Multigenerational workplaces are not a new concept, however the age gap between the oldest employee and the youngest has increased – larger firms can regularly have five generations working together.
This brings varying attitudes from employers, and there is undeniably a growing disparity between the support employees expect from their workplace and what employers are bringing to the table.
A workplace with a multigenerational workforce working in harmony has the potential to foster peer-to-peer learning and development, new ideas, fresh perspectives, and creativity.
OECD research suggests having 10% of the workforce as older workers increases productivity by 1.1%.
As for turnover of staff, it is 4% lower at organisations which have a 10% higher share of workers aged 50 and over, promoting stability and productivity.
Find the business balance
However, business leaders are struggling to find the balance.
An external survey conducted by London School of Economics (LSE) of 1,450 employees in the finance, technology and professional services industries in the UK and USA, found that friction between different generations was driving down productivity and that firms need to develop stronger intergenerationally inclusive work practices.
To create a more harmonious, multigenerational workplace, we must ditch age-based stereotypes.
Further research from LSE showcases the advantages of fostering intergenerationally inclusive workplaces.
Organisations which empowered employees across generations with equal voice and merit saw 87% of them reporting high productivity levels, compared to only 58% at firms without such inclusive practices.
Additionally, the age-inclusive environment also doubled employee job satisfaction and reduced tendencies to search for new roles elsewhere.
Remove harmful assumptions
Once these harmful assumptions are removed, the powerful tool of multigenerational peer-to-peer learning can be embraced.
We have seen tremendous success when younger employees mentor the older generation on the latest technology, wellness trends, and work practices.
In turn, seasoned team members share their career wisdom and life experiences.
Key initiatives have helped different generations exchange and learn from each other, including a mentoring program involving employees in all teams and at all levels, management training programs delivered by senior leaders, Ask Me Anything sessions, and focus groups to solicit input across functions and generations.
To create harmony, it’s not a one-size-fits-all approach. Employers need to implement personalised and adaptable workplace solutions.
While some employees may want stronger retirement plans, others will want healthcare which supports physical ailments, as well as robust mental health support.
Several studies highlight the clear relationship between the implementation of health and wellness initiatives and the reduction in staff absenteeism and increases in productivity.
Prioritise worker wellbeing
In 2012 PwC calculated the cost of absenteeism in the UK as £29 billion, making employee wellbeing something that organisations cannot afford to ignore.
This financial impact underscored the importance of comprehensive wellbeing strategies.
Indeed, Dialogue research in Canada found 71% of employees and 98% of HR professionals agreed that employee wellbeing initiatives are helpful.
Conversely, organisations that did not prioritise worker wellbeing saw decreases in productivity, increased healthcare costs, and impacts on presenteeism and absenteeism.
As a society, it has taken us years to elevate physical and mental health discussions.
Now, it’s more important than ever that our workplaces evolve to meet the diverse wellbeing needs of a multigenerational workforce.
This is not only the right thing to do but also a great way to attract top talent, as employees increasingly expect employers to support their wellbeing.
