At The Diversity Movement, we are proud to have four generations working together to drive our business forward. We employ Gen X leaders with decades of experience, innovative Gen Z managers who bring new ideas to the table, millennial leaders with enthusiasm for the company culture, and older professionals with a wealth of experience across industries. We encourage formal and informal mentoring as each individual brings unique strengths to the table.
Because of changes in the labor market, multigenerational teams like ours will only become more prevalent. Companies that see the unique assets of every individual, no matter their age, will attract and keep the most talented workers. Forward-thinking organizations will leverage the knowledge and experience of older workers and the energy and agility of younger workers to create innovative, high-performing teams – the key to long-term, sustainable success.
The Benefits of the Multigenerational Workforce
Among the advantages of multigenerational teams is knowledge sharing. Mentoring and reverse-mentoring programs lead to greater efficiency and improved retention of key employees. At Kimberly-Clark, a multinational consumer products organization based in Irving, Texas, senior leadership instituted a reverse-mentoring program in which millennials were teamed with older executives to help them understand what would best engage younger employees.
Older generations can (and should) also mentor younger generations. By sharing their wealth of business expertise with millennials and Gen Z, Traditionalists and boomers can pass on institutional knowledge and ensure that the organization thrives even after they retire. Gen Xers and millennials who are in leadership positions can also take on mentoring roles. This can lead to happier, more productive workers, and a better sense of community.
Creating a multigenerational workforce also impacts the bottom line. When a company’s staff reflects its target market, it is better able to anticipate and respond to their needs; therefore, a multigenerational workforce can better appeal to a larger target market. Millennials spend $200 billion per year, the most spending power of any generation yet. However, baby boomers control 70% of discretionary spending power, highlighting the need for multiple perspectives.