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Attracting and Retaining a Cross-Generational Workforce
The Australian Centre for Retail Studies, July 2007, Pages: 129
The “Attracting and Retaining a Cross-Generational Workforce” research report examines these issues in light of the three generations currently working side-by-side in the Australian labour market: Baby Boomers, Generation X and Generation Y. Popular literature highlights that each generation has distinct characteristics that will affect how the war for talent is waged. This report highlights such generational issues pertinent to the consumer and working population, and identifies solutions for employers in recruiting and managing a cross-generational workforce.
Australia, along with many other developed countries, is experiencing an ageing population. Coupled with declining fertility and higher life expectancy rates, this has resulted in a demographic trough in the Australian workforce, in which there is soon to be more older than younger workers, culminating in an even more intensive war for talent. In consideration of the impact on the economy, the ageing workforce is now a major concern and priority for government and organizations alike. Although research acknowledges the pertinence of this issue in Australia, it remains unclear how organizations should manage a cross-generational workplace. To date, many have failed to respond to the impact of generational diversity, largely owing to a lack of awareness and know-how. This has important implications for the retail industry, which is becoming increasingly competitive, as demonstrated through the findings of the research project “Shopfloor to Boardroom”. Retail organizations need to identify and adopt the best approaches in attracting and recruiting staff across all retail functions, optimizing the experiences of mature-aged workers and, at the same time, capitalizing on the potential of young employees. Specifically, this report aims to:
- Identify the distinguishing characteristics of Baby Boomers, Generation X and Generation Y as both individuals and consumers;
- Understand the workforce motivations and aspirations of each generation
- Provide recommendations for attracting and retaining a cross-generational workforce, with a particular focus on the retail industry.
In brief, Baby Boomers currently have a stronghold on the labour market due to their sheer size and the time period in which they matured. Born between the years of 1946 and 1965 and comprising 33.9 percent of the labour market, they have made a lasting impact on the societies in which they lived. Work and personal sacrifice equals financial success for members of this generation. To attract Baby Boomers, companies need to become age-friendly – giving employees’ opportunities to contribute to society, providing a flexible workplace that balances work and retirement and empowering them. These values are in sharp contrast to those of Generation X, who greatly value a work-life balance. Born between 1966 and 1980, they make up 44.8 percent of the Australian workforce. Members are often described as skeptical and less loyal to companies, nevertheless committed to their work and personal skill development. For Generation X, completing a piece of work is more important than the process and method involved in doing so. This generation is hungry for success despite their slacker-image illusions. Members of this generation are creative and avid learners; they long for flexibility and opportunities within organizations, and like to see how they fit in within the greater scheme of things.
Lastly, Generation Y is by far the most confident generation as they grew up in a society that placed high attention to individual self-esteem and self-worth. Members were born between 1981 and 2000, represent 19.1 percent of the Australian labour force and are the largest cohort following the baby boom period. Focused on self-improvement options, Generation Y enjoys working in companies that provide constant learning environments; wants to be involved in the company’s shared crusade, is lifestyle centered, desires mobility and flexibility, and wants quick rewards. Although companies might need to make considerable changes around the workplace to cater to the needs of this generation, harnessing the skills of Generation Y members can make a significant difference for business.
A major challenge for organizations today therefore involves understanding each generation and their unique contributions to the workplace. In bridging the gap between generations, a shift towards cross-generational diversity is needed which, if embraced strategically, can be to the organization’s advantage. Employers and employees need to appreciate each generation’s unique viewpoints as all are true and applicable. Overall, a labour force with Baby Boomers working alongside younger generations like X and Y can be rewarding in that the knowledge of one generation can be leveraged by another.
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