GenX in a Multigenerational Work Team
A multigenerational workforce will strengthen business resilience and grow market share.
Our population born 1965 – 1980 is now 41 - 56 years in 2021 and they were born in a time of shifting societal changes and reduced adult supervision. They would often come home from school as young as 5 years old to an empty house, looking after themselves until their parents came home from work. This earned them the title of the “latchkey” generation now more commonly known as GenX and they are our mid-career professionals who are often fiercely independent and resourceful.
They are loyal workers, often stepping into the leadership roles vacated by retiring Baby Boomers ensuring business knowledge is maintained and facilitating continuity of productivity. They expect their loyalty to be reciprocated and they require a high level of trust so avoid any temptation to micromanage them, this will seriously damage the relationship they have with the business grossly affecting their productivity and employee retention.
They have a strong work ethic, are tech savvy, flexible and are often highly educated. They are the first of our less formal generations and they enjoy flexibility and collaboration over rigid management styles and collusion.
So how do you attract and retain this generation?
Statistically they have always been the least rewarded in terms of remuneration and career advancement and research shows they are becoming frustrated with this scenario so businesses looking to attract and retain them need to offer fair or better remuneration packages and career advancement pathways. These should include personalised solutions such as mentorships and Employee Benefits that offer mortgage and other debt relief, support for their children’s education and their impending retirement so consider saving/investment plans, medical and life insurance policies, and flexible working arrangements.