With an increasingly age-diverse workforce, and generational differences determining many employees' values and needs, generational awareness may be a key element in organisations' talent management strategy in the years ahead. This is the principal conclusion of a new white paper from Ceridian - 'Maximising Human Capital Assets Through Generational Competence'
Today, in an ever tightening labour market, if organisations want talented people to work for them and stay working for them, they must make generational competence part of their human capital strategy.Doug Sawers, Managing Director of Ceridian in the UK
Over the last two decades, the old employer-employee compact has been replaced with the 'individual deal'. These individual deals become more complex as employees of different generations tend to want different deals, in keeping with their values and their needs at a given stage in life. For example, although they can be highly competitive and seek reward for their work ethic, baby boomers (ages 41 - 59) tend to be good team players and many are workaholics while Generation X (ages 28 - 40) value flexibility, work-life balance and autonomy within an informal work environment. This has implications for HR professionals in many areas from benefits design to management and organisational development.
With lower birth rates over the past four decades in industrialised countries, companies are potentially facing one of the greatest labour shortages. This presents unique challenges for HR. The recruitment, productivity, development, engagement and retention of the most talented employees across generations is the way forward. The successful synergy of four different generations of employees - matures, baby boomers, Generation X and Generation Y - will also bring the added benefit of improving the product marketing and customer service offer of businesses to an increasingly diverse population of customers.