How Does a Multigenerational Workforce Give You a Competitive Edge?

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Multi-generational workforce is an upcoming phenomenon flourishing in the corporate sector. While you may think it’s a disadvantage because of conflicts and differences of opinion, it provides a competitive edge to your company. Generally, a multigenerational workforce comprises people from different generations. 

Today’s multigenerational workforce comprises 5 generations- pre-boomers born between 1925 and 1945, baby boomers from 1946 to 1965, generation X from 1965 to 1980, and generation Y (millennials) born between 1981 and 1996. Among these generations, you observe a variety of opinions, principles, values, and work ethics. Even the priorities and preferences are completely different. 

However, if you channel this diversity in the right manner and manage such a workforce, you have a competitive edge over your contemporaries. The competitive edge is due to the following reasons – 

Wide Range of Ideas and Knowledge  

A multigenerational workforce provides a wide range of ideas and knowledge. Every generation has a different way of thinking and approaching a problem. Rather than creating conflicts, if you allow every generation to present their views, you shall have a list of options to choose from. Depending on the situation, you can think and discuss the most effective solution. In simple terms, you can use diversity to your company’s benefit. 

The multi-generational workforce faces the most crucial challenge of effective communication. Every generation has a different method to convey their opinions, knowledge, and solutions. The older generation is not familiar with modern tools, and hence, it becomes difficult for the younger generation to understand. If you can build a bridge between the generation gap, such varied opinions shall favor your company’s progress. 

Exchanging of Perspectives and Best Practices

The older generation of employees working in the industry for years together is valuable for your firm because of their extensive knowledge and experience. On the other hand, the younger generation brings innovation and a newer perspective to the table. While both belong on extreme sides of the spectrum, they are equally important for your company. 

If you enable and encourage your companies to exchange ideas and become more interactive, your employees develop the habit to imbibe and adapt. Ultimately, what you want is unity among your employees by preventing miscommunication or conflicts. A healthy exchange of ideas or perspectives again provides an edge to your company. It makes your workforce more resilient, robust, and capable of dealing with any situation. 

Drives Innovation Among Employees

Innovation is needed in an organization to progress, overcome a difficult situation, and set yourself apart from the rest of the market. The level of innovativeness also provides you a competitive edge among your contemporaries. It is observed that having an age diversity in your company drives innovativeness and the capacity to think out-of-the-box. 

The younger generation is more open to technology and digitalization and willingly accept greater exposure. On the other hand, the older generation has the knowledge and industrial experience and guides the younger employees. This combination works wonders in providing effective and unconventional solutions for any problem. It also helps you get closer to achieving your company’s ultimate goals. For this to happen, you just actively encourage collaboration, establish team-spirit, and introduce initiatives to integrate past-learnings with newer ideas. 

A multi-generational workforce is an important phenomenon observed among various companies. Most companies also prefer such a diverse workforce because it provides them a competitive edge over their contemporaries. Such a workforce encourages the exchange of ideas, perspectives, and opinions. It boosts innovativeness and encourages out-of-the-box thinking to help your company bring something new to the table. 

However, a multigenerational workforce is challenging to manage. You must build an atmosphere that helps all employees grow, communicate effectively, and contribute to your company’s overall progress.