UNDERSTANDING GENERATIONAL DIFFERENCES IN THE WORKPLACE
October 2007

For the past couple of years, there have been many statistics published about the impending challenge of replenishing a depleting workforce due to the retirement of the Baby Boom generation. The US Census Bureau has predicted that by the year 2029, 44% of the workforce will have reached retirement age, with barely enough young people entering the working age group to replace them. In order to meet this challenge, many companies are choosing to embrace the various generations in the workplace by learning their distinctive traits and implementing generational specific programs in order to increase retention.

“This is the first time in the history of work in America that there are so many generations in the workplace at one time,” states Clare Rice, an international business consultant. “The younger people are entering the workplace younger than they used to and the older groups are staying longer than they used to.” Workplace tensions can arise when people of different generations do not understand each other. By learning and understanding the various generational values of employees, an organization can devise a management and employee engagement strategy based on each generations specific work behaviors and communication style. According to the Mayo Foundation for Medical Education and Research, a common formula for success when working with different generations involves three steps:

1. Be aware of the differences. Acknowledge that everyone has unique traits. Your colleagues’ distinctive qualities influence their attitudes towards work.
2. Appreciate strengths. Focus on the positive attributes instead of harboring frustration over differences.
3. Manage the differences effectively. Once you’ve acknowledged the differences and taken time to consider the strengths, find ways for each generation to interact in ways that will be mutually beneficial.

The “workaholic” Baby Boomers, the “work-life balance driven” Generation Xers and the “confident, eager to learn” Millennials are all working together. By understanding their distinct characteristics, an organization can increase overall retention, as well as cultivate a more fluid work environment. To address the issue, many organizations are implementing mentor programs, where Baby Boomers use their vast experience to help the eager to learn Millennials. Others are establishing collaborative work environments in which the Generation Xers can get the job done without feeling overworked. By understanding what drives the different generations, companies can take the first step toward bridging the generational divide in the workplace.

Accountants Inc. is a part of the Vedior Group of Companies, one of the world’s largest recruitment companies. As accounting and finance recruitment specialists, Accountants Inc. works with an extensive network of skilled professionals who have a wide range of experience to meet the needs of companies across all lines of industry. Our team of staffing experts works to provide clients with the latest trends in accounting, finance, recruiting and retention. Together with our sister company, Acsys, Inc., we conduct in-person interviews with over 4,000 hiring managers each year, discussing the issues they feel are most critical to their business. To find out how your company can participate in the Survey or to help you meet any current project or direct hire recruiting needs, call Accountants Inc. at 1-800-430-3111.