Intergenerational working and the benefits it can bring to businesses

For the first time, there are four generations working alongside each other. Rather than viewing this diversity as a hindrance, employers should recognise the benefits these varied perspectives can bring.

The what

It has been coined “intergenerational working” and, if approached correctly, can be leveraged to drive business performance. While it is certainly true that leaders must now cater to a variety of needs and wants across multiple age brackets, there is also an opportunity to promote productivity and efficiency.

Vanessa Gavan, founder and joint managing director at Maximus, believes there will be short- and long-term considerations needed to effectively manage intergenerational working.

“In the short term, there will be the need to upskill in order to effectively lead multiple generations, whilst at the same time identifying those future leaders and working with them to have the new array of skills needed to transition into senior roles in the long term,” said Ms Gavan.

“Intergenerational collaboration will be essential in the years ahead, as well as flexible and team-oriented approaches to problem solving. We need to help businesses in forging important human connections that promote physical and emotional wellbeing, especially after the COVID-19 pandemic where hybrid working became mainstream from necessity. Since then, people’s mental and physical needs have been prioritised, especially for younger workers starting their careers.”

There is a real opportunity to bring harmony to a diverse workforce, explained Ms Gavan: “When done well, intergenerational working is a solid foundation for building a commercially sustainable and connected workforce even if they are geographically dispersed, culturally diverse, and segmented by business line or function.”

“Now is the time to ‘define’ the new rules of work based on shifting the misconceptions and limitations workforces have placed on the next generation, and they may have placed on themselves whilst at the same time ensure that the older generations are transferring the wisdom and knowledge to the younger generations. With this shift comes the need for mentorship as the glue for the intergenerational knowledge transfer.”

The why

The benefits of this implementation can be huge. According to Ms Gavan, collaboration is the name of the game.

“Both businesses and staff want to create and foster the ideal environment for successful intergenerational collaboration … Done right, this attracts, advances, and retains the best and most diverse talent. It is also good for business. This is both sustainable leadership and sustainable business,” Ms Gavan explained.

“The rules of work are changing. A lot of businesses right now are grappling with a balance between ‘strategy and leadership’ and ‘culture’. There is often the perception that to create momentum, you need to embrace one or the other; either the courage to grow and create efficiencies that lead to momentum or deep care for people and humanity. This is the wrong paradigm. Embracing the future of work will require a different mindset and skill set from today’s leaders.”

Businesses can use this to their advantage to drive a sense of community and encourage growth.

Ms Gavan commented: “What businesses should be doing is driving momentum through their people. When you invest in your people, and build their courage to succeed, you secure your future growth. Businesses [that] focus on how to transform their talent through intergenerational culture and leadership capability will set themselves up for long-term success irrespective of the uncertainties which they may be challenged with.”

“For employees, this is all about community and connection – this also ensures we elevate identity before purpose, as well as finding their passion, and leaning into curiosity. Diversity is also important for all modern workplaces. It is a chain reaction.”

The how

So, how can employers get this right? According to Ms Gavan, there are two key considerations:

1. Prioritise next-gen leadership:

“A whole of business intergenerational leadership approach facilitates knowledge exchange and cultivates a deeper understanding of perspectives and ways of thinking across generations,” she said.

“The solutions incorporate tailored experiences specifically for the next generation to transition into leadership confidently and successfully, together with customised experiences for current senior leadership to understand how they can best share their wisdom and steward the next generation of leaders.”

Ms Gavan continued: “This approach will empower the entire workforce to collectively drive innovation, tackle complex challenges, and secure a prosperous future for the organisation and Australia at large.”

2. Find the true purpose of the next-gen leadership experience:

“Shaping the next generation of leadership that creates a future fuelled by purpose and impact is vital. This will lead to sound commercial outcomes and business performance and cover the ‘do good’ or societal impacts needed to satisfy and drive our future leaders,” Ms Gavan outlined.

“Successful and forward-focused employers can see this time as a new opportunity to ensure the next generation of leaders are catered for. We need to all work collaboratively across the generations on all three attributes: mindset, skill set and toolset.”