Your Workforce In 2020
One of the most globally discussed topics during the later part of the 2010s had been millennials. It doesn't look like that in the 2020s it's going to stop, but in this decade all the Millenials will be turning into adults. 'Post-Millennials', their successor generation, is about to get exposed to the corporate environment. In the 2020s, the workforce of companies will be having three different generations; Generation X, Millenials and Post Millenials. So HR departments will have to broaden their perspective in terms of managing diversity in the workplace.
(Note: All the information and ideas are subject to Jan 2020, we have calculated the current age of classes as per 31st Dec’2019.)
In What Generation Am I?
If you have this question then you are most likely to be a ‘Post Millennial’, Millennials have already heard a lot from Generation X, so there’s clarity between them. Below we have briefed each generation for the sake of clarity and reference:
Born in or between 1965-1980, currently aged at 54-39 years. Most of them act as the current head of their family. They occupy most of the senior positions around the world. By the end of this decade, many of them would have retired or will be on the edge of retirement. They constitute among the most net worth around the world because of their long and continuing career. They have started or will be starting to plan retirement. At the workplace, they can be seen as disciplinarians and adapting to technology and innovations. Even in these modern times from inside they strongly believe in brick and mortar concept of business and don't prefer work from home options. Their experience guides them towards stable and smooth systems and functions. Not to forget this is the generation that believes more in the perpetual succession of business through the family.
Millennials or Generation Y
Born in or between 1981-1996, currently aged at 38-23 years. As shared earlier they are currently the most discussed generation throughout the globe. There's a misconception of perceiving them as college teenagers. As of fact, this is the age bracket where Indians (and most of the world) get married. This generation is highly ambitious but lacks perseverance, they are result oriented but impatient and smart working but easily distracted. They are technological prodigies; social media, software, robotics, online platforms and much more. This generation is perceived to be lazy, narcissistic, unfocused and disloyal job hoppers. Their career search goes like work that can be done from home. They are born and brought up in technological age so their online communication is far stronger than interpersonal.
Post millennials or Generation Z
Born in or after 1997-2012, currently aged at 22-7 years. (For this blog we are referring to 22-18 age group) This is the social media generation, technologically adaptive because born amidst it. They constitute very little of the workforce population but will become a significant part towards the end of this decade. As young aspirants, they are now getting exposed to corporate culture as freshers, beginners and interns. Apart from corporate, these generations have many young achievers all around the globe in music, entertainment and sports.
Today most of the expenditure is either done by or on Millennials, but still, most of the income is generated by generation X.
Current Scenario: Beliefs and Psychology
(Currently 39-54 years) As discussed earlier they are still in the process of adopting the technology so they will prefer meetings rather than telephonic conversations and emails. The language plays an important role here, most of them understand English enough to comprehend, but fluency in speaking is something that many lacks. Their leadership is firm and based on discipline and dynamicity. In today's time, Generation X is considered as one of the most effective, influential and innovative leaders. 'How can be they termed as innovative, while they are still trying to adapt with technology and innovation', right? Generation X has more experience than any other generation. They understand business and needs and wants. Today technology is one of the reasons for the success of any business. Most of CEO's belong to generation X, it's their understanding of business, management and consumers that they directed the technological geniuses in such way. For sure not all innovations happened this way, still many organisational changes did. They believe in hard work, partnerships and rules. Their approach might be confined but not narrow.
(Currently 23-38 years) This generation has drastic changes than Generation X. They prefer communication over calls and texts and are believed to be distracted by cell phones. They carry many tags like disloyal job hoppers, narcissistic, lazy, distracted and much more. The whole generation is still perceived to be in college while they have turned into adults. As a generation, the Millennials are the ones to receive the most hype and they have a lot to prove. This has led them to be ambitious, impatient and a bit fragile. Millennials require idolising mentors to turn themselves into leaders. Their self-confidence and skill set need to be strengthened, as during their early days only they have faced startup fails, high competitions and economic shifts. This generation is or about to face the big expenditures of their life (car, home, marriage) so they need work and good remuneration. They are entitled, lazy and impatient and also a technological genius, ambitious and team-oriented.
(Currently 22-7, but focusing on 22-18 for the article) A generation that hasn't only born in technology and innovation, but is also experiencing the rapid changes. This generation has not only used Facebook but seen the rise of Instagram and Snapchat in front of it. They know how to communicate through photos and videos, they the passive messages behind them. Post Millennials know or can adapt to different social media channels better than anyone. They are the generations who have robotics, social media marketing, app development and such innovative courses in their curriculum. Their sense of belongingness derives from social media which has led to the increase of social media influencers. It's a new and effective social media branding platform for businesses. Most of the social media influencers are millennials (23-28) or post-millennials (18-22). This generation is also filled with achievers, today every industry as an 18-year-old achiever. This generation believes in uniqueness and multi-task. They catch and grasp information very quickly. Apart from all this what limits them is their focus, they bit distracted, but not by cellphones. They tend to have different and varying interests and want to try many things but forget consistency and stability in between. Today Indian students believe in taking a drop between undergraduate and postgraduate. Before higher studies, they believe in working and gaining some practical knowledge as well as explore their interests. Many colleges today have kept it mandatory for their students to do an internship as part of the curriculum.
How To Maintain An Ideal Work Culture Between The Three
To study and read about them individually is different from managing them at the workplace. Generation X will prefer standard timings and distinction between home and office. Whereas, your Millenials and Post Millenials in the workforce will demand flexible hours and work from home. If your nature of the business can support it, then you should try these flexibilities. Your large part of the workforce is Millennials, keep a focus on them and their aspirations. Maintain bit freedom and causality in the workplace, it directly creates a home feeling. This will help if you can't provide work from home options. Make millennials work in groups, and define targets precisely. Its a generation of goal-oriented people, your every employee will have their own goals. Try to merge personal and organizational goals by setting such policies and plans.
Generation X has potential leaders and they can train millennials into being leaders. With this generation planning retirement ensure them good remuneration and deserving promotions. On the other hand, millennials need to be recognized. They need to feel that their work is important and impactful. Have employee engagement activities in your workplace, and before that have employee engagement strategies as part of your plans. Post Millennials are looking to start their career bit early than other generations, they can learn skills from practice and the internet. Rather than required qualifications look for necessary skills in an applicant.
Points to remember:
- Design your workplace channel and communication as that of a family.
- Instill goals and vision in all of your employees.
- Familiarise them with company values and beliefs.
- Take care of personal goals of your employees.
- Every employee (more importantly millennials and post-millennials) can offer more skills than just their job.
- Give young talent an opportunity in your workplace and, train and develop them accordingly.