By Hadley Catalano
Women in leadership positions are now managing multiple generations of employees, sometimes with as much as a 50-year age gap. Generally speaking, the scenario isn’t entirely new: seasoned employees with years of experience have often worked alongside fresh, inexperienced hires. What is historic; however, is that in the last 10 years, the workplace has grown to include four generations of employees: Traditionalists (1922-1945), Baby Boomers (1946-1964), Generation X (1965-1981), and Generation Y, also known as Millennials (1982-2000).
This historic moment can be attributed to an aging labor force. Once, the golden age of retirement was between the ages of 60 and 65. Today, people are working well into their 70’s. Why? Sometimes the answer is as simple as “because they can,” though the Bureau of Labor Statistics (BLS) reports that more often than not it’s a matter of requiring more than a fixed income in an unsteady economy, one rife with slashed retirement packages and to guarantee postretirement income.
This growing trend of multigenerational workplaces has been well documented by the BLS, as employees stay on well past retirement age and Gen Y workers set to outnumber Boomers and Gen X workers by 2015. But what does it mean for women who must lead multigenerational teams?
Talking ‘Bout My Generation
For directors, the expansion of their work teams has presented complex administrative challenges. According to a recent survey conducted by EY, a global leader in assurance, tax, transaction, and advisory services, three-quarters of the 1,215 cross-company professionals surveyed agreed that managing multigenerational teams is complicated. What makes it easier, however, is understanding the differences among your multi-generational employees.
Experienced executives, Jennifer Mackin, President and CEO of The Oliver Group, a leadership consulting firm, and Peg Newman, Managing Partner of Sanford Rose Associates, have observed generational characteristics and motivators.
According to Mackin, generational commonalities – based on age, cultural backgrounds, goals, influences, and behaviors – are rooted in inherited traits and environmental conditions.
“Some (generations) went through The Depression or more difficult financial times and others grew up in more affluent time,” Mackin said. “Traditionalists and Baby Boomers didn’t grow up with technology but learned that hard work always pays off and you get ahead by putting in the effort. Gen Xers and Millennials have their basic needs met and always have, in general. They are more interested in a comfortable way of life and, therefore, choose other priorities such as flexibility in their work and time for other parts of their life outside of work.”