Here are some troubling US economic trends that will impact every business:
* People are living longer due to advances in health and medicine.
* Cost of education continues to rise at an alarming rate.
* Health care costs are also rising at unsustainable rates.
* Pensions are a thing of the past in the private sector.
* The vast majority of individuals have meager savings in their 401k accounts.
Take a look around your office. Do you have people in their 50s and 60s still grinding each day? Get used to seeing them. They aren’t retiring at 60. Or 62. Or 65, for that matter. A recent USA Today article suggested that 70 is the new 65.
This new trend begs an important question for business owners.
Do you have the corporate culture that will allow employees across four generations to effectively work together?
This doesn’t mean just getting along - it means working together as a successful team. It means allowing the inherent values and strengths of the individuals in each generation to shine through and create an enduring culture of respect, trust, and success.
You may have a 63-year-old Baby-Boomer sales veteran who is comfortable making telephone calls day after day working with 26-year-old Millennial who is much more adept at engaging customers on social media. Your next rising star may be a 38-year-old Generation X parent returning to work now that their children are in school full time, or perhaps a 19-year-old Generation Z college graduate starting his first job. The mix of personalities, values, skill sets available within the four generations is incredibly powerful. Or incredibly overwhelming if you are not ready to create a culture that harnesses the power of your people.
The point is that as the workforce adapts to the economy, the smart leader will adapt their corporate culture to allow individuals to feel empowered by their differences and not in competition with the generations that were there before or came after. Doing so can generate exponential returns in revenue and employee retention.
The dynamic of a multigenerational workplace is not changing, so it’s incumbent on leadership to foster an environment that encourages collaborative interaction among employees of all generations. Create a workplace that celebrates the different strengths each generation possesses and enhances the workplace for everyone for generations to come.
ABOUT THE AUTHOR
Mike Patterson is the President and CEO of The Alias Group, a company devoted to helping businesses grow through inside sales and digital marketing. The company has been active for more than 25 years and works to bring customized, individual sales and marketing solutions to clients and continues to emphasize growth on both sides of their company/client relationship.
He got his start by building on the successes of his father's sales and distribution company, expanding into more aspects of industrial sales and adding an entire marketing division. As the company grew, the sales and marketing services evolved into a new brand: The Alias Group. The company underwent significant improvements as it grew. The facility, technology, corporate structure, and culture evolved; internally, The Alias Group refined to a team structure, instituted an open PTO plan, and actively applied The Alias Group's core values: Unique Focus, Genuine Connection, and Deliver More.
Mike is dedicated to the company's work and steady expansion, but when he is away from the office, he’s enjoying travel, visiting Dewey beach with his wife and three sons, or spending time on the sidelines of sporting events (whether they are those of his sons or The Ravens).