In our recent monthly poll, we asked our readers how their companies are preparing for a generational shift in the workforce, and nearly half may not be ready for the ensuing change. With 46% of the votes, “we haven’t prepared for a generational shift” was the number one answer, followed by “created a mentoring program to connect less-experienced newcomers with seasoned professionals” with 17%.
Rounding out the top five:
- 14% of readers’ companies “developed a succession plan to assist with the shift in leadership.”
- 10% “implemented employee development programs to assist in the shift.”
- 8% “adopted a flexible/remote work environment to accommodate younger generations’ work styles.”
Another 4% of respondents selected the “other” option and added their own perspective on the generational shift, including:
- “We changed the way we communicate.”
- “Developed training to help managers understand Millennials a little better.”
- “We have hired a young person for management and take his opinions into account.”
Generational Shift a Changing of the Guard
Recently, the Millennial generation became the largest generation in the workforce, eclipsing Baby Boomers. And, that number is growing. According to a Deloitte study, 75% of the global workforce will be composed of Millennials by the year 2025, as 10,000 Millennials turn 21 every day. Conversely, 10,000 Baby Boomers retire daily. Their exit from the workforce signifies a changing of the guard—and with it comes a loss in years of experience and insight.
Mentorships an Answer to the Shift
Each generation has its own positive effect on the workplace, so the best way to prepare for the shift is to ensure your company gets the best out of each group. One way to make sure nothing is lost is by implementing mentoring programs. While Millennials bring with them a strong sense of idealism, energy, and vision, Baby Boomers offer years of knowledge, an understanding of the cyclical nature of the economy and industry, and a history of experiences with what does and doesn’t work.
From group meetings to one-on-one relationships, creating a company culture that embraces the art of mentoring can be the key to a smooth transition in the workforce. The generational shift is already occurring—are you prepared?
What have you done to ensure a smooth transition? Has your company made any changes to accommodate younger generations? Let us know in the comments section below!