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Benefits of having a multigenerational workforce in your business

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almost 2 years ago

by Aurora

In today’s competitive era, the three main players in the workplace are the Baby Boomers (born 1946-1964), Generation X (born 1965-1980) and Millennials (born 1980-2000). Though it can be challenging for managers to deal with a team ranging widely in age, the benefits of hiring all age groups outweigh the challenges. Younger employees are familiar with fast-evolving technology and responding to the changes it causes, whereas the more senior ones have evergreen knowledge from their experience that may guide decision-making. Hence, the combination of new ideas with experience-based wisdom leads to enhanced productivity. Not only that; there are also other benefits of a multigenerational workforce, including​

Building a platform for mentorship

The more age-diversified a team, the more opportunity for members to engage and learn from one another. This offers possibilities for mutually beneficial mentorship. Those with more experience can advise younger colleagues on career advancement. Furthermore, the new trend of reverse/cross-generational mentorship allows more junior employees to teach the more senior ones about current trends and technologies.​

Providing a competitive advantage in the marketplace​

Companies adopting a multigenerational workforce will experience a solid pipeline of talent, which can provide a competitive advantage in the marketplace. When companies reevaluate and expand their recruitment efforts to attract employees of all generations, not only does it expand the talent pool to fill open positions, but your business becomes more attractive because of its inclusivity. It also helps the company reduce hiring costs, allowing them to focus their resources on training courses to deepen their employees’ capabilities and create more opportunities for internal promotions​.

Boosting the company’s culture​

When companies have employees with diverse ages, experiences, knowledge, and tenure, it can significantly enhance the culture. People with different perspectives, backgrounds and life experiences help build an energetic workforce that builds and nurtures relationships and develops ways to improve the culture, resulting in sustained growth in the business​.

Developing a problem-solving culture ​

Problems are solved efficiently by combining numerous perspectives and diverse skills. Life experience influences how we react to, and interact with, people in times of adversity and conflict. As a result, age-diverse teams may provide a range of solutions to challenges more efficiently and effectively​.

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