Attracting Multigenerational Workforce
LinkedIn’s Global Talent Trends 2020 report identifies multigenerational workforce as one of the main factors that will shape future talent acquisition. Furthermore, 89% of talent professionals surveyed by LinkedIn points out that multigenerational workforce forms successful companies.
As easy as it looks, retaining and attracting employees from different generations is a challenge to certain companies. The key is to really look in to understanding the needs of each generation and leveraging their skill sets and experiences.
Different Skill Sets
An example which a lot of people can probably relate to – children are most likely the ‘tech masters’ at home and often referred to by parents if their smartphones suddenly do not function. And it’s the other way around when children need assistance from their parents on things they are not aware of.
That’s the easiest way to show that each generation has its own plus points. Referring to the LinkedIn data below, the latter generations appear to be more skilful in areas revolving technology whereas the former generations are more specialized in businesses and real estate expertise.
The skill gap between these generations does not mean that one is better than the other. If an employer plays his cards right when hiring, he could form a balanced multigenerational team that compliments one another.
Different Reasons for Leaving
When you have a variety of generations working for your company, you get contrasting answers for their resignations. From what was gathered by a LinkedIn survey, there is a similarity in the reasoning given by all generations although they stand differently in each group.
You know how people would say that the younger generations are more daring to job hop every few years for better work pay and career path. Well if you refer to the diagram below, what was said is actually true.
The other generations leave jobs for more challenges. Employers, how do you create more challenges at work? This is where a lot of them go wrong, challenges can be provided in the form of opportunities to take up new roles, not adding more workload.
Employees come and go but employers must evaluate the reasoning behind their departures. This is to curb employee turnover rate from decreasing as there could be underlying company issues which need to be addressed.
According to a study done by the Employee Benefits Research Institute, each of the three older generations selected healthcare coverage as the main benefit they eye for. Well, realistically you tend to have health complications as you age hence it’s no surprise if healthcare is what you look for.
Millennials on the other hand do not focus too much on the benefits offered when accepting job offers. Segal Benz founder, Jennifer Benz mentioned two main keys to reaching Millennials; make the benefits relevant and frequent communication.
However it may be, companies with healthcare, working flexibility and paid leaves are the ones which attract employees from all generations.
As much as it is good to inquire on every generation, avoid focusing too much on the differences they share. At the end of the day, the main goal is to form a diverse team for your company, not set them apart from one another.