We’re currently seeing the most age-diverse work population in history. There are five generations working with one another, and each of them has lived different experiences that shape their reality. At best, a multi-generational workforce brings innovation, perspectives, and creativity to the table. At worst, different generations can clash in the workplace when biases and prejudices obstruct communication and collaboration.
When discussing generational diversity in the workplace, there’s no universally accepted understanding of the specific parameters that define a generation.
The Pew Research Center defines generations as follows:
- Silent Generation – born between 1920 and 1945
- Baby Boomers – born between 1946 and 1964
- Generation X – born between 1965 and 1980
- Millennials – born between 1981 and 1996
- Generation Z – born between 1997 and 2012
In recent years, diversity, equity, and inclusion (DE&I) have become priorities for many businesses as conversations about age, race, religion, gender, and ethnicity have come to dominate the popular discourse. Employees want to work in safe and inclusive environments where their work is valued, and they aren’t stereotyped.
Glassdoor survey found that 76% of employees and job seekers indicated that diversity is an important factor in their evaluation of companies and job offers. Additionally, a study by McKinsey revealed that more diverse companies outperform their counterparts. This evidence further proves why DE&I should be a business priority for employers.
This material has been prepared for informational purposes only and was generated from information provided to BKS by the client and/or third-party sources. Therefore, BKS makes no warranty or representation(s) as to the accuracy or appropriateness of the data and/or the analysis herein. This information is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your tax, legal, and accounting advisors for those services.