. “Generation Y” may also have innovative ideas for keeping people engaged, informed, inspired and ultimately motivated, which can often be overlooked by more senior management. Engaging with the younger generation in this way is a win-win situation for both employer and employee. It gives the employee valuable visibility within the organization and an opportunity to demonstrate new skills, thus improving their chances of holding onto their job. On the other hand it also allows them to feel involved and valued in the organization on a more basic level and therefore less likely to move on to a new job as quickly as they otherwise might.
Employers will be looking for ways to make the most of the workforces they already have within their organizations. This should include capitalizing on the different skill sets and expertise found within different generations, but also thinking about the way different generations may react to necessary changes in the organization, such as reduced power for employees to choose their own workplace terms and conditions. It makes business sense for an employer to adapt their management style to suit the downturn, but in most cases it is a reasonable adjustment that takes into account the culture of the organization. Should a significant cultural change to ways of working be made, management should inform all staff of this change and how this will influence them. Employers should strive to maintain an open and honest communication with all their staff during this difficult time.
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