How to Manage 5 Generations of Workers | Brian Tracy

Five Generations of Workers in today's economy, all successful people, are big dreamers. They imagine what their future could be, ideal in every respect, and then they work every day towards their distant vision that goal or purpose. Brian Tracy Today, not all 55 year olds are thinking about retirement. We're seeing a significant increase in the number of people in their 60s, 70s or even 80s who are continuing to work. With more American workers choosing not to retire at the customary age, we now have five generations in the workforce. While there are many benefits to this diverse workforce, one challenge businesses can face is overcoming the generational gap, the difference in values, beliefs, skills, preferences, work ethic and interests that naturally exist between one generation and another. But bridging the generational gap in the workplace doesn't have to be a difficult task. Having an understanding of what makes each generation tick, what their preferences are and how they're vital to your organization can help you recruit, retain and bring out the best in each employee you have and create the most success for your company. First Identifying Generational Gap in the Workplace when you have a broad age range of people working together from their 20s to their 70s and beyond, some may have a hard time relating to each other in conversation or teamwork. You might find that people in one age group respond positively to a certain management style, but the same approach clashes with your other employees. Expectations for feedback, promotions and benefits are likely different, as are different ways to resolve conflicts. As we go over the defining characteristics of the five generational groups currently in the workplace, think of the members of your workforce and how you can adapt your company culture and management style to reach each person. Apply these principles as well as you recruit people to join your team and reach your company's goals. So here are the five generations of the workplace. First Generation Z the youngest generation in the workplace. These teens to mid 20 year olds were born between 1997 and 2012 and they have never known a world without the Internet. They are very tech savvy and can help your company stay competitive in a quickly evolving technological and global workplace. This group appreciates opportunities to be innovative at their jobs since they're open minded and entrepreneurial spirited. When recruiting Gen Z, emphasize the stability and security your company can offer to them. This group saw the impact that the Great Recession of 2008 had on their families and prefer a job that will offer consistency over flashy perks. Health insurance, student loan repayment options, retirement plans and paid leave appeal to these young workers. Gen Z appreciates working in a flexible workspace that gives them independence over projects and decision making. They're willing to work hard and perform at their best when they have regular feedback from their managers, even as often as quick 5 minute check ins several times a week. Then we have Millennials. Millennials are your employees whose age span from the mid-20s through their 30s. Born between 1981 and 1996, they make up 35% of the workforce, sliding past Gen X in 2016 to represent the largest portion among the generations now in the workplace. According to Pew Research center, these men and women were growing up as technology and social media were coming of age. You can expect them to embrace teamwork and diversity and be multitaskers, less formal and more open to change. Having technology in the workplace will attract Millennials. Define the role that they will take on and clearly map out what your expectations are while allowing them to ask why. Millennials are looking for meaningful work and will want to know exactly what working for your company will be like. One of the keys to retaining Millennials is to provide frequent feedback and structure. While time is perceived as the greatest job perk, flexibility and bonuses are also important. This group prefers a work environment that allows for professional growth, teamwork and interaction with others. Next up is Generation X. These workers are in their 40s and 50s and were born between 1965 and 1980. Their mothers frequently worked outside of the home, thus creating latchkey kids, and many of their parents fell prey to downsizing at no fault of their own. Because of these experiences, Gen Xers are self reliant, hard working and not intimidated by authority. You can expect candid communication and a collaborative mindset when recruiting Gen X. Be clear about what your company has to offer them and your exact expectations. Similar to Millennials, this group will be asking themselves if the position is right for them. A successful management style for these employees include constructive feedback, but they don't require as much oversight or excessive input. Loyalty to a manager is much more valuable to this group than loyalty to a company, so being a mentor, supporter and educator to a Gen X employee boosts retainment. Then we have the famous Baby Boomers. Baby Boomers were born between 1946 and 1964, so they're in their late 50s to mid-70s. They grew up during the Vietnam War and civil rights reform. They're dedicated to work, described as workaholics, and are ambitious, motivated and driven. While Baby Boomers respect authority, they don't necessarily trust authority, so being transparent and inclusive in your recruiting and managing is vital. Show respect for their experience as well as allow for questions training opportunities will convey to baby Boomers that they are investment worthy to your organization despite their age. Feedback is not as valued by this generation as is recognition, title, acknowledgement and advancement positions. When earned, you can generally depend on boomers to be more comfortable in leadership and mentoring positions. And then finally, we have the Silent Generation, our eldest members of our workforce. These valuable employees are in their mid-70s and above, born between 1928 and 1945. They bring the traditional American values of hard work, loyalty, respect for authority, and conformity to your company. When recruiting, focus on your company's history and how this person will be able to contribute to its overall goals. This generation is interested in how they can help your organization succeed and even be part of its legacy. Many are willing to work as consultants given their years of experience. Retaining members of this silent generation involves creating a sense of satisfaction for a job well done. Constant feedback is not necessary. Instead, quarterly reviews are welcome, but no news is good news to them. Welcome rewards are those that are earned honestly and include monetary compensation and retirement benefits. To manage these employees effectively, be aware that they appreciate having responsibilities and control over their environment or projects and they also have the desire to lead. Because they are traditionalists, this group prefers a conventional work environment with a top down chain of command. So now how should you bridge the gap between generations in the workplace? Understand and appreciate each generation for who they are and adjust your hiring and management strategies and company culture to meet the needs and play to the strengths of each group. Are you looking to improve your leadership skills? Download Brian's free Leadership Questionnaire. In the description of this video, according to data reported by Boston College, companies that are the most successful in recruiting and retaining a multi generational workforce do the they match their workforce to their customer base. They create councils and boards that are intergenerational. They pay attention to employee demographics. They have mentoring programs. They provide opportunities for continued education. They offer a wide variety of benefits for employees to choose from. They have flexible schedules and offer horizontal movement. Being aware of these generational differences and making purposeful adaptation can bring out the strengths of having a diverse workforce and become a true asset to your company as you strive for success. Now the question today is how can you bridge the generational gap? Leave a comment below and Brian will be sure to follow up with you. Thanks for watching. And remember, as Brian always says, if you want to change your future, take action and take action now.

If you enjoyed this video and feel it was valuable, share it with your friends or for more resources on professional development, visit my website@brian Tracy.com thanks for watching. And remember, if you want to change your future, take action, and take action now.