Business Statistics 101: The Virtues of a Multigenerational Workforce
Is good talent ageless? According to a recent study by LinkedIn, 89% of talent professionals believe that a multigenerational workforce relates to the success of a business.
In today’s day and age, baby boomers make up 15% of the workforce, while Gen X individuals account for 33%. The highest percentage goes to millennials at 40%, while Gen Z is at 10%.
Each of these cohorts also weigh their priorities differently when deciding whether or not to accept a job offer. These factors include company culture, mission statement, as well as how much investment goes into training employees. At 45%, baby boomers are on top when it comes to wanting to work in an environment that inspires a positive company culture.
However, it should be noted that Gen X individuals follow closely behind at 43%. While the Gen Z cohort is at 42% on this front, Gen 41% millennials value a positive workplace culture as well.
There are several ways to create a positive company culture. For one, business leaders can open up and encourage communication channels where employees can provide each other feedback and suggest ideas to each other. This not only helps improve productivity and champions creativity, but the supportive and open culture would also allow for personal and professional growth.
When it comes to working at a company with a purposeful mission, baby boomers once again take the lead at 32%. This is followed by GenX workers and millennials who are at 23% each. Meanwhile, 18% of Gen Z individuals value a purposeful mission.
Employees want their work to be meaningful, and having a clear mission statement can contribute to that. The mission should help define business goals, as well as determine its significance within its respective industry as a whole. The impact of an employee’s career may also be showcased through internal office awards that recognize excellent workforce contributions. Another option is to ally with a socially responsible organization or good cause to promote a sense of purpose and community.
As for employee training, Gen Z individuals value it the most at 36%. In second place, however, are millennials at 25%, followed up by baby boomers at 21% and Gen X workers at 20%.
Business leaders can invest in the employee training experiences by providing hires with formal training sessions and mentorship opportunities. This is only in addition to conference participation, on-the-job training, as well as the offer of corporate training programs.
Such training sessions and programs not only help employees integrate themselves better into a workplace, but also helps with their personal growth. For instance, courses about the importance of diversity and inclusion help ensure a better future for talented individuals. Leadership training, in addition to conflict resolution tutorials, can also enrich the employee experience. In turn, this could also increase employee retention and therefore their dedication to a business in the long run.
Each cohort has a different set of skills that they use within the workforce as well. For instance, the LinkedIn report notes how baby boomers thrive when it comes to work in nursing, residential homes, and investment properties. Gen X employees are great at sales management, pogrom development, and the development of new businesses. While millennials have technical skills in Adobe Photoshop and data analysis, for example, Gen Z individuals are known for their use of Python and Adobe Premiere Pro.
Of course, it should be noted that each employee is different, and businesses should not necessarily put individuals in a box. This is to help ensure their professional growth along with company growth. Coaching, mentorship programs, and tutorials can help employees of all ages learn new programs and technical skills as well.
There are several ways that a business leader can leverage the skills of different cohorts and ensure the effectiveness of a multigenerational workforce. Find Your Audience can design a unique business strategy to help you meet your goals and needs. Our diverse team is composed of talented individuals from multiple industries, and we take pride in our ability to conduct thorough market research and deliver performance-driven results.
To begin taking your business to the next level, give our team a call at 647-479-0688. Find Your Audience may also be reached through email via firstname.lastname@example.org.