Workforce Management Featured Article
Why Your Workforce Management Strategy Needs to be Future Proof
Has any other generation gotten as much attention as millennials? The Baby Boomers sure did drive much of the conversation for years, but marketers don’t seem to focus nearly as much attention on them now as they do the younger generation. It’s driving budget changes, marketing campaigns and even human resource practices. The big picture is really all about workforce management and what this means for companies in the future.
Much of the focus on millennials in the workforce has been on the technology they have come to view as a third arm. Many were raised with personal computers and cell phones and have very different expectations when entering the workforce than those of the generations before them. This is great in some ways, but generates anxiety for those who aren’t quite sure what the future is going to hold.
One very real anxiety for some millennials is the anticipation of a real retirement. Many believe they will never have an opportunity to retire. In reality, the traditional retirement that was afforded generations before may be out of reach for some of today’s millennials. Can society adapt to an extended working life to support these individuals later in life and if so, is this worth celebrating?
A recent Quartz piece took a look at this trend and some of the characteristics that are leading to changes in retirement options for the younger generations. While most Baby Boomers planned to stop working around the age of 65 and focus the next 10 years or so on traveling, leisure activities and sports cars, young people today are living healthier lives. As a result, they’re living longer, which means they either need to work longer or set up better retirement plans to fund extra decades of play time.
For many, this also means a longer professional life. In doing so, these individuals have the opportunity to improve financial security and maintain an important sense of purpose in their lives. Plus, those who continue to work have been found to have fewer ailments than those who retire early. With such benefits to staying in the workforce longer, companies have the opportunity to keep productive employees well into their prime, while also training young recruits to join the team.
To support the blended environment, workforce management will need to be robust enough to balance a variety of skillsets, experience, education, physical capabilities and more. Companies benefit from increased productivity by creating an environment where everyone can flourish, especially when learning spans a variety of positions and ages.
The key to success in such an environment is embracing the benefits that each age group brings to the table, celebrating them in a way that drives employee engagement. In doing so, all employees feel they are contributing to a common goal, celebrating the positive outcomes.
Edited by Alicia Young