The Benefits Of Generation Yers And Millennials

The most prominent change in the workforce affecting human resources at St. Anthony’s is the rise of a multi generational workforce. Providing different human resource needs for various employees is an evolving challenge. Being aware of different workplace standards between generations is taken into consideration to reduce “pain points” (Calvert, 2015). In the interview, Judie grouped Generation X and Millennials into the same group, and focused primarily on the differences between Baby Boomers and Gen X/Millennials. She described the Baby Boomers as

Currently the Millennial generation comprises between an estimated 10-17% of the Controller’s Office, when defining a millennial as someone between the ages of 18 to 34 (Pynes, 2004, p. 28). In the chart below (Figure 1), you can see the breakdown of the office’s age groups. As the 60-65 year olds leave the workforce it will be important to recruit individuals within the younger generations to develop a visionary workplace

The most prominent change in the workforce affecting human resources is the rise of a multi generational workforce. Providing different human resource needs to various employees is an emerging challenge for Judie. In the interview, she grouped Generation X and Millennials into the same group, and focused primarily on the differences between Baby Boomers and Gen X/Millennials. She described the Baby Boomers as skilled in their jobs, thankful to be working, and without questioning change or decisions in the organization. However, she felt Gen

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

The most prominent change in the workforce affecting human resources is the rise of a multi generational workforce. Providing different human resource needs to various employees is an emerging challenge for Judie. Being aware of different workplace standards between these generations is taken into consideration to reduce “pain points” (Calvert, 2015). In the interview, she grouped Generation X and Millennials into the same group, and focused primarily on the differences between Baby Boomers and Gen X/Millennials. She described the Baby Boomers as skilled in their jobs and maintaining the implicit

Work centered, independent, goal-oriented, and competitive, these are just a few characteristics of Baby Boomers (cite). While it is often times easy to lump a group of people into one category and assume similarities, it is important to recognize that differences within each generation do exist. Not only are the differences important from a general standpoint, but they also play a role in consumption behavior. By analyzing two individuals from the Baby Boomer generation, those born between 1946 and 1964, a clearer understanding of these differences and similarities can be obtained (cite).

Over the past 100 years, many analysts can see evident a rise and decline of the United States population. Looking further into the demographics there are currently 73 million millennials aging from 18 to 34 that will soon account for one in three adults by 2020 (Catalyst, 2012). However, despite the increase of millennials, the overall U.S population continues to grow older. Retirement is a subject of the past in this decade and many over the age of 65 are living and working longer thanks to better health and stability in jobs. In fact, the population of older Americans is expected to more than double by 2060 (Catalyst, 2012). Looking at these statistics overall, we are seeing an increase in both generations meaning they are most likely going to have meet face to face within the workplace. This in result, has made it possible to have five generations in the workplace simultaneously. This is truly remarkable and can have a great effect on a business. Looking in the past at how much has changed in the few years, there was only 10.8% of the 65 year old crowd still working in 1985. Presently, thanks to the U.S Bureau Labor Statistics predicts for the year 2020 will comprise of 22.6% of 65 year olds still working (Ganett Company, 2014).

There are many challenges facing managers and leaders in current workforce. The variety of cultures, races and generations in today’s environment is making work harder. “Managing will also get even more difficult because of globalization, multi-generational workforce, dependency on technology, unethical behaviors and practices.” (Kaifi,2013,pg.217). In this paper I will talk about the three generations that we have had over the past sixty years – the Baby Boomer Generation, Generation X and the current Generation Y, known as Millennials. This rich mix of generations in the workforce can be attributed primarily to labor shortages experienced in many industries and the rising average age of retirement.

The early 21st century represents an important point in American history for intergenerational relations. In fact, Bernstein, Alexander and Alexander (2007) emphasize that, "For the first time in recent history, there are four generations of employees represented in the U.S. workforce. It is the largest demographic shift since women and members of minority groups began entering the workforce in significant numbers several decades ago" (p. 17). When four generations with different values, interests and backgrounds are

Baby Boomers are a large generation who were born in the 1950’s and 1960’s, who in this generation are growing old. As they become older their attitudes about aging creates a new market in the world's countries. Although, some businesses are obsessed with youth, several companies seem visionless to the fact that their customers are the graying aging population. Some companies have started, with reservation to market and advertise to an older population and design products and services that meet their special needs. Few companies see the elderly as an exciting group to market to. However, most companies spend 95 percent of their marketing and advertising budgets on those who are 50 and under. In today’s generation of growing older the elderly population is much healthier and wealthier than past generations and has more time to spend their money. Several decades ago, most retirees had only a few years to live by the time they retired. Baby Boomers

Gen X, Baby boomers, and Gen Y are the different generations who work side by side in today’s workplace. According to Ann Hewlett, the President for Work-Life Policy Gen Y and Baby Boomers generations are a large chunk of the workforce, around eighty million each. Whatever those generations value, they have the power to drive to get the results (Hewlett, Sherbin & Sumberg, 2009). Baby boomers and Gen Y have similarities in what they value and there motivates them in the workspace. They tend to share some attitudes and behaviors. At work, Baby Boomers and Gen Y are motivated by not only money and making a pay package. They both desire a bunch of other stuff in life. Along with strong title, recognition, and respect. They are drawn to crave

Reward Management (RM) has been defined as the distribution of monetary and non-monetary rewards to employees in an effort to align the interests of the employees, the organisation, and its shareholders (O’Neil, 1998). In addition O’Neil (1998) also suggests that a RM system can serve the purpose of attracting prospective job applicants, retaining valuable employees, motivating employees, ensuring legal requirements relating to direct and indirect rewards are not violated, assisting the company in achieving human resource and business objectives, and ultimately assisting the organisation in obtaining a competitive advantage.

“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.

The millennial's are coming. This can be a very shocking and disturbing thing to many employers and managers. There is a new generation entering the workforce that many see as difficult, lazy, and foreign. While the years vary, millennial's generally are represented by people in the United States born in-between 1980 & 2000 (Kuhl, 2014). This is a new generation of employees who think very differently than past generations and have a very different perception of the employee-employer relationship. Many companies are struggling with recruiting this generation into their workforce and even more companies are plagued by extremely high attritions rates within this demographic. In this essay the ideas of changes to recruiting and on boarding

“Generation X” (“Gen-Xers”), born from about 1960 – 1980, maintained some attributes typical of the “Baby Boomer” generation, but feel that their upbringing was too strict. They added an emphasis on work/life