Introduction
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Veteran and Baby Boomer generations are much more interested in long-term care insurance, and the options of part-time or phased retirement.
Particularly among younger workers (Generation Y), instant gratification is an expectation of theirs. “A good example of an effective management response to this is to give out a one percent incentive reward three times throughout the year, instead of paying a 3.5 percent reward at years end. For many of these workers, a reward to be given eight months from now wont make it on their radar”. “Another effective strategy might be automatically enrolling them into health insurance and 401k plans at the minimal contribution rate. Requiring these workers to pro-actively opt out if they dont want these benefits may increase participation rates dramatically”.
Managing Multiple Generations
Todays managers are coming to the realization that a “one-size-fits-all” management style is no longer effective in the workplace. These managers need to realize that members from each group bring exceptional and original perspectives to their organizations.
The first step in understanding how to manage multiple generations within one workplace is actually understanding and embracing the different traits typical to each group. As explained earlier in this report, the Veterans and Baby Boomers have made great sacrifices throughout their lives to have the lifestyles they have become accustomed to, whereas Generations X and Y are very technologically savvy and thrive on flexibility.
Next, managers should learn and help others understand the many differences and strengths of each generational group within their workforce. If an organization sets the example of being open to new ideas, then the employees will learn to accept and eventually appreciate the differences among them.