For the first time in history, up to five different generations are working side-by-side in the modern workplace. This can be challenging for those in leadership positions due to the differences in how employees learn and respond to feedback.
But ultimately, it’s beneficial to have a multigenerational workforce. In fact, here are five benefits your business can look forward to with age diversity in the workplace.
- Age diversity in the workplace boosts innovation. When your workplace has more diversity, both in age and otherwise, your employees are able to be more innovative. This is because you have people from different backgrounds and experiences bouncing ideas off each other and offering feedback. For instance, one employee may have creative ideas whereas another may have the past experience to bring those ideas to life.
- Your workplace has a bigger talent pool. Companies who embrace age diversity have a greater number of employees capable of different skills. For instance, the 25% of the workforce that’s over the age of 55 may have more project management experience. And the 37% of the workforce aged 35 and under may have more technological and social media marketing experience.
- Age diversity can help with employee retention. If your workplace doesn’t have a lot of age diversity, it can suffer from higher employee turnover. This is because employees may not want to work for a company that isn’t accepting of people from all backgrounds and walks of life. When you improve age diversity in the workplace, you’re saying to your employees that your company promotes equality. And that makes employees want to stay.
- Age diversity boosts productivity. You can improve the productivity and performance of your employees by making them feel happy and comfortable. Employees feel happy and comfortable in an inclusive environment where they don’t feel their age or generation is being held against them. They’ll feel more confident in their abilities and feel encouraged to achieve their best.
Managing generational differences in the workplace may be challenging, but age diversity in the workplace is ultimately something advantageous to consider. A multigenerational workforce can analyze a problem from all sides. To learn more about the benefits of age diversity in the workplace and managing multigenerational workforce challenges, consider financial advisor training today.