Trying to attract and retain multi-generational employees—and meet their diverse needs—is nothing short of a challenge. According to Monster Canada, almost 90% of Canadian workplaces today employ up to four generations of workers. And, almost half of Canadians who work in a multi-generational environment report experiencing a “clash” with older or younger co-workers. Gen Ys, Xers, boomers and traditionalists, then, could be coming together or coming to blows.
To address this multi-generational workforce—and those potential clashes—workforce planning is key, said Sanjiv Kumar, managing director, human capital management, Buck Consultants. He spoke today at the “Balancing the Needs of a Multi-generational Workforce: Talent and Reward Strategies” seminar in Toronto. This planning is critical to observe changing demographics to plan for the future; reduce unnecessary costs and change; make workforce transitions, including knowledge transfer; and design effective human resources programs for a multi-generational workforce.
Workforce planning has three elements: tracking and reporting, analytics, and planning. You need to figure out what the gaps are, he said. “How many employees do I need? What kind? How soon? What’s the cost?”
Employers should also focus on all five components of the total rewards strategy: compensation, benefits, career opportunities, work environment and culture. “Take each one of these,” Kumar said, “and customize and adopt it for the generations while still maintaining standards across the organization.”
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