Last month, I capped off my year as a guest at a CEO roundtable. The discussion quickly evolved to talk about the various generations (specifically, the Gen Y and Boomers) and the huge impact both groups are going to have on business in the coming years. CEOs discussed the change in the typical work schedule, retention, and recruiting challenges. Like most organizations I talk to, many of them had never had any formal training in the various generational attitudes or had done any business planning on the matter. Many were really surprised at just how much change we are in for over the next decade – but they were more surprised that 2008 is a key year for this ever-coming wave of change we will face.

In 2008 we will have four generations in the workforce and the fifth generation starting college (Millennials). It is an interesting year for each of the generations because of the milestones that will be taking place.

Here is a quick glance at who they are and their impact on your business.

• Silent Generation (1925-1942)
  Now well past retirement, they are phasing out of the workforce quickly in the next five years.
  
• Boomers (1943-1963)
  The Boomers are hitting retirement age with the oldest of the Boomers turning 65 this year! How do you keep them working longer in those vital roles and keep your company running smoothly without a large amount of brain drain?
  
• Gen X (1964-1977)
  Once called the “Slacker Generation” they are now the backbone of the American workforce. Are you doing everything you can to keep them happy? They are much more likely than their Boomer counterparts to entertain other offers if they feel underappreciated.
  
• Gen Y (1978-1987)
  Welcome to management! Believe it or not, Gen Y is turning 30 this year! With the highest numbers of college grads, many people in this group are in management roles at organizations and making decisions about the future of the organization already! The larger in numbers they become the more questions about the “always been that way” answers you will get.
  
• Millennials (1988-2000)
  This group is in college and having their parents live along with them. These are your interns and they will no longer settle for stuffing binders and making coffee – they are ready to feel valued and try to actually learn on the job. A great internship program could be your ticket to recent grads down the road.

For as different as they are, the generations have much in common– but how to recruit and retain them varies drastically. What one group views as “lazy,” another generation views as “working smart.” How people view their careers and the organizations they work for has evolved with each passing generation.

Now, as we start 2008, it may be worth your time to challenge your perceptions and learn how to integrate the amazing gifts brought to us from each of the generations in the workforce. Take some time within your own organization to see what various generations you have on hand and what you are doing for each of them that is specifically targeted to their drivers. How are you handling the large number of retirements you may have coming over the next three to five years? What are you doing now to ensure their knowledge is not leaving with them? What are you doing to keep the 20- to 40-year-olds that are always networking? How do you keep selling the organization to them? This is not a “big” company issue – it is something that companies of all sizes will need to address over the next few years. Understanding the various generations, what motivates them, and what discourages them will help you have a better understanding of how to recruit and retain them as well as launch your organization to business success!

If you would like further training or information on this topic, please contact Sarah White at Sarahw@mranet.org or 262-696-3350. MRA will be offering a course, taught by Sarah White, called Recruiting & Retention: A Generational Approach that will focus on these issues much more in depth. The course will be held in Waukesha on January 15 from 8:30 a.m. to 12:30 p.m.