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Lead a Multigenerational Team to Success

With Baby Boomers extending their careers and Generation Z entering the workplace, the workforce now comprises five generations for the first time in history.
Lead a Multigenerational Team to Success
Tips
September 2024

Managing a Generationally Diverse Workforce in Small Australian Businesses

With Baby Boomers extending their careers and Generation Z entering the workplace, the workforce now comprises five generations for the first time in history. Small and medium-sized businesses are finding themselves managing teams that span generations.

Mastering the leadership of such a diverse group is a new challenge for leaders to navigate, but the combined strengths of these workforces may create new opportunities when it comes to business growth and problem-solving.

Understanding the Generations

Generations can differ widely in what they bring to work, from their job expectations to how they communicate. It’s important to note that these are generalisations and not everyone within a generation will align with these traits exactly:

• Baby Boomers are known for their strong work ethic and respect for authority. They value formal communication and consistency.• Baby Boomers appreciate face-to-face communication and are driven by position and prestige within a company.• Generation X values independence and work-life balance and are highly adaptable to both formal and digital communication forms.• Generation X thrives on flexibility and frequent feedback and are tech-savvy, often preferring digital communication platforms.• Millennials value security, diversity, and technological integration, favoring fast and mobile communication.• Though not yet present in the workforce, Generation Alpha is expected to bring new tech-integration demands to the workplace.

Strategies for Managing a Multigenerational Workforce

Navigating a team with members from different generations means you may need to adjust strategies to meet everyone’s way of working. Here’s how you could create a more unified and productive team:

Building a Culture of Inclusion

Embrace the variety of work styles in your team and make sure everyone feels heard by using communication methods that suit different preferences. For instance, make announcements via Microsoft Teams or Slack, while also providing the option to attend an in-person meeting to share the announcement and answer any questions.

Enhancing Collaboration and Communication

Employ a mix of communication methods, including emails, instant messaging, and in-person chats to suit all comfort levels, and set up mentorship programs that pair younger and older workers to share skills and insights. Regular team-building activities may also close the generational gap and boost teamwork.

Motivating and Engaging Employees

According to Gartner, organisations that effectively deliver on their EVP (employee value proposition) can decrease annual employee turnover by almost 70%.

Recognise and reward your team in ways they prefer, whether that’s by offering public acknowledgements or providing options for flexible work. Also, offer training programmes suited to various learning styles, and don’t forget to promote flexible working arrangements to accommodate different personal and family needs.

Leveraging Technology

Use tools like project management platforms and collaboration software to make work easier and keep everyone on the same page. Pay attention to how different employees prefer to use technology and support them accordingly.

Your Obligations

In Australia, fair treatment in the workplace is backed by laws like the Fair Work Act 2009 and the Age Discrimination Act 2004, which both protect against age-based discrimination. For practical help, there are plenty of resources you can use to better understand and apply the rules, ensuring your business benefits from all generations. These include:

• The Commission is Australia’s National Human Rights Institution, which provides tools for building inclusive workplaces.• Business.gov.au, which explains legal obligations and rights under employment laws.• Diversity Council Australia, which offers insights on enhancing workplace diversity and explains how to improve age diversity in your workplace.

Navigating the complexities of a generationally diverse workforce presents unique challenges, but it may also offer opportunities for innovation and growth.

New Opportunities

By understanding the characteristics and preferences of each generation, small and medium-sized businesses in Australia can create inclusive, collaborative, and engaging work environments.

As a leader, your commitment to fair treatment and adaptation to different needs may help create a dynamic and competitive edge in the marketplace. Embrace these differences, and you’ll find that a multigenerational team may help drive your business to new heights.

*The information in this post is provided for general information only and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from financial, legal and taxation advisors. Although every effort has been made to verify the accuracy of the information as at the date of publication, Geared Finance, its officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy, or omission from the information for any reason, including due to the passage of time, or any loss or damage suffered by any person directly or indirectly through relying on this information.

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Sodexo
We have been working with Geared Finance for the past 4 years and always found their service attentive and prompt. Geared provides a high level of customer service and works with us to create bespoke solutions that suit our business. They are always professional, supportive, and ready to assist.
Sandra Giannakopoulos
Sandra Giannakopoulos
Sodexo
Sandra Giannakopoulos
Sodexo
Sandra Giannakopoulos
Fabulous Catering
Geared Finance has supported our business in many ways. From equipment and solar to software and vehicles, they offer solutions across the board. With competitive rates and fast service, they provide advice and experience that help our business grow. We’re proud to be a loyal client of Geared Finance.
Adam Pope
Adam Pope
Fabulous Catering
Adam Pope
Fabulous Catering
Adam Pope
Alphington Grammar School
Geared Asset Finance has financed our school’s IT equipment over the years. As a school, we need flexibility and an understanding of financial cycles, which they provide. Their support and service are reliable, and we’ve always felt confident working with them. We highly recommend them to others.
Manuel Pappos
Manuel Pappos
Alphington Grammar School
Manuel Pappos
Alphington Grammar School
Manuel Pappos
Geelong Collision Care
The team at Geared Asset Finance has been phenomenal. They handle our business finances from start to finish and are always available to help. Their long-term support has made a real difference to us. We’ve trusted them for years, and we’re sure we’ll continue to work with them well into the future.
Mark Clarke
Mark Clarke
Geelong Collision Care
Mark Clarke
Geelong Collision Care
Mark Clarke
Stomping Ground Brewing Co.
I have been working with Geared Finance for over 10 years. During this time, they have helped us with our equipment finance needs and have been a pleasure to deal with. The team is responsive, fast, and easy to work with. They go above and beyond, even liaising with suppliers to streamline the process.
Guy Greenstone
Guy Greenstone
Stomping Ground Brewing Co.
Guy Greenstone
Stomping Ground Brewing Co.
Guy Greenstone