Today's workforce is very diverse – especially in terms of age. Believe it or not, there are five generations in the professional landscape:
- Traditionalist – born 1945 and earlier
- Baby Boomers – born between 1946 and 1964
- Generation X – born between 1965 and 1976
- Millennials – born between 1977 and 1995
- Generation Z – Born 1996 and after
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As the younger generation gets older, parents choose to work longer hours. While multigenerational workers can create some barriers for employers, they can be more productive and have lower turnover rates than other generations of workers.
Leaders need to see a multi-generational workforce as an asset, not a challenge. It is said that if you take this as an advantage from a tactical point of view, you pave the way for healthy discourse, for a lot of opinion and for a lot of dialogue.
Generational diversity in today's workforce, information from the Society for Human Resources Management (SHRM) and AARP shows that Millennials make up about 50% of the workforce.
The population over 65 is now bigger than ever. And it is expected to double over the next 20 to 30 years. While these younger and older workers overlap in the workforce, research shows that they tend to differ significantly in their careers.