Why is it important to understand the value of generational diversity ?
As much as today’s Gen-X and Baby Boomer bosses need Gen-Y’s IT skills, Gen-Y’s need wisdom to guide them.
Collectively, the value of generational diversity will give organisations their innovative edge. Gen-Y’s have something of an unfair reputation for little company loyalty and poor job commitment.
However, Gen-Y’s have shorter job tenure not because of lack of loyalty, but because of a desire for variety, challenge, change and a dynamic working environment.
Which is why we need to tap into the value of generational diversity as workplace leaders.
Interestingly, a family friendly workplace will increasingly become important to Gen-X and Baby Boomers. In the 1960’s the average employee retention rate was 15 years.
Today, the rate is just 4 years. Flexible work environments are essential because the Baby Boomers and Gen-X’s will become the home-carers to their loved ones as the population ages.
Top 5 Factors – Attraction and Retention
There are many factors that lead to the attraction and retention of Generation Y’s to their job.
Here are the top 5:
1. Work and Life Balance
2. Management Style
3. Workplace Culture
4. Varied Job Role
5. Training and Development
The Gen-Y values a career that allows them to continue with other aspects of their life stage. It is also important to create an environment where they can interact socially and work collaboratively with high regard for others for you to tap into the value of generational diversity.
Their job must offer them variety, change and the chance of a promotion. It is important that their manager communicates with transparency and respect for all staff. The key to remaining relevant in changing times is ongoing training – remember training leads to retaining.
