As the world stabilized after the two world wars and was progressing rapidly, Gen X (1965-1980) took the baton from baby boomers. This ambitious generation is willing to work hard day in and day out. They have built back up and status for themselves along with their previous generation. Thus started the trend of Double Income at home when both the parents used to go out and were the bread winners for the family.
Their next generation, Gen Y (1981-1995), got most of the things they needed and much more. They were born with silver spoon in their mouth as their parents and ancestors had already made riches for them. They are the ‘lock and key’ generation i.e. they have learnt to be independent from their childhood when both their parents used to be out at work. It’s this generation that is ambitious and family oriented at the same time. They are dynamic and are more in search of something that appeals them rather than anything that pays them. So it is getting increasingly difficult for today’s HR to design policies in the organization. On one hand they have retiring or about to retire baby boomers and Gen X who have different needs in terms of rewards and benefits and on the other hand there is Gen Y, which is purely looking for Autonomy, Mastery and Purpose over monetary rewards in the long run. They do not want to stay at one place for long and are impatient. Since they have no stable choice, it is this generation that is very difficult to retain. Moreover work-life balance is one of their top most priorities.
The generation that would be soon a part of the workforce is Gen Z (1996 onwards). This generation is a digital wizard and is a step ahead of Gen Y when it comes to e-stuff. They have their own SMS language that is sometimes non-interpretable even by the late Gen Y fellas – lol, roflao, np, hf and many more such short forms.
The main challenge is soon to arrive for HR when they have to take care of all these 3 generation employees simultaneously and postulate policies keeping in mind their behaviors and needs.
So gear up the HR professionals – lets understand more about these generations and get ready for our future complex roles!