A New Generation Of Workers

Every generation is influenced by its period 's economic, political and social events. From the Great Depression to the civil rights and women 's movements to the advent of television and advanced computer technologies. Thus generational background/situation may also affect the way they work. The key is to be able to effectively address and take advantage of the differences in values and expectations of each generation in the workplace. The current work place consists of four different generations; The Baby Boomers (1946-1964) who are slowly retiring and existing the workforce, The Generation X (1965-1976), The Generation Y or millennia (1977-1997), and the Generation Z who are about to or are just entering the work force. Although these different generations tend to want similar things in a workplace their environment/background has shaped their character, values, and expectations (Hahn 2011).

carefully planned out and considered, the total closure or failure of the organization could be at hand in the near future. In our modern age, employers know that salary is not the only factor that should be considered and that salary alone will not lead to better or more highly profitable workers alone. This is why compensation planning is important and why pay should have some connection between performance and compensation. This is why the human resources department should consider many monetary and non-monetary factors when considering how to properly compensate and motivate employees (Dessler, 2013).

In today’s society, the work industry is comprised of numerous generations from baby boomers to millennia’s. Due to reasons ranging from increased cost of living to political policies, Americans are being forced to work longer in order to obtain the social security benefits they’ve contributed to during their careers. Each generation has certain generational influences such as war times and civil rights for the baby boomers and social media and the technology boom for the millennia’s. One constant that has not changed, however, is that the average American has to work for a living, and with the evolution of the US economy, they are having to work longer and are retiring later.

Baby Boomers constructed America in the 1960s, and soon the Millennials will get their chance. Baby boomers are currently the largest generation of active workers. Research has shown that boomers identify their strengths as organizational memory, optimism, and their willingness to work long hours. Many earned, many still earn high incomes. The millennial generation, born between 1980 and 2000, are starting to enter businesses in large numbers. However, they do not have the same views and values when working compared to the Boomers. This Boomers grew up in organizations with large corporate hierarchies, and Millennials grew up with management structures and teamwork based job roles. By 2025, millennials will make up the 75% of the workforce replacing the Boomer generation. But, are they ready for the workforce and is the workforce ready for them? I think they would be ready if businesses are able to change and adapt towards them.

There is a significant value gap between degrees held and jobs worked by Generation Y. Without available positions in their fields, Millennials must take unskilled jobs, while waiting for their elders to give turn. Millennials who are not educated and working toward a professional career are the hardest hit by situation, creating a new echelon of poor Americans. Economists think that Millennials should accept this current economic climate as the "new normal." (Kotkin 3).

According to Richard W. Judy and Carol D’Amico in the article “Work and Workers in the Twenty-First Century”, Americans are figuring out how to deal with the dramatic changes in the workforce. The journey to become a productive worker will not be easy to achieve but the hard work Americans put in will pay off in the long run. There are four forces that explain the dangers and satisfactions that are ahead for American workers. The four forces to be considered are as follows: technological changes, globalization, the aging population, and ethnic diversification. All four of these factors play a role in coping with the changing workforce.

Many employers are challenged with handling the millennial due to the lack of proper understanding of this generation since there is plenty of myths, propagated through anecdotes and assumptions. However the separation of the myths and the facts is important for an organization so as

As generation Y, the first group to come of age in the new millennium, grows and matures, they have entered the workforce at an increasingly high rate, making them the fastest growing segment of the United States workforce (Dorsey, 2010, pg. 15). These “youngsters” are typically in their early 20’s to early 30’s, still in the early and formative stages of their careers (Wain, 2013, pg. 308). Joining these Millennials in the workforce are those known as Generation X, consisting of the middle generation born from around 1965-1984 (Wain, 2013, pg. 308). At the far end of the age-workforce spectrum sit the Baby Boomers – those born between the years of 1946 and 1964 (Kaifi, Nafei, Khanfar & Kaifi, 2012, pg. 89). And finally, the oldest generation still trying to eke out their last paychecks before retirement is the Traditionalists, born between the years of 1937 and 1945 (American Medical Writers, 2012).

It is important to keep in mind that each generation sees the world through a unique lens that forms as a result of the events that were taking place in the world as these individuals grew up. Brenner focuses on the different events that have shaped their values and their perception of work. For example, the Veterans went through World War II and grew up with a strict regimen. As such, quality, respect and authority are important to them. Baby Boomers embraced the value of having to sacrifice to get ahead. All that sacrifice makes them very loyal. Generation X workers were the latchkey children who watched their Boomer parents forge a new workplace. They were also the first generation to grow up with technology. As such, this generation cares more about productivity and less about the number of hours spent on the job. Millennials are a generation entrenched in technology and therefore urn for instant gratification. They bore easily. Because they best understand how to maximize technology, they value a balance between work and

Regardless of time period there are definitive opportunities for future advancement as the third decade of the 21st century approaches. When looking from a societal and economic standpoint, companies succeed or fail on the level of innovation, talent, and engagement of their employees. They need to attract – and retain – highly skilled workers in a wide variety of fields ("Gender Inequality in the Workplace", 2015, p. 2-4). The future is extremely optimistic for those of Generation Y and Generation Z. According to a study conducted by the Deloitte Millennial Survey Committee, then interpreted by Vitality journal,

“The number of employees over the age of 55 has increased by 30 percent; however, the number of 25- to 54-year-olds has only increased by 1 percent” (Claire, 2009). In 2008 the eldest of the 77 million baby-boomers turned 62. Estimates are that by the end of the decade about 40 percent of the work force will be eligible to retire. As people begin to reach the age of retirement there may be not be enough new employees to fill the gap (Clare, 2009). Companies need to find ways to attract Boomers and Millennials. Companies that want to attract Boomers and Millennials need to be creative in their culture, HR policies and work environments.

When job candidates discuss compensation packages with potential employers, the talk usually turns towards monetary compensation. Businesses have found that creating a balance between home life and work is just as important to their employee retention rates as their actual salaries. The reason for the shift in priorities varies with each employee, but the fact that the workplace is dominated by Generation Y employees that place a high value on their downtime is one reason. That very sentiment was echoed more than 10 years ago in a 1997 USA Today

The world’s labor force primarily consists of three major generations: the “Baby Boomers,” “Generation X,” and “Generation Y.” The “Baby Boomers” were born during and after the 2nd World War (1940 to 1960). This generation has a legacy of expertise, “old-fashioned” autocratic management, and healthy productivity. “Boomers” are known to work hard, remain loyal to their employers, and receive promotions on the basis of hard work and high skill. Technology was rather limited (Hewitt and Ukpere, 2012).

In today’s competitive workforce, compensation and benefit packages plays a crucial role on recruitment and retention for both the organization and the employee. Bumpbie finds itself in a situation where it could positively affect its employee’s morale, turnover rate and longevity; by making a strategic decision to implement compensation and benefit packages that will encourage current workers to stay and entice new applicants. Money is not always the inherent reason businesses experience high turnover rate, the constant shifting in the job market will always be a contributing factor as well as employee’s moral. Mayhew, R. (2016), explains that an “employee compensation plan” refers to all the components offered as well as the way in which they are paid, and the reason behind the employees getting the compensation case bonuses, salary increases and incentives. The fact that there are voluntary and mandatory benefits that organization provides to their employees give employees the freedom of choice, as well as the option to make the whether to stay with or leave an organization based on the benefits it provides. Variable Pay is also an option that some employers offer their employee which is performance based or results oriented. Whether it is profit sharing, merit based programs or incentive bonuses; it all comes down to which organization can provide employees with the compensation or benefits packages that best satisfy their needs.

The most connected, classy and educated generation ever is known as Gen Z. Gen Z is part of a generation that is global, social, visual and technological. They are the teens, the tweens, the youth and the young adults of our society. A Generation is generally described through the years of birth. For example Generation Z is 1995 to 2009 and therefore if you are born within these times, you are considered a part of the Generation. Generation Z is about 2 billion of the world’s population and they don’t just characterize the future, they are creating it. Unfortunately Gen Z individuals have been brought into the world during the times of crisis, terrorism and the global downturn and climate change. However fortunately study has shown that Generation Z is assisting human resource managers in many areas such as employment, and the evolution of the work industry. Like the unfortunate era they’re living in, there is a positive turnaround where the students of today, employees and consumers of tomorrow, are experiencing the workforce for the first time and through this experience they have found and displayed new ways that human resourcing can be publically viewed. It has often been argued that Generation Z kids are irresponsible and lack discipline, however when it comes to employment, many managers have agreed that this Generation is the best.