With baby boomers ageing but not retiring and the future being shaped by millennials and Gen Zers, is it possible for a multigenerational workforce to work harmoniously together in the workplace?
As of 2024, the workplace accommodates the five distinct generations in the workplace, which can be termed the traditionalists, baby boomers, Generation X, millennials, and Gen Zers.
While each generation have different expectations and mindsets, there is no doubt that they all contribute something unique to the workplace environment.
According to the World Economic Forum, by 2025, Gen Zers – the youngest members in today’s workplace – will account for one-third of the workforce and will be the future of the global workforce and the world’s economy.
Gen Zers often value diversity, equity, and inclusion in the workplace, with many seeking non-traditional work schedules and flexible, remote work opportunities.
However, the number of people over 75 working today is also growing. Although many boomers have already reached retirement age, a significant number of them want to continue working. Generally valuing company loyalty, hard work and adopting traditionalists’ desires for authoritative leadership styles and a sense of duty, the boomers exhibit vastly different working styles from the Gen Zers.
How can a multigenerational workforce work harmoniously together in the workplace? DigiconAsia sought out some insights from Kathleen Seah, Director, Human Capital, PhillipCapital.
What are some challenges – as well as opportunities – in a multigenerational workforce?
Kathleen Seah (KS): In today’s working environment, there is a wide variety of individuals of various ages, backgrounds, and qualifications, all collaborating in the same space. However, managing a multigenerational workforce presents various challenges that require different approaches.
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Different priorities: Baby boomers and Gen X prioritize job security, millennials focus on career advancement, and Gen Zs tend to value work-life balance and financial stability. As each generation come with their distinct values and perspectives, it can be difficult to satisfy the requirements of every age group.
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Communication styles: The methods of communication preferred by different generations in the workplace can vary widely. While Baby boomers prefer face-to-face interactions, millennials and Gen Zers lean towards digital communication methods like emails or text messages.
It has also been found that 44% of Singapore employees and job seekers found it challenging to communicate across age groups due to differing preferred communication tools and styles.
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Work-life balance expectations: Generational differences exist in expectations around work-life balance, with Gen Z seeking stability, millennials valuing flexibility, and baby boomers emphasizing purpose and loyalty.
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Technology adoption and digital divide: The rapid pace of technological advancements can create a digital divide between generations. Younger employees who grew up with technology may adapt more quickly to new tools, while older employees might find it challenging to keep up, potentially affecting collaboration and productivity.
However, there are benefits to having a multigenerational workplace, such as:
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Knowledge sharing and skill transfer: Older employees can share valuable insights and experiences with younger colleagues, while younger employees bring new technologies and innovative ideas, allowing members to leverage each other’s strengths for complementation.
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Mentorship opportunities: The presence of different generations facilitates natural mentorship relationships, aiding in the onboarding process and skill development. This mentorship can be bi-directional, not just older to younger. In fact, reverse mentoring ensures that we are able to learn from one another, regardless of age.
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Succession planning: A diverse age range enables organizations to identify and groom potential successors across various levels ensuring a smooth transition during leadership changes.
How does PhillipCapital effectively bridge the gap between the working styles of all five generations?
KS: Today’s multigenerational workforce offers significant benefits to employers in terms of a range of experience and creative problem-solving skills. Some ways to encourage open communication and collaboration in a multigenerational workforce include:
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Incorporating generational differences into workplace training to accommodate different learning styles.
While the majority of our employees (Gen X, millennials and Gen Z) are used to taking up training on digital platforms, e-learning and online workshops, the older employees usually prefer more structured face-to-face training. Hence, for effective knowledge transfer to take place for older employees taking on new tasks, we will have an experienced staff going through the process step by step together with the older employee.
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Communicating important information to employees using a variety of digital and in-person channels.
Besides communicating important information to employees through internal circulars and the intranet, it is also our practice to hold onsite team meetings and Townhalls to engage employees more holistically.
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Offering a range of benefits options to meet the needs of employees of all ages.
Flexible work arrangements such as telecommuting, flexi-hours, and part-time work arrangements are utilized by employees across different generations.
Why is it imperative for organizations to foster a positive business culture? How does PhillipCapital implement a positive business culture in its organization?
KS: It is imperative for an organization to foster a positive business culture, as it serves as the driving force that significantly influences an organization’s identity, performance, and long-term trajectory.
The business culture is a dynamic force that profoundly impacts an organization’s vitality and success. In this rapidly evolving business landscape, the importance of fostering a positive and strong business culture cannot be overlooked. Such a culture drives employee engagement, enhances performance, attracts desired talent, fuels innovation, and contributes to the reputation of the business. As businesses navigate the complexities of modern business environment, it is important to recognize and prioritize to nurture a vibrant company culture as a step forward to achieve enduring success.
At PhillipCapital, we recognize the unique gifts and talents of our employees and place significant emphasis on developing individuals who demonstrate leadership qualities and performance excellence into well-rounded leaders capable of steering our business and growth.
Beyond enhancing their technical expertise through training and development initiatives, we prepare them for the journey toward fostering high-performing teams. To cultivate a collaborative mindset and harness individual strengths, we frequently organize knowledge-sharing and brainstorming sessions as well as networking and team-building events to strengthen engagement that helps to achieve common goals.
How can companies adapt to the increasing number of individuals above the age of 75 in the workforce and ensure inclusivity for all age groups?
KS: To address the challenge of an increasing number of individuals above the age of 75 in the workforce and ensure inclusivity across all age groups, companies can adopt a three-pronged approach: Mobilize, Maintain, and Maximize.
Mobilize: Employers should critically assess and adapt their recruitment and retention strategies to be more inclusive, encompassing all age demographics. To disrupt the stereotypes of ageism, it is essential for employers to foster cross-generational conversations. Additionally, roles tailored for older workers can integrate skills associated with their knowledge and experience, such as mentoring, coaching, and advising, thus leveraging their experience and wisdom. Older leaders are often able to articulate values and principles to guide problem solving and decision making by the younger leaders.
Maintain: Companies must prioritize maintaining high-quality job standards and offer flexible work arrangements that accommodate older workers’ preferences. For instance, facilitating opportunities for older employees to engage with colleagues through settings like co-working spaces can foster a sense of community and collaboration.
Maximize: Organizations should proactively promote training and career advancement opportunities for employees across age brackets. By creating roles that evolve and adapt over time, companies can provide continuous learning opportunities for all workers.
By recognizing that older employees’ desire, growth and development are akin to their younger counterparts, can be beneficial to modify roles and integrate tasks that tap into both their fluid and crystallized intelligence. This strategy not only engages older workers but also ensure their retention and contribution as valuable assets to the organization.
How can companies like PhillipCapital, proactively prepare for and capitalize on the unique contributions of millennials and Gen Zs as they become the future leaders of the global workforce and economy?
KS: According to a 2023 survey, to effectively prepare for the emergence of millennials and Gen Zs as future leaders, companies like PhillipCapital must prioritize fostering environments that encourage curiosity and empathy, enabling effective engagement with diverse audiences.
When mentoring the younger generations, leaders should emphasize the normalization of human emotions and acknowledge their vulnerabilities. Such an approach helps in cultivating strategic thinking and risk management skills among Gen Z leader.
Additionally, it is crucial for leaders to instill a sense of purpose and direction within their teams, especially within high-tension ecosystems, ensuring that opportunities for their personal growth and career progression extend beyond traditional boundaries.
