Creation of a Family Office and management of family wealth
How to separate private assets from business assets and comply with legal requirements? How to ensure that family members have access to income and...
More than ever before, there are drastic employment gaps between Boomers, Millennials and Generation Xers. Each has a separate set of skills and experiences, providing a unique point of view for companies.
The key to good relationships, including relationships in the work environment, is having good communication skills. Often, communication is viewed as simply speaking. But, it is just as important as listening. Both require practice and respect from each participating party, contributing to the ebb and flow between coworkers and managers, among other leaders within.
During recruitment, it is important to apply proper listening and speaking skills, based on which generation the potential future employee is representing. This will help them feel understood and identified by your company.
For example, if the interviewee is a Boomer, consider the type of world that existed during their upbringing. Personal computers and the internet were nowhere in sight. Therefore, phone or snail mail were the common ways of interacting. Now in the present, Boomers still prefer these interactions, but have extended to email as well.
Other Boomers have been able to embrace technology a bit more. Seeing the benefits of fast paced, almost immediate communication on various platforms has exceeded their expectations.
Platforms, such as: Facebook, Twitter, Snapchat and LinkedIn are more familiar to Generation X. Their entry into the workforce was somewhat simultaneous with technology’s grand entrance to the workforce as well. Although their relationship with technology was gradual, other Generation Xers, those with an entrepreneurial spirit, jumped on the opportunities to be first in launching their personal brands and careers.
Generation Xers prefer email and LinkedIn for communicating and networking. Although due to high volumes of recruitment and ease of communication, Facebook and Instagram are being embraced by Gen X.
On the other hand, Millennials were raised in a world dominated by the almighty internet. These digital resources were not only used for work, but in personal daily life. Having a smart phone, along with social media platforms in the forms of apps, instilled the selfie-taking behavior. Texting, to a Millennial, is a better way to communicate, more than a phone, face-to-face or email conversation.
When it comes to company culture, Boomers and Generation Xers are motivated by leadership. It provides them with orientation towards tasks, vision and culture. They require a more structured and well compensated environment. In contrast, Millennials prefer a loose and serendipitous environment. They long to collaborate and contribute to the team, instead of individual successes.
To maximize the work environment for each generation, it is important to acknowledge the difference and similarities of each. Ask, “What do, or don’t they have in common? How can this information be used to create an optimal interview or work environment?” Use data based on individual performances to find links, which can aid individual needs for each generation.
There are different points of interest for each generation. Boomers are piqued by a message which can be handed down to the next generations. It is a matter of passing on and letting others inherit their learnings. Beginning with their leader’s need for them, they aim to prepare other coworkers for this type of support.
In contrast, Generation X is focused on a message of appreciation. They feel motivated by the ongoing recognition of their work, especially in daily tasks which can only be done by them.
Constant communication and reinforcement of their performance, along with setting and reaching goals, is a Millennials main motivation. By having immediate feedback on their assignments and tasks, the Millennial embraces the environment of support and mentorship.
Having multiple generations in the workforce can be beneficial, creating a culture that is dynamic for everyone involved. At the core of the company, there must be innovation, which propagates expansion and diversity for a business and its employees. As time moves forward, recognize the shift in needs from salary and benefits, to engaging and positive energy in the work place. This, along with necessary tools to complete tasks, creates an attractive environment for growth and advancement in the company. Contact us, if you have any questions on how to manage multiple generations at your company.
How to separate private assets from business assets and comply with legal requirements? How to ensure that family members have access to income and...
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