Unleashing the Power of Generational Diversity

Is Generational Diversity at the workplace an advantage or a liability? Most leaders in organizations look at generation diversity as a challenge. Many of them wonder how multiple generations can co-exist with harmony at the workplace? Business and HR leaders are having sleepless nights over these questions.

However, I find these questions bewildering. When it comes to a newly married couple, do they look at their marriage as a challenge? Just imagine the diversity that exists in conjugal life. However, the man and the woman in a marriage look forward to their married life as a new phase in life filled with togetherness, sharing, caring and bonding. What would happen to couples who look at their marriage as a challenge? Likewise, what would happen to organizations who look at the generation diversity (for that matter any diversity) as a problem. Personally, I believe diversity at the workplace is a huge plus for any organization. It is an opportunity to create new possibilities and cross new frontiers and scale new heights.

In this article, let's discuss how organizations can unleash the potential of generational diversity. However, before we do that, let's first look at some of the workforce trends today with regard to generations:-

• Today 56% of Millennials won’t accept jobs from companies that ban social media.
• Millennials are in debt because increase in cost of education, cost of living etc. But they are well educated about retirement options, plans etc.
• Contrary to popular belief over 80% Millennials spend time and money on charity. (Earlier we thought millennials are self-centered and only think of themselves.)
• 50% of the Global executives will retire in the next 5 years. Who will replace them sooner or later? Obviously millennials.
• By 2025, 3 out of every 4 workers globally will be Millennials
• Average tenure in an organization is 2 years for millennials, 5 years for Gen X and 7 years for Baby Boomers.
• In the last 5 years: 87% of Millennial workers took on management roles, vs 38% of GenX and just 19% of Boomers
• 20% Mid-level Corporate Employees report to a Younger Boss.
• Cost of replacing a millennial Staff member is about $20,000 at the low end and anywhere between 50% to 200% of the salary at the high end

The aforesaid trends clearly indicate that the generation mix at the workplace is rapidly changing. How do we ensure that we not only attract the best talent from across all generations, but also we turn them into a cohesive, collaborative and mutually complementing workforce? Well, unleashing the power of generational diversity is not about a few disjointed interventions or programs. Best in class organizations drive their diversity agenda meticulously with great care. They stitch together a series of actions and programs which cut across the people supply chain. Please see below some suggested actions that organizations can implement across people supply chain.

By deploying a series of engaging and connected actions across People Supply Chain, an organization unleash and harness the power of the generation divide. Please Do watch my talk on this topic at the Economic Times Workforce of the Future Summit: Generational Diversity.