Futures Trading Blog

Introduction

The extent of change that the planet has experienced over the past 50 years is a staggeringly high amount, and the pace at which many of these changes have come about is no less impressive.

One part of life which has not escaped these vast changes is the business world. Modern companies may operate within the same fundamental principles of profitability that have governed commerce since it started, but many of the characteristics of a successful organisation trading in the contemporary arena would seem alien to businesses from years gone by.

An interesting issue that modern companies face is how to handle the different generations of individuals who make up their staff. This problem has been about for a long time, but as the needs of organisations change and the skills required have evolved, the differences among workers have become more pronounced.

This is partly due to the ever increasing life expectancy of people, particularly in first world countries, which consequently prompts an ever increasing retirement age. Since people work to a later point in their lives, they may remain with the same company into their late 60’s or early 70’s, and often as hands- on workers rather than merely sitting on the board.

There is also a demand for a more diverse range of skills in the modern business surroundings, triggered largely due to the quick development and wide reach of computer technology. Business processes, both internal and external, have been subject to significant changes which require a fresh way of thinking. These new ways of thinking are most commonly found within the younger working generation.

Problems

One of the most common challenges that face a modern business that is working with a number of distinct generations in its workforce is related to technology. Computers are commonplace in each of our lives these days and they form a pivotal piece of the business puzzle. This computing power can help businesses to run well, but they are only as capable as the individuals who work them.

There are also generational issues when it comes to outward business aspects such as the law. New laws and business best practices are emerging all of the time and important business decision makers need to be aware of any that apply to their company.

Outside of this, there can be problems with communication between different generations of worker, physical limitations of the older staff in an organisation and the need to satisfy a range of diverse wants and aspirations to keep an entire workforce content. In a warehouse setting it is vital to make use of premium industrial shelving by a reputable supplier to keep the workforce safe.

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The Generations

The requirement to manage generations in the work environment may seem like an unnecessary task, but the differences between the generations of worker that are commonly found in business are worthwhile taking note of. The generations of employee that may be found in a modern business can be separated into the following four groups:

Traditionals

Senior, or “traditional”, workers are the oldest that would be found in a modern business environment. They are the people who were born before the Second World War, and will be in their late 60’s or early 70’s.

Their approach to business and life in general is one of organisation and obedience. They were expected to make personal sacrifices for the greater good, and while this belief was nurtured beneath the shadow of an international conflict, lots of the older generation still harbour this opinion in modern times.

Since many of the senior generation will hold senior ranks within a company their views and beliefs will generally carry more weight than those of younger generations. Their judgements will often be fundamental to the business and sculpt the future success or failure of the organisation. This disparity between modern thinking and business control requires management.

Baby Boomers

The Baby Boomer generation includes those born between the end of the war and the mid- 60’s, when there was a general decline in the birth rate around the globe. Baby Boomers will be aged between 45 and 65 roughly speaking and probably form the vast majority of management jobs within a modern business.

This generation grew up without a lot of the oppression and discipline that was more normal amongst previous generations. They are an aspirational collection of people that are highly family- oriented. They would be the mother and father of the traditional “nuclear family”.

When it comes to the workplace, this group of workers will often be able to grasp the bigger picture while still maintaining a grip on modern advances in terms of technologies and business processes. Their family- oriented character tends to see them working effectively in teams, although it is often observed that they are not at ease when taking criticism(no matter how constructive) , and they are not good at giving feedback to other employees.

Generation X

Members of Generation X were born between the mid- 60’s and the late- 70’s. They will be currently aged between 30 and 45 and will be spread amongst the various levels of management within a contemporary company.

Socially they grew up in very demanding times. Careers were an ever more important and defining part of people’s lives and this was made clear to Generation X from a very young age. Many will have progressed through lower and higher education before working their way up within one or perhaps two companies. They are expected to work long and challenging hours and often both parties in a marriage or relationship will have careers.

Therefore, they are often very good at problem solving and meeting short- term objectives but can struggle to grasp how their contribution affects the big picture. They will be motivated by financial benefits rather than a sense of duty since they feel they have paid their dues through a life of learning and work. Generation X need close supervision to ensure their efficient contribution to the company.

Generation NeXt

This generation were born since 1980 and are the youngest group of people currently at work. They have borne witness to a changing social environment where being an extravert is rarely frowned upon. They are most open to radical concepts and procedures and find hyper- consumerism and relatively competitive marketing to be second nature.

Older generations of employees might think interior refurbishments unnecessary or disruptive to the working environment of a business.

The Working Environment

Technology

We are all familiar with the gap between the older generations and modern technological equipment. Whether it is a parent struggling to operate a new mobile phone, or a grandparent being truly confused about what the world wide web is, the void between the old and the new becomes very apparent when it comes to technology.

In regards to the newer organisation, problems involving technology might have very far reaching consequences. Computers are vital to many aspects of business, from managing payroll, to perform core tasks and even providing a channel for marketing. As such, an employee who is not familiar with the systems being used by a company is likely to find problems in many parts of the corporation.

The same principle can also be applied in reverse. The younger generations may be very comfortable with emerging technologies and routines, but may lack knowledge of the older systems that still perform many of the important functions of the business.

Physical limitations

There are obvious physical factors that may influence how a successful company manages its workforce in regard to age. Elderly generations will by and large by physically inferior to their younger counterparts, and as such they will be less suited to roles that require physical exertions. There will be exceptions to this in many companies, however as a generalisation it’s true.

Fortunately, most of the older generations of employee will have advanced to senior levels of management within the organisation they work for, and these roles reward based upon understanding and experience rather than physical capability. It is nevertheless important to make sure that adequate support is given to any worker who battles with the physical side of their role.

Modern ailments

Modern businesses are faced with physical conditions that companies of the past would not have had to face. Complaints like RSI, or repetitive strain injury, have become more common since the widespread introduction and use of computer keyboards.

The desk environment itself may create a number of problems if the ergonomics of any specific workstation are not good. Back problems and joint problems can develop after long intervals of sitting incorrectly, and long durations of exposure to computer screens can contribute to long- term eye damage. Tests are on- going to investigate the full scale of the impact of the contemporary workplace on the body.

There are several studies concerning desk chairs which state chairs important in terms of worker health and happiness.

Solutions

The management of generations in the workplace has received greater exposure over recent years and many more businesses have been made aware of the benefit of effective generational management. This has spawned many new ideas and practices that are in one way or another aimed at improving the working relationship between the business and its workers, no matter how old they may be.

If there are particular roles within your business that are best suited to a particular generation then it is often beneficial to only get members of that generation to perform the task. This kind of specialisation demands good organisational management.

There are a number of ways in which your company can learn about managing different generations of employee. Seminars dedicated to the subject have become a more common event in recent times, and the amount of useful advice that can be obtained from these occasions can be of great benefit to your organisation.

There are also many resources available on the Internet that discuss the problem in greater detail, and draw together a range of unique ideas for tackling various scenarios. Every company has individual needs and a unique workforce so it may take time before you discover the correct management approach for your organisation.

If setting your own administrators the job of learning about generations within the office does not seem suitable there are many business consultants that now incorporate the idea of generational management into their practice. Employing their services may be the most recommended way to address your own business situation.

Conclusion

Different generations of worker can find that it is hard to work together. They have grown up in different times and learnt about a planet that has been constantly changing. There are not simply concerns when it comes to the language used for communication, but issues of manners and etiquette.

Each generation is also motivated by different things, and have come from different social upbringings. It will rarely be the case that one solution can be applied across a multitude of generations but it is also crucial that you make sure that your business does not micro- manage different age groups working for it. The company must do what is optimum for its own success.

Contemporary organisations have a diverse range of skills requirements and these needs simply cannot be satisfied by just one of the generations discussed on this page. As is so frequently the case, the route to success depends upon discovering a balance between the generations- employing the strengths, mitigating the weaknesses and motivating accordingly - through informed and empathetic direction.

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