Managing Newer Generations In Workplace: Opportunities And Challenges

Abstract

A generation refers to all individuals born and living at around the same time, typically 20 to 30 years. In demographics, marketing, and social science, the terms "generation" and "birth/age cohort" are sometimes used interchangeably. Five generations work side by side in today's workforce, making it crucial to create an inclusive culture that meets the varying needs of each age group.(Ozcelik, 2015) Generational cohorts are different due to their stage in the life cycle and historical events. They are viewed as more autonomous, preferring an independent working style, and value flexibility in the workplace. They are sceptic yet accepting of variances in family structures, lifestyles, and racial, ethnic, and national origins.

The study focuses on understanding distinct generation cohorts through shared historical and social life events, experiences, values, and belief systems. It reveals that there may be many similarities between the requirements and features of workers from different generations. To meet the needs of employees from diverse generations, managers need to learn how to grasp their expectations and make clear views upon their Challenges and Opportunity faced by these newer generations in workplace. HR managers must develop strategies for hiring, compensating, and inspiring not only the coming Gen Z, current workforce (Generation X and Gen Y workers), and the future workforce (joining the future workforce).

Each generation views work differently and behaves as consumers in different ways. The expectations and life experiences of employees from different generations vary in the workplace. This can be particularly difficult for managers who are trying to manage teams made up of employees from various generations. It's important to ensure that everyone enjoys their time at work, not only how to get the most out of your workforce. Stereotyping, Working Styles, Communication Problems, etc are some Typical Generational Issues at Work Places. There are many potential causes for this, including advancements in technology and education. It's critical to recognize and comprehend these distinctions as the workforce becomes increasingly diverse. Because each generation has a unique educational background, they approach problem-solving and making decisions in the workplace differently.

Generational differences are major factors in business. This is so that businesses can sell to various groups, which requires them to balance the demands and opinions of those groups' members. Businesses need to be mindful of how the shifting gender and demographic makeup of their clientele may impact their revenue streams and operating costs. We have identified the challenges and opportunity for the newer generation working in the organisation. Also the gaps are identified and few best practices are indicated for managing these upcoming workforce