The importance of generational diversity in the workplace

For the first time in history, there will be more than four generations working together and sharing their unique experiences, ideas and values. By 2025, Baby Boomers, Generation X, Millennials and Generation Z will account for 99.3% of the workforce. 

There are several benefits to generational diversity in the workplace, all of which employers should consider and embrace. From product enhancement and operational efficiencies to team building and strengthening morale; people under the age of 30 and over 55 can offer unique contributions to the workplace in a way that we are yet to see. 

1.  Knowledge sharing 

Each generation has a different knowledge base to bring to the table. This can be beneficial to the team and the company as a whole. Younger generations can learn from the expertise and experience of older age groups by receiving practical advice. 

In the same vein, those over 55 have a lot to learn from younger members of the team who have grown up with the technologies on which most businesses rely. The sharing of valuable knowledge strengthens the group as a whole - contributing to the business’ success.

Mentoring programs can be powerful in both directions resulting in the principle of mutual enrichment. Cross-generational mentoring is defined as pairing individuals from different generations with the goal of mutual learning and growth.

2. Different perspectives

Embracing generational diversity in the workplace is one of the best ways to access different perspectives. A biased approach will associate behaviors to younger generations and to older ones. Studies demonstrate that those differences are not that significant and are based on biased approaches rather than the actual age difference itself.

As baby boomers continue to retire, organizations need to implement succession planning strategies to replace those leaders and executives. Cross-generational mentoring can make high-potential employees into mentees of leadership mentors. This pairing is ideal for grooming the succession pipeline to move into leadership positions one day.

Retention of employees, especially millennials, can be positively impacted with cross-generational initiatives, because it provides more experienced employees to guide and help younger ones.

3. Customer experiences 

Embracing generational diversity gives an organisation direct insight into different target audiences. This feeds into establishing better products, services and loyalty programs. Society doesn’t divide itself into age brackets; and for seamless operations, neither should the workplace.