Written by: Grant Polachek – SquadHelp
Times are changing, and the global workforce is evolving quickly! Every day, we get introduced to disruptive innovations, changing geopolitical conditions, and unpredictable socioeconomic outcomes that have made it quite challenging for entrepreneurs to create a solid plan for the future.
And it’s pretty clear that as this change persists and we continue to see 40% of baby boomers retiring and more soon to give way for Millennials and Gen Zs, entrepreneurs need to have a solid plan on how their business can adapt and make the best of this situation.
Now, one place where we’re beginning to see this adaptation taking place is with brand names. Suppose you’re using a business name generator or crowdsourcing company names.
In that case, one of the recurring patterns you’ll see is that brands are embracing short, trendy, and visually exciting names over traditional or classic names.
That said, let’s take a look at how you can tune your business to the evolving workforce. But first, we need to understand the influence baby boomers have on the market.
The Baby Boomer Influence
Born between 1946 to 1964, Boomers have spent so much time in the market, so it’s not surprising that today, they are well-established in their careers and hold prominent positions in society and business.
Boomers control 70% of disposable income, allowing them to shape the work environment according to their preferences and ideas.
10,000 Boomers are expected to reach their retirement age every day. This could mean ‘one of the greatest wealth transfers in history,’ seeing that $30 trillion is expected to be transferred to younger generations like the Gen Xers, Millennials, and Gen Z.
And with the change of guards occurring in the labor force, every business owner must return to their drawing board and re-strategize for a new era.
How to Adapt Your Business to the Evolving Workforce
Understand Their Preferred Management Styles
Each demographic has a different response to different management styles. And as a business owner or manager, it’s your responsibility to understand the best management style to yield the best result for your business.
Now, understand that each person has unique experiences and worldviews that have shaped their development, motivations, and communication styles. That said, here are some of the critical themes of the leadership styles each generation will respond effectively to:
What Boomers Want
They are ambitious, work-centric, loyal, and cynical. They don’t require much feedback and are predominantly motivated by professional development, promotions, and being valued. Boomers love prestigious job titles, unique office spaces, and reserved parking spaces.
What Generation Xers Want
Gen Xers are entrepreneurial and love to work independently with little supervision, value mentorial relationships, and believe in promotions based on competence over age, rank, or seniority.
You can motivate Gen Xers by offering them flexible schedules, stock benefits, bonuses, and telecommuting.
What Millennials Want
This demographic is motivated by skill training, mentoring, feedback, flexibility, access to technology, and culture.
Millennials do well where there’s structure, continued learning, and monetary rewards like stock options. They’re not as loyal as the boomer generations and will happily leave your business to sell their skills to the highest bidder.
What Generation Z Want
This is the largest demographic, already making up a quarter of the U.S population which is much more than the baby boomers or millennials.
Zoomers are motivated by meaningful work, flexibility, social rewards, mentorship, and constant feedback. They prefer leaders that provide structure, clear directions, experiential rewards, and transparency.
Align Your Business to Their Needs
Now that you have a simplified understanding of what each demographic needs and how you can connect with them, it’s vital that you treat each team member like the unique individual they are and show them that you value their contributions to your business.
Ensure your business has a clearly defined and compelling mission and vision. This adds an extra layer of purpose to their job. Although you want your team to operate at maximum efficiency, you must also encourage work-life balance and reward their hard work.
Stay in Tune With Modern Work Techniques
Technology is constantly evolving, and your business needs to stay ahead of the curve; else, your team members could be motivated to leave your company for a rival that’s up to date with modern work techniques.
Do your best to stay updated on machine learning, artificial intelligence, remote working, and global collaboration tools.
Build a Multi-Generational Team
Each generation comes with its unique strengths, work pattern, and habits. Millennials and Zoomers are great at adopting new technology, and boomers bring a wealth of experience and leadership. Combining these strengths will give your team an added advantage in the market.
Grant Polachek is the head of branding for Squadhelp.com, 3X Inc 5000 startup and disruptive naming agency. Squadhelp has reviewed more than 1 million names and curated a collection of the best available names on the web today. We are also the world’s leading crowdsource naming platform, supporting clients from early-stage startups to Fortune 500 companies.
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TimeLinx delivers innovative project & service management software as a complete solution that perfects the sell-track-manage-support-bill cycle that services organizations must have to delight their customers; TimeLinx brings the cycle together in a single application that offers less frustration, better project management, complete reporting, and improved profitability – all specially designed for Infor and Sage.