The saying is one
of about a hundred discovered in remnants of a book written by Greek
philosopher Heraclitus around 500 BC. If he thought change was happening
quickly then, imagine how surprised he’d be today!
The Workforce of
Today and the Future
One of the biggest
changes we’re witnessing this century is the rapidly shifting generational
change in our workforce. Millennials (those born between 1981-2000) make up the
biggest segment of our workforce today. And come 2020, it’s estimated that
Millennials alone will comprise 50% of our country’s entire workforce.
things further is that the rest of the workforce is splintered. Baby Boomers
(1946-1964) follow the Millennials in terms of workforce size, then Generation
X (1965-1980). Generation Z (born after 2000) and the Silent Generation
(1900-1945) make up 3% each. What’s even more dramatic is that by 2023, the two
youngest generations will represent nearly 70% of our entire workforce.
What Does This
The presence of four generations with different work ethics, habits and values will be a challenge for leaders. It will mean understanding their differences as well as similarities and working within those frameworks as best as possible.
While it’s not fair
to typecast, here are some of their most common characteristics of each
generation that need to be understood by leaders.
Generation is probably the last generation that will see a good percentage of
workers retiring from their one and only job. They’re loyal, used to following
the rules, and generally don’t challenge authority. A fair number find
technology a big challenge and love to work in teams.
Baby Boomers are often viewed as overachievers, workhorses and materialistic. They prefer one-on-one communication but are also team-oriented.
Generation X is a
lot more independent. Many are skeptical of authority and prefer working by
themselves. They’re also a lot more adept at technology and results-oriented.
surrounded by technology when they were born and are highly experienced in high
tech. Unlike their parents, a work-life balance has a priority over money.
They’re adept at multitasking and welcome feedback. Millennials are also
socially conscious and apt to be activists.
Gen Zers are
similar to Millennials in that they want feedback and are also adept with
technology. The difference is that they like to work in small teams.
What This Means
Leaders wishing to
maximize their effectiveness recognize and respect these generational
differences and adapt to each, as necessary. They ensure that their compliance
and ethics departments are also aware and adaptable.
There’s also a common thread among all generations and that is that they all want job satisfaction. The difference is that the older generations will stick it out while the younger ones will leave.
reward employees based on their set of values. A millennial would likely
appreciate time off as a reward whereas a Baby Boomer would probably prefer a
cash bonus. To be fair, consider giving them a choice between the two.
The important thing to remember is to recognize and respect these differences. Manage and communicate with that in mind.
Ronn Torossian: Insights from a Native New Yorker and CEO of 5WPR
Ronn Torossian is the founder and CEO of 5W Public Relations, one of the largest independently-owned PR firms in the United States. With over 20 years of experience crafting and executing powerful narratives, Torossian is one of America's most prolific and well-respected Public Relations professionals.
Since founding 5WPR in 2003, he has led the company's growth, overseeing more than 200 professionals in the company's headquarters in midtown Manhattan. With clients spanning corporate, technology, consumer and crisis, in addition to digital marketing and public affairs capabilities, 5WPR is regularly recognized as an industry leader and has been named "PR Agency of the Year" by the American Business Awards on multiple occasions.
Throughout his career, Torossian has worked with some of the world's most visible companies, brands and organizations. His strategic, resourceful approach has been recognized with numerous awards including being named the Stevie American Business Awards 2020 Entrepreneur of the Year, the American Business Awards PR Executive of the Year, twice over, an Ernst & Young Entrepreneur of the Year semi-finalist, Metropolitan Magazine's Most Influential New Yorker, a 2020 Top Crisis Communications Professional by Business Insider, and a recipient of Crain’s New York 2021 Most Notable in Marketing & PR.
Torossian is known as one of the country's foremost experts on crisis communications, and is called on to counsel blue chip companies, top business executives and entrepreneurs both in the United States and worldwide. Torossian has lectured on crisis PR at Harvard Business School, appears regularly on CNN & CNBC, is a contributing columnist for Forbes and the New York Observer, and has authored two editions of his book, "For Immediate Release: Shape Minds, Build Brands, and Deliver Results With Game-Changing Public Relations," which is an industry best-seller.
A NYC native, Torossian lives in Manhattan with his children. He is a member of Young Presidents Organization (YPO), and active in numerous charities