The Multi-Generational Labor Force Prepared on behalf of Sodexo September 2013 Boston College Center for Work and Family

Four Generations in the Workforce Traditionalists Baby Boomers Gen X Millennials Ages 68-91 49-90 33-48 13-32 Birth Years 1922-1945 1946-1964 1965-1980 1981-2000 Work Force Participation* 5%, 7 million 38%, 60 million 32%, 51 million 25%, 40 million *2011 data from AARP Four Generations in the Workforce Boston College Center for Work and Family

Generational Similarities and Differences Value family Want flexibility Workplace culture is important Career development is crucial Committed to their organizations Differences Defining Life Events Characteristics Values Perspectives on Work Effective Management Rewards & Incentives Modes of Communication Generational Similarities and Differences Boston College Center for Work and Family

Similarities Boston College Center for Work and Family

All Generations Value Family Boston College Center for Work and Family

All Generations Need Flexibility Baby Boomers may be caring for aging parents and require workplace flexibility in order to be successful professionally and personally Millennials may be young parents seeking flexibility to care for their children Source: Multi-Generational Workforce EBS All Generations Need Flexibility Boston College Center for Work and Family

Workplace culture is important to the job satisfaction of employees of all generations Regardless of age, employees want a supportive work environment where they are recognized for their contributions Career development is important to workers of all generations Source: AARP Leading a Multi-Generational Workforce Career Similarities Boston College Center for Work and Family

Career Similarities Boston College Center for Work and Family

Differences Boston College Center for Work and Family

Defining Events and Workplace Trends Traditionalists Baby Boomers Gen X Millennials Defining Events Great Depression World War II Korean War Berlin Wall Up JFK, MLK, RFK Assassinations Watergate Vietnam Berlin Wall Falls Challenger OJ Simpson Trial Columbine, VA Tech Shootings OK City and 9/11 Workplace Trends Women enter the workforce in large numbers Dual-earner couples become the norm Defining Events and Workplace Trends Boston College Center for Work and Family

Generational Characteristics Baby Boomers Gen X Millennials Value-driven Cynical Media-saturated Priority on self-actualization Technologically literate Diverse Service-oriented Adaptable Optimistic Dedicated Independent Ability to multi-task Conformists Individualistic Tech-savvy Team perspective Creative Experienced Knowledgeable Generational Characteristics Source: AARP Leading a Multi-Generational Workforce Boston College Center for Work and Family

Generational Values Traditionalists Baby Boomers Gen X Millenials Accountability Fulfillment Freedom Diversity Tradition Indulgence Reality Flexibility Stability Balance Self-reliance Empowerment Equality Work-life balance Service-oriented Source: AARP Leading a Multi-Generational Workforce Generational Values Boston College Center for Work and Family

Differences in Work Perspectives Traditionalists Baby Boomers Gen X Millennials Company loyalty. Believed they’d work for the same company for the entire career. Live to work. Believe in putting in face time at the office. Work to live. Believe that work should not define their lives. Work my way. Devoted to their own careers, not their companies. Desire meaningful work. Source: AARP Leading a Multi-Generational Workforce Differences in Work Perspectives Boston College Center for Work and Family

Effective Management Baby Boomers Gen X Millennials Treat them as equals Be competent and direct Be positive Take a democratic approach Be genuine Coach and support them Show warmth Set deadlines Encourage collaboration Tell them they are making a difference Be informal Be organized and create structure Be supportive of growth opportunities Be achievement-oriented Be flexible Motivate them Be results-oriented Effective Management Source: AARP Leading a Multi-Generational Workforce Boston College Center for Work and Family

Rewards & Incentives Baby Boomers Gen X Millennials Personal appreciation Free time Awards Promotion Opportunities for professional development Certificates Recognition Certifications to add to resume Tangible evidence of credibility Upgraded resources Source: AARP Leading a Multi-Generational Workforce Rewards & Incentives Boston College Center for Work and Family

Preferred methods of communication Baby Boomers Gen X Millennials Phone calls Voicemail Instant messaging Personal interaction Email Text messages Emails Source: AARP Leading a Multi-Generational Workforce Preferred methods of communication Boston College Center for Work and Family

Strategies Boston College Center for Work and Family

Recruitment and Retention Strategies Baby Boomers Gen X Millennials Provide challenging work and learning opportunities Give scheduling options Provide them with a strong benefits package Offer phased retirement programs Allow them to work independently Provide meaningful volunteer opportunities Offer health and wellness programs Give timely and specific feedback Pair them up with older mentors Help them learn interpersonal skills for the workplace Source: AARP Leading a Multi-Generational Workforce Recruitment and Retention Strategies Boston College Center for Work and Family

Strategies for the Multi-Generational Workforce Training Provide training on intergenerational dynamics Provide soft-skill training for new hires Assimilating into a new workplace culture Working with team members of different generations Learning how to receive feedback Strategies for the Multi-Generational Workforce Boston College Center for Work and Family

Strategies for the Multi-Generational Workforce Communication & Transparency Open and honest communication Strive for greater transparency to help keep employees invested in a company’s goals and objectives Leverage technological skills Management Style Two-way mentorship programs Appreciation of Diversity Embrace generational differences Foster intergenerational collaboration Strategies for the Multi-Generational Workforce Boston College Center for Work and Family