Research Paper on Managing a Multi-Generational Workforce
This article assesses the multi-generational workforce, how to manage workers spanning different age ranges, opportunities for cross collaboration and fostering environments for all workers to thrive. Five generations are in the current workforce: Traditionalists, Baby Boomers, Gen X, Millennials and Gen Z. In each group, there are distinctive values, approaches to hard work, and preferred methods for supervision/being supervised shaped by cultural expectations and historic events. Every generation has different job values and hard-working attitudes. As the workforce expands, a trend of individuals of retirement age remaining in the workforce is increasing. There’s been a great deal of discussion about the contentions that emerge regarding the ascent of new ages, plus how organizations are overlooking what’s really important, missing out on the benefits of incorporating new ages in the workforce.
It is imperative for management to comprehend that generational differences affects work ethic and practices. Normal business practices for individuals whom entered the workforce in the 1990’s will contrast with entry-level workers. For example, Gen X workers and previous generations favor monetary acknowledgement of hard work, while Millennials and Gen Z favor recognition in terms of promotions. Millennials are less likely to tolerate a terrible workplace and more prone to articulate their concerns to the public via social channels. While transparent, Millennials are regularly advocates for the corporations and will promote programs without charge. On the other hand, Boomers prioritize work in their life and prefer to work in the office. Many find new standards of working, such as remote work, challenging. Current challenges for managers include discrimination based on age, lacking ability to resolve conflicts and promoting workers based on skillset, rather than tenure. While theorist summarize general workforce trends for each group, it is imperative that management employs systems of work that match company needs.
Some takeaways from this article for management to tackle the issue of managing diverse age groups is adaptability, knowledge sharing and conflict resolution. The necessity to be adaptable is a key driver for management. Adaptability can lead to higher profitability and improve employee loyalty. Managers should employ various methods of communicating/critiquing employees while still maintaining dignity for all. Companies must foster an environment for cross collaboration, to ensure all perspectives heard. Lastly, promotions granted based on skillset, not favoritism, that way all employees have an equal opportunity to advance.
Ward, G. (2021). Reaching the Most Vulnerable: How to Engage Financially Stressed Workers. Benefits Magazine, 58(9), 16–22.
Author Greg Ward addresses the impact of finance related stress in the COVID-19 workforce. According to a MetLife study quoted by Ward, financial stress links to poor mental and physical health, unhealthy coping behaviors and poor performance. The survey quotes the highest levels of financial stress amongst younger employees, in particular employees of color. Studies show repeat engagement in an employer sponsored financial wellness program can improve financial resilience and reduce unmanageable of financial stress. While most companies offer wellness programs for staff, statistics regarding participation is staggering. Whether employees lack understanding of opportunities provided or feel apprehensive about involvement, management face the challenge of engaging employees during hardship. An obvious remedy to the issue is increasing wages; however, the volatile economy, caused by the COVID-19 pandemic, presents further challenges. With looming uncertainty regarding when operations will return to normal, and many businesses filing bankruptcy, managers face the task of keeping employees engaged and optimistic.
The immediate approach the article takes is addressing why employees are not compelled to share adversity and seek help. According to the article, only 18% of African American and 9% of Latino workers take part in employee assistance programs, in contrast 55% of their Caucasian counterparts utilize the services. There are various reasons why employees opt out of the programs provided. For instance, many employees confess to feeling weary when discussing finances, mainly fearing judgement from counterparts. Others quote concern regarding confidential information shared with their employer. This should be alarming for managers as it displays a lack of trust towards management.
Lastly, the article addresses how employers can reach vulnerable employees. When promoting a financial wellness program to employees, it is crucial to discover the obstacles that may be preventing their participation. Executive support of financial wellness programs and a visual presence during economic downturn is key. During times of economic uncertainty, management must reach out to employees to assess their needs to tailor their approach. Conducting employee pulse surveys via a third party channels to capture employee concerns is a recommended solution. In addition, taking a stand against systemic racism and the adversity communities of color face during times of financial instability builds trust.
Pessina, I. (2021). Risk and Resilience Management as a Response to COVID-19 Pandemic Outbreak: Towards a New and Refreshing Approach. Economia Aziendale Online 2000 Web, 12(1), 27–37.
The study investigates the role of risk management when businesses face turbulence and challenges. In particular, the article focuses on the most recent event to avert businesses from traditional business procedures, the COVID-19 pandemic. The pandemic confirmed the volatility natural disasters and similar events pose towards standard operating procedures for management. The author lists two capabilities management must adapt when facing uncertainty, risk management and resilience,
The relationship between risk and resilience is intertwined. The way risks are theorized holds important implications for developing theory on resilience. While risk management is a necessity for businesses, unexpected catastrophes challenge typical management theories. In turbulent times, organizations often limit their resources, forcing managers to determine which necessities needed to continue operations. Managers must remain and maintain resilience when guiding staff through difficult times, as morale will most likely decrease. Resilience is defined as a method of response to adversity, conflict, or generally, any shifts in the atmosphere. “Resilience is a desirable characteristic for an organization, as it results in the ability to address increasing environmental complexity and to design systems that are not only more reliable but also more resilient to withstand unanticipated failures without catastrophic losses” (Giancotti, 2020). Staff will look towards management for guidance and as a beacon of hope during uncertainty; it is pertinent that resources provided for both groups to maintain their well-being.
The main takeaway from this article concludes that most catastrophes occur beyond management’s scope. Whatever may trigger a change in circumstances, organizations must be able to adapt to the “new norm” via changes to their resources, competencies, and business models. For instance, the COVID-19 pandemic forced businesses to operate remotely, or cease all operations until legislators deemed it safe to return to normalcy. However, businesses would never follow the same sense of normalcy as the urge for many workers to remain remote increased, efforts to automate procedures increased and workers faced emotional consequences from changes. The ability to recover and adapt is essential to ensure businesses survive into the future. This can be described as not only bouncing back to pre-crisis conditions, but also implementing policies and interventions that bounce forward. Lastly, it is important to understand that each generation faces tragic events, how businesses are able to withstand the cost of time is trough innovation, empathy and forward thinking.
Conclusion
Overall, each article presents different concepts and challenges management faces in contemporary times. With an ever-changing workforce, the ability to adapt to normal procedures are challenged. Each article annotated above relates in terms of time constrained environmental factors, outside of human control. Management cannot control volatile economies, natural catastrophes or the life expectancy of those in the workforce; however, they can ensure workers opinions are voiced and they have the ability to keep up with latest innovations.
Lastly, how can businesses adapt to unprecedented environmental challenges? By hiring and promoting diverse candidates from various backgrounds to speak on the needs of employees. “Employers should out of their way to look for divergent people who think differently, have unrelated interests and complement, rather than duplicate, what the business already has (Norton, 2017)”. Whom better to speak on behalf of a diverse group of employees than someone representing the demographic? In addition, managers should cease every opportunity to place employees on the trajectory to management opportunity. “Businesses that want to operate with more agility and innovate faster must rethink the way they structure work and match their best people with their most critical projects” (Gaul, 2019). This concept is especially important when mixing workers from various age groups and socio-economic status. Ensuring staff have the capability to move up the ladder is key. Ultimately, management must be able to scope the needs of their employees and adapt to ever-changing environmental factors.
