Understanding the employee overheads from the generational perspective helps the human resource department optimize this cost and utilize it to the advantage of the workforce.

“Companies have to work extra hard to build the confidence of the millennials. [This] trust doesn’t form at an event in a day – it is built with slow and steady consistency and through creating mechanisms to allow those little innocuous [trust-building] interactions to happen”.

In an interview with Inside Quest, Simon Sinek, an author, and motivational speaker talks about what organizations need to be doing differently to gain the trust of a millennial. Simon’s conversation is also indicative of how engagement strategies need to be carefully accommodative to all workplace generations.

Today’s typical workplace constitute of cohorts of age groups consisting of Baby boomers(23%), Generation X-ers (30%), Millennials/ Generation Y-ers(35%) and Generation Z-ers(12%). These generations, characteristically have contradicting value systems since newer generations tend to question the ‘status quo’ (Theory of generations – Karl Mannheim). These polarities are also illustrations of the social phenomenon called the ‘generation gap’. Articulation of this tension and its sociology is key in creating effective cross-generational teams at organizations.

This multi-generational perspective has great implications in the strategic management of human resources.

CONTINUE READING AT THE SOURCE:  https://www.peoplematters.in/blog/guest-article/managing-compensation-benefits-of-a-multi-generational-workforce-21599