Posted May 18, 2018
By 2020, employees born before 1990 will make up more than 28 percent of the workforce. Depending on the industry, four or six generations of employees will be working together, which can create many new challenges for employers. Are you ready? Here are four things to know about managing employee workforce changes.
1. Manage generational needs – There is an interesting workforce dynamic occurring at many businesses today. Older employees are working past the traditional retirement age of 65, and younger employees are entering the workforce at a rapid pace.
Managing diverse groups requires employers to understand the differences in workers’ needs and expectations.
2. Provide meaningful benefits– In most industries, the job turnover rate is between 12 to 15 percent. In specialized fields, the rate can exceed 20 percent. Since it’s an employees’ job market, employers should be aware of workers’ expectations to keep talented team members engaged in their jobs. In addition to medical insurance and voluntary coverage for dental and vision plans, employees are looking for benefits that assist them with student loan repayment and college savings plans, such as the BenefitEd program.
3. Restructure workflow– Employers should continually update their benefits, streamline workflow systems, and solicit employees’ ideas for improving products and services. Many employers have flattened traditional workforce reporting charts to reflect new employee project teams. Cross-team communication is vital to keeping employees focused on projects, while also recognizing and rewarding achievements.
4. Coach and train employees– Employers must get new workers onboard quickly to engage them with their work. Managers must be proactive in coaching and educating employees and training them for new work responsibilities.
The great generational shift is changing your workforce. Listen to this podcast to learn how to manage employee expectations.