Leveraging a Multigenerational Workforce to Enhance Business Performance
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Multigenerational Workforce

Leveraging a Multigenerational Workforce to Enhance Business Performance

19 February 2024 / Report

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Significant age shifts in global workforces mean that businesses often have a mix of four—sometimes five—generations working together. A multigenerational workforce can improve business performance and productivity—but leaders must take proactive steps to build an age inclusive workplace.

Trusted Insights for What’s Ahead™

  • Data shows that a multigenerational workforce, if well managed, can bring substantial business benefits. These benefits include improved business productivity, innovation, employee engagement and retention, along with knowledgesharing,
    intergenerational learning, and collaboration. C-Suite leaders need to articulate the rationale for cultivating a multigenerational workforce by collecting data and evidence from across the organization and diverse functions, such as talent management and knowledge management.
  • Companies are likely to see five generations of workers, and in some cases, a wider age gap across their global workforce in the near future. By 2030, the two biggest cohorts of workers will be mature workers (over 55 years old) and Gen Z workers (those born between 1997 and 2012). Now is the time for companies to expand their diversity, equity & inclusion (DEI) strategies, identify and eliminate any barriers to cross-generational working, such as unhelpful stereotypes, and reduce the risk of age-related employment discrimination.

Significant age shifts in global workforces mean that businesses often have a mix of four—sometimes five—generations working together. A multigenerational workforce can improve business performance and productivity—but leaders must take proactive steps to build an age inclusive workplace.

Trusted Insights for What’s Ahead™

  • Data shows that a multigenerational workforce, if well managed, can bring substantial business benefits. These benefits include improved business productivity, innovation, employee engagement and retention, along with knowledgesharing,
    intergenerational learning, and collaboration. C-Suite leaders need to articulate the rationale for cultivating a multigenerational workforce by collecting data and evidence from across the organization and diverse functions, such as talent management and knowledge management.
  • Companies are likely to see five generations of workers, and in some cases, a wider age gap across their global workforce in the near future. By 2030, the two biggest cohorts of workers will be mature workers (over 55 years old) and Gen Z workers (those born between 1997 and 2012). Now is the time for companies to expand their diversity, equity & inclusion (DEI) strategies, identify and eliminate any barriers to cross-generational working, such as unhelpful stereotypes, and reduce the risk of age-related employment discrimination.
  • To ensure workers of all ages thrive, organizations need to build a culture of inclusion and psychological safety. Practical steps to nurture cross-generational working include cross-generational mentoring and reverse mentoring, training for managers to avoid age bias, and intergenerational employee resource groups. An age inclusive culture will also be supported through practices that support workers across all generations, and life and career stages (such as mid-career reviews, phased retirement, and flexible work).
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Authors

Camilla Andretta

Camilla Andretta Camilla Andretta

Former Research Associate, Human Capital Center, E…
The Conference Board

Read Bio

Marion Devine

Marion Devine Marion Devine

Principal Researcher, Human Capital, Europe
The Conference Board

Read Bio

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