The older workers complain the younger workers do not respect tradition and have no sense of teamwork or any work ethic, for that matter. This kind of miscommunication happens all the time in companies all over the nation.
Every employee is valuable and brings skills and talent to the table. Miscommunication and conflict across generations impact a company’s productivity and bottom line.
Lost revenue and turnover, costly consequences of the generational divide, can be averted if managers learn to bring employees together.
Generational harmony impacts a company’s profitability. In 2005, it was predicted that unemployment would be at five percent at the end of 2006.
Low unemployment and steady job growth usually makes employees comfortable enough to look for jobs with better opportunities and better benefits. It was predicted that by 2010 the United States would be short 10 million workers with the right skills.
The U.S. was short only three to four million workers in the late 1990s, and hiring managers were scrambling to fill empty chairs. Organizations need a plan to recruit and retain employees from all generations with the right skills.
Turnover is expensive, costing “50 to 150 percent of a departing employee’s annual wage.” It is time for organizations to assess the demographics of their workforce to make sure they have the “bench strength” for projected retirements.
Managers can take the following actions to immediately improve retention:
• Evaluate age of workforce.
• Develop strategies to attract and retain those about to retire.
• Identify ways to operate more efficiently.
• Create a formal process to assess manpower over the next five to 10 years.
• Evaluate current turnover.
• Establish two-way communication on all issues.
• Assess skill development commitments.
• Proactively work to retain talent.
Managers should be developing strategies to coax ready-to-retire workers into semi-retirement so they can mentor younger workers to do their jobs. Employers should not only be thinking of ways to retain quality employees, but also how to retain valued customers and colleagues. Generational misperceptions can injure these critical business relationships.
People are a business’s key resource. It is the people that make a company successful. Managers need to understand the demographics of their workforce, and to do whatever they can to retain and develop the skills of all their employees, regardless of generation. This plan of action will minimize turnover and increase the bottom line.
Bridging the Generation Gap was written as a reference tool for managers confronted with recruiting, retaining, and balancing the needs of five generations of employees. To access the book summary, please go to BusinessSummaries.com.
