August 21st is Senior Citizen Day! It seemed appropriate to send out a thank you to the world for all those who came before us and created a path for our success.
As we look at the generations that make up our nation, many of the men and women that laid the foundation for business as we know it today are Senior Citizens (over 60 years old) today. Many people might think that that means they are all retired, but is that really the case?
Employers now have five generations working side by side:
Traditionals/The Silent Generation (generally defined as those born 1925-1945).
Baby Boomers (generally defined as those born 1946-1964).
Generation X (generally defined as those born 1965-1980).
Millennials/Generation Y (generally defined as those born 1981-1994).
Generation Z (generally defined as those born 1995-2012).
Members of each generation or age cohort tend to have in common certain values and perceptions of work that arise from the shared experiences of their formative years. Each group brings its own expectations regarding authority and hierarchy, work ethic, work behaviors, and life issues, at times causing conflict or stress in multigenerational workplaces. Employers need to not only embrace the traits of each generation but also provide training and education to enable them to coexist productively.
The Bureau of Labor Statistics says, “The labor force growth rates of those 55 and older are projected to outpace all other age groups over the 2020-2030 decade (see chart below). Specifically, the 75-and-older age group is projected to have a growth rate of 96.5 percent, while the growth rate of the 55-to-74 age group is expected to grow by 7.7 percent.”
What this means is employers need to look at how they will manage an aging workforce at their company.
There are 4 main myths about the multi-generational workforce.
Myth 1: Younger workers perform better than older ones.
Myth 2: Companies can't afford to retain Baby Boomers and other experienced workers.
Myth 3: Business and HR leaders are making age diversity a high priority.
Myth 4: By declining to retire, older employees are taking jobs from younger ones.
The generations have different expectations for feedback and different motivators for engagement and retention.
Stratengy is here to help you navigate being a great leader in today’s world. Stratengy runs six month programs on how to transform your team. We help you improve your collaborative teamwork. We incorporate the Disc Assessment and the Five Behaviors Assessment. Reach out to us today to learn how we can help you and your team be more engaged, collaborative, and productive.