The 21st Century workplace is being transformed by demographics as much as technology. Currently, there are four generations of workers and each has different needs that human resources must address to recruit and retain them.
The Baby Boomers, who are now between 51 and 71 years old, are beginning to retire. Generation X is making its way to the top of the corporate ladder. The Millennials are coming of age and Generation Z is entering the workforce.
To successfully recruit and retain the best of each generation, employers should understand that they have very different needs. According to “Recruiting a Multi-Generational Workforce” by John Segalla, this realization is the key to success:
We prefer to take a more holistic approach to the challenge of recruiting and retaining great talent that not only considers the Millennial generation but looks at the needs of each generation of workers. Clearly, what attracts a 25-year old software developer to a long-term role is not the same as what attracts a 47-year old VP of Engineering to a company and career opportunity.
Baby Boomers need to be recognized for their long career development with adequate salary and titles. They need a strong retirement package and financial stability.
Born from the mid-1960s to the early 1980s, Gen X faces the financial pressures of caring for both children and aging parents while trying to secure their long-term prosperity. Benefits that are attractive to Gen Xers can include flexible work environments, long-term care insurance, and college savings programs.
For the Millennials, born from the early 1980s to mid-1990s, career growth is important. According to a Universum study, the most important career goal for 51 percent of Generation Z respondents was flexible work arrangements.
You can work with the employee benefits professionals at Progressive Employer Management Company to determine the best benefits to appeal to multiple generations of employees while meeting your financial and business objectives.