How Will Your Decisions Today Shape the Future For Generations to Come?

Employers need to personalise their benefits and rewards packages, be more transparents and create intentional multi-generational teams where two-way mentoring is enabled if they are to make the most of the modern workplace which is already home to five generations, according to a new report by EY, supported by 55 Redefined

The Impact of Demographic Change On the Workforce

The report, How will your decisions today shape the future for generations to come?, looks at the impact of demographic change on the workforce. It states that one in six of us will be over 60 in 2030 and that the impact of falling birth rates and ageing populations on skills will be felt in advanced economies until 2050. It cites 55 Redefined forecasts that the European workforce of 15-64 year olds will have shrunk by 25% as the continent ages.

The report highlights other areas of concern, such as the slow progress of women into senior roles. Globally just 6% of chief executives are women; rising global mobility, with some areas of the world having high youth populations and others experiencing falling birth rates.

Generation Z

It looks at the different experiences and drivers of the different generations in the workplace, particularly Generation Z, who will account for nearly a quarter of workers by 2030. They are characterised by a greater homogeneity of experience worldwide due to their access to the internet, the affordability of smartphones and data sharing. They experience greater financial insecurity, low trust in public institutions and greater job mobility and tend to be motivated by a desire for work life balance, self expression, personalised experiences, a sense of purpose, a love of travel and a desire for authenticity.

The report makes several recommendations, including the need for employers to personalise their Employee Value Proposition, to be more transparent and to promote self-directed training as a constant expectation of all generations. It calls for the creation of intentional multi-generational teams or workstreams that cut across vertical hierarchies, where two-way mentoring is enabled and collaboration is encouraged. And it says employers should consider establishing a Next Generation Advisory Board, or shadow board, to enable two-way communication between the youngest members of the organisation and senior leaders.

Read the full report here.