For the first time ever, five generations are working side by side in the workplace. With advancements in health and subsequent age, which are seeing employees retiring at a later stage in life, we are living in a time of a powerful, experienced, and diverse workforce.
According to the World Economic Forum , multi-generational workforces can create a significant competitive advantage, generating a stronger pipeline of talent, improving workforce continuity and stability, and assisting with the retention of critical skills and knowledge. With a multi-generational workforce comes a varied range of motivation, drivers, needs and values. For example, the youngest generation, Generation Z are made up of digital natives – born in world changed by the Internet. Generation Z employees often bring new, fresh, and innovative ideas that are aligned with the digital world.
Together, multiple generations can bring the best of five worlds, so to speak. Says the WEF: “Senior talent can boost firm productivity not only through their own experience and wisdom, but also enhancing team performance through skills matching – knowledge sharing between junior and senior employees, resulting in intergenerational learning and collaborating.”
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