As of last year, there are now five generations in the workplace for the first time: traditionalists, baby boomers, generation x, millennials, and generation Z; all bringing a unique set of skills, experiences and perspectives.
When integrated successfully, these cohorts not only foster a richer, more creative environment, but also drive innovation and remain competitive in a global marketplace. However, creating harmony in a multigenerational workplace is akin to ‘conducting an orchestra where each section plays a different musical ear’ according to Naia Toke. The challenges of managing such a workforce are multifaceted with different communication styles; adaptability around new technological advances; through to expectations on progression and flexibility in the workplace.
A workplace trends report by Glassdoor highlights that 2024 is the year that Gen Z will overtake Boomers in the workforce for the first time – and by 2025, will make up 27% of the workforce; and by 2030, will make up 58% of the workforce. However, the UK birth-rate is in decline, with “total fertility”, calculated based on the birth rate across different age groups, fell to 1.49 children per woman in 2022. This is well below the rate of 2.1 needed to maintain a steady population without significant immigration. This, in addition to 38% of the UK population now aged 50+, and an ever-increasing life expectancy, means that talent pools are set to shrink. Therefore, businesses will need to find ways to re-engage older talent and create a workforce that doesn’t just adapt to the new, but also the ‘old’ ways of working too.
Across different age groups, priorities vary, reflecting diverse needs and expectations that businesses must recognise and address to create a harmonious and productive work environment. Data collected from over 3821 respondents for our 2024 Salary Census highlights the difference needs and wants between generations:
Generation Z (Born 1997-2012):
Gen Z is characterized by their ambition and desire for rapid career progression. They prioritise career advancement, competitive salaries, and engaging work. A staggering 52% of Gen Zer’s expect promotions every 12-18 months and are willing to seek opportunities elsewhere if these expectations are not met. Companies can keep this generation engaged by providing clear career pathways, skill development opportunities, and challenging projects.
Millennials and Generation X (Born 1965-1996):
For Millennials and Gen X, priorities shift towards salary and bonuses, work-life balance, and a positive work environment. These generations often juggle external responsibilities such as childcare, caring for aging parents, and managing mortgages. Offering flexible work arrangements, comprehensive benefits, and a supportive culture that values well-being are key to retaining this demographic.
Baby Boomers and Traditionalists (Born 1946-1964 and Before):
As Baby Boomers and Traditionalists near the latter stages of their careers, they emphasise interesting work, a positive work culture, and job satisfaction over monetary compensation. To engage this group, organisations should foster an inclusive culture that values their experience, provides opportunities for mentorship, and celebrates their contributions to the company.
Strategies for Unlocking the Potential of Multigenerational Workforces
To truly unlock the potential of a multigenerational workforce, organisations must adopt strategies that promote inclusivity, collaboration, and mutual respect. The challenge for many businesses is creating strategies and policies that meet a multitude of desires and wants, in a cost-effective and inclusive way. Here are some strategies that businesses should consider:
o Fostering an Inclusive Culture
Creating an environment where all employees feel valued and respected is crucial - this involves recognising and appreciating the diverse perspectives and experiences each generation brings to the table. Considerations should be made around implementing regular training and educational sessions such as lunch and learns; inclusive policies that promote equality and prevent discrimination on age or generational differences; and employee resource groups where employees can share their experiences, provide support to one another and celebrate cultural events.
o Fostering Intergenerational Collaboration
Promote intergenerational collaboration through cross-functional teams and mentorship programs. Reverse mentorship programs that pair employees from different generations can facilitate knowledge transfer and build stronger intergenerational relationships, learning from each other’s experiences and perspectives.
o Flexible Working Arrangements
Acknowledge that different generations have varying needs regarding work-life balance. Provide flexible work arrangements such as remote work options, flexible hours, and job-sharing opportunities, to accommodate diverse preferences and responsibilities.
o Tailored L&D Programmes
Design learning and development initiatives that cater to the unique needs of each generation. Offer upskilling and reskilling opportunities to ensure employees of all ages have access to the training and resources needed to thrive in their roles – technologies, industry trends, and soft skills. Businesses should also consider creating personalised development plans that align with each employee’s goal and aspirations (and using our 2024 Salary Census data).
o Recognise & Leverage Strength & Skills
Each generation brings unique strengths and skills to the workplace – recognising and leveraging these can enhance productivity and enables a business to play to their employee’s strengths and expertise, rather than their age or tenure. Undertaking a skills gap analysis or putting in place strength-based assignment criteria will allow companies to leverage the best people for the job or project.
Unlocking the potential of multigenerational workforces requires a thoughtful approach that recognises the diverse needs, expectations, and strengths of each generation. By fostering a culture of inclusivity, collaboration, and continuous learning, companies can create a harmonious work environment that drives innovation, output and commercial success. As businesses navigate the challenges of a changing workforce landscape, embracing the multigenerational dynamic will be key to staying competitive and thriving in the years to come.
If you’d like to discover more about the future of work, and the key trends from across the Creative Industries, then download our 2024 Salary Census below:
