IS YOUR WORKPLACE PREPARED FOR THE NEXT GENERATION OF LEADERS?Have you ever seen that infamous clip of Lucy in the chocolate factory? That iconic television episode of I Love Lucy features Lucille Ball’s character trying to keep up with the production line and being comically unable to do so. Even if you don’t work in a factory, you might be familiar with this concept: Ready or not, the conveyor belt of business doesn’t stop moving! And it’s usually the workers who must keep it running to meet customer demand.

Prime example: When a generation of workers starts retiring, environmental changes driven by age differences can occur. How can you and your colleagues hedge against a knowledge gap when facing increasing retirements within the workforce lifecycle?

TODAY’S INTERGENERATIONAL WORKPLACEWith four generations spanning the workforce, employers may be working on leadership assimilation and back-filling vacant positions held by tenured employees. Let’s take a look at the makeup of today’s intergenerational workplace.

• For Baby Boomers (1946-1964)9, the desire for work-life balance may have ushered in workplace trends like job sharing and flex scheduling. 75 million2 baby boomers are transitioning to retirement (more than 44 million are still working2). Even if it’s not feasible for all in this age group to retire at age 65, part-time work can still be a viable option. Plus, for those born in 1960 or later, full retirement age starts at 67, not 65.3

• Gen X (1965-1979)9 can be seen as having a higher likelihood to work independently and be direct communicators. Other traits associated with this demographic include being results oriented, problem solvers and informal13. With 53 million currently employed in their ranks, they’ll be the next demographic to follow the baby boomers’ path to retirement2.

• Millennials (born between 1980 and 1994)9 currently represent about 32% of the workplace, and in 15 years, that number is projected to be 75%1. Millennials may be drawn to the “digital nomad” lifestyle, value the flexibility to work at home, in a coffee shop and beyond, checking in on a few devices: computer, tablet and smartphone.5

• Gen Z (1995-2012)9 is just starting to enter the workforce, and as such, is likely to imprint its own preferences in the next few decades. They prefer independent work situations, and are more likely to think like entrepreneurs since they grew up around ever-evolving technology11.

TALENT ACQUISITION AND ACTIVATIONKeeping a job you want to stick with for the long term can be a challenge, but from the employer perspective, finding the right talent can be challenging, too—especially if the goal for acquired talent is retention from “hire to retire.” For roles that may be harder to fill, a recruiter can tap into a few extra tools or approaches to help them become an employer of choice:

• Sourcing remote workers2 – Not limited by location, the talent pool is greater when being within a certain-mile radius of a geographic location is no longer a factor.

• Talent Activation6 – An employer-designed series of learning and development experiences for employees can help workers at different stages across the employment lifecycle, from recruitment through retirement.

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• Freelancing – A third of workers currently freelance5, a figure that is projected to increase in the future as well.

• Standing desks – These days, sitting a lot might be called “the new smoking10,” and attempts to avoid spending eight hours a day in an office chair has become more common. You might even enjoy the benefits of having your own standing desk10.

LEADING BY EXPERIENCEHere’s a quote to sum up the loss of assets that can occur when a seasoned employee retires12.

“ Think of what’s stored in an 80- or a 90-year-old mind. Just marvel at it. You’ve got to get out this information, this knowledge, because you’ve got something to pass on. There’ll be nobody like you ever again.” –Studs Terkel, age 96 in 2008

If you agree that missing the chance to pass on knowledge to younger workers is a wasted opportunity, perhaps the following approaches could help your organization find a fix:

KNOWLEDGE TRANSFERDoes your employer have a process in place to train incoming leaders who succeed recently vacated jobs? How does your organization stay operational during these transitions?

Below are some ways that knowledge has been historically transferred to successors in organizational roles7:

• Mini-experiences – Creating a scenario, such as having engineers watch a missile defense test with resulting errors, offers comprehension and new insights for the less-seasoned employee.

• Asking the right questions – By identifying that gaps exist in succession planning and mentoring, questions and their answers can fill the gray areas: “What are the critical skills that your team performs?” “What knowledge do you retain?”

• Open lines of communication – Younger employees should be open to asking questions about what they don’t know, and veteran employees are encouraged to willingly share their knowledge.

MENTORINGVacant roles in senior leadership bring a need for the Gen X and Millennial generations to assimilate, placing a premium on intellectual capital that can be passed on correctly and quickly. Consider being a mentor and giving back to those who will succeed you.

Benefits of transferring the wealth of experience to successors before retirement may include8:

• Cost savings, by implementing a single version of truth (SVOT), which has been shown to reduce generational conflict.

• Trust, which promotes transparency and verifies that accurate information comes from a quality source.

LEARNING ACROSS THE GENERATIONS? WE CAN HELP.Do you sense a knowledge transfer struggle when an experienced colleague retires? Want to prepare for it, and work to prevent business disruption? Good news: We currently partner with your employer and offer complimentary webinars on the topic of collaboration.

Ask your manager or HR about accessing these resources today. Avoid a chocolate conveyor belt mishap of your own!

Reference Sources: 1 https://www.mnn.com/green-tech/stories/As-baby-boomers-retire-millennials-fill-gap2 https://hiring.monster.com/employer-resources/recruiting-strategies/workforce-planning/baby-boomer-workforce-gap/3 https://www.thebalancecareers.com/retiring-boomers-affect-job-market-20719324 https://fortune.com/2018/06/01/vermont-remote-worker-relocation-incentive/ 5 https://www.digitaltrends.com/business/evolution-american-workplace-workforce/ 6 https://download.clomedia.com/talent-activation-unpacking-skills-throughout-the-employment-lifecycle 7 https://www.chicagotribune.com/business/careers/ct-huppke-work-advice-knowledge-transfer-0731-biz-20160728-column.html 8 https://smallbiztrends.com/2017/01/benefits-of-sharing-information-in-the-workplace.html 9 https://www.careerplanner.com/Career-Articles/Generations.cfm 10 https://www.startstanding.org/sitting-new-smoking/#para1 11 https://www.silverdoorapartments.com/blog/generation-z-vs-millennials/ 12 https://www.thebalancecareers.com/mentoring-and-baby-boomers-1917840 13 https://image.slidesharecdn.com/nphr061610-12768796032528-phpapp02/95/mutiple-generation-motivation-and-workstyle-sample-12-728.jpg?cb=1276861852

Through the education partnership between your employer and DeVry University, you have access to education benefits in support of your professional and life goals. To learn about transferring qualifying credits, tuition rate savings, and other benefits available to you through your employer, contact your HR Representative.