What are the differences between Veterans, Baby Boomers, Generation X, Millennials and Generation Z?
A generation can be defined as an identifiable group that shares birth years and significant life events at critical development stages. For example, baby boomers share the early experience of rationing and the cultural social revolutions of the 1960s and 70s; Millenials grew up in a post-Cold War era but have become adults at a time where housing is more expensive than ever before; and Generation Z, who are just beginning to enter the workplace, know only the post-9/11 world and have been immersed in digital technology and social media from an early age.
Generational differences in the workplace can be seen within a wider diversity framework – the successful management of a diverse body of employees can lead to a number of business benefits. However, failure to recognise and take into account generational differences and values can lead to disengagement and higher turnover of staff.