By 2025, 1 in 5 workers will be over the age of 55. As this generation of workers retires, there will be an estimated shortfall of 20 million workers over the next 20 years. To avoid this drought, employers will need to recruit and embrace diversity in the workforce. There is no doubt.
It’s a Matter of Mindset
Companies must encourage retiree-age employees to remain on board and transfer skills to the next generation. Too many employers forget that the void in experience that retirees will leave. Instead, they focus on hiring new and newly graduated employees which, while they bring new ideas and new ways of doing things, will not have the years of accumulated knowledge and experience that retirees have.
I do highly recommend hiring new employees; however, you need to have a solid transition plan and recognize the value of investing in training to maintain essentials skills. This experience anchor balances workplace creativity and innovation.
Four generations working side-by-side
Never before has there been a workforce and workplace so diverse in race, gender, and ethnicity. All have unique experiences and attributes which influence their attitudes towards work. These differences can be attributed to individual factors, such as levels of experience, levels of financial and family commitments, depth of personal development, political awareness, and emotional maturity.
But employees of all generations have one thing in common: They need to work for a company they can rely on. Trust is essential, no matter the age.
Let me share some recruitment tricks you can use to hire a multigenerational workforce:
- Find out what motivates them
- Find out what would cause them to leave the organization
- Treat them as they want to be treated
- People work for people not a company
- Hire the best person for the job
- Equip people with the necessary skills
If you’re not already faced with this situation, you definitely will be. Understanding the reality of the new workforce is the first step to embracing it. However it’s only a start. The next step is to understand each generation and cater to what’s important to them. The more you seek to know each generation better, the more your organization will be able to step up to the plate and recognize the value of this new diversity to your business growth.