5 best practices for managing a multigenerational workforce

Today’s Tech Creator is 1174 words, a 5-minute read.

In this edition, we’re studying what is the all-hands-on-deck approach and how you can make the best out of it, 5 practices to manage a multi-generational workforce, and shining light on an underrated asset as a founder.

^GROWTH

1 game-changing growth move for your biggest deals

Have you heard the famous story of the NASA janitor who, when asked by President Kennedy what he did for NASA, responded, "I'm helping put a man on the moon." This story exemplifies how thoroughly NASA's mission was infused into its culture and the mindset of its employees. 

What if your business had the same mindset?

The problem: 

Too often, businesses delegate all their growth decisions and ideas to those in designated growth positions. Instead, they should think creatively about how everyone can contribute.

The solution:
The key to sustainable business growth was as simple as giving everyone in your company a role, no matter their title or background. Imagine a workplace where every team member, from the CEO to the newest hire, plays a vital part in driving growth and pursuing opportunities. This is called an all-hands-on-deck approach.

How to implement all hands on deck approach:

• To make this work, you need clear targets. Understand the opportunity, know what needs to happen, and define everyone’s role in achieving it. Invite everyone to contribute ideas on how they can help, and stop limiting HR to just HR or Marketing to just Marketing. This approach changes how employees see their work.
  

• Instead of broadly focusing on recruiting goals, for example, HR can target specific skills needed to secure your top target. New staff can offer fresh perspectives, and those just starting their careers can engage in LinkedIn research on buyers or competition or ghostwrite opinion pieces.

Why it matters:

Leveraging every resource and asset at your disposal makes big, audacious goals much more feasible. Employees want to contribute but sometimes need guidance on what and how. Foster a culture where everyone contributes, and watch your business reach new heights.

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^{LEADERSHIP & MANAGEMENT}

5 best practices for managing a multigenerational workforce

Organizations today often have employees from five generations, from traditionalists to Gen-Z. This diversity is partly due to an aging population, with the proportion of people over 60 expected to double by 2050.

While generational diversity can present communication and cultural challenges, it also offers benefits like varied perspectives and improved mentorship opportunities.

Here are five best practices for effectively managing your workforce in 2024:

1. Address stereotypes: stereotypes can hinder collaboration and create a negative work environment. Combat these by acknowledging biases and promoting education on diversity. Conduct workshops and role-playing exercises to help employees understand and break down these stereotypes.

2. Emphasize common values: despite generational differences, employees often share similar core values, such as the desire for flexibility, meaningful work, supportive leadership, fair compensation, and growth opportunities. Focus on these shared values to unify and motivate your team.

3. Practice flexible management: one-size-fits-all management doesn’t work in a multigenerational workforce. Adapt your leadership style to meet the varied needs of your employees, considering their backgrounds, experiences, and preferences. Provide guidance or autonomy as appropriate to optimize performance.

4. Promote cross-generational collaboration: leverage the strengths of different age groups by encouraging collaboration. Implement mentorship programs, both traditional and reverse, where senior and junior employees can learn from each other. Form cross-generational teams to enhance productivity and innovation.

5. Foster open communication: ensure all voices are heard, especially those of underrepresented groups. Create opportunities for employees to share their opinions through meetings, surveys, and feedback sessions. Actively listen and respond to their concerns to build a supportive and inclusive work environment.

By implementing these practices, you can harness the unique strengths of a diverse workforce, fostering innovation and ensuring sustainable growth for your organization.

^{FOUNDER PSYCHOLOGY}

Why being more forgiving can be the best asset for founders

As founders, we know how deeply invested we are in our startups. When someone on our team makes a mistake, it can feel like a personal blow. But here’s the one thing that can be a game-changer:

Learning how and when to give second chances is crucial for growing your business. Here’s some tips on learning more and mastering the skill and when NOT to forgive:

• Bust the myth: Entrepreneurs are often known for being focused on speed, efficiency, and forward momentum. This mindset can make it difficult for them to connect with their team's emotional and personal struggles. Steve Jobs, for example, was known for his relentless drive and high expectations, often pushing his team to the brink. Yet, understanding and forgiveness can lead to a more loyal and productive workforce.

• Manage disappointment, and recognize that high expectations often lead to disappointment. Understand that your team may not always meet your standards. Allow room for human error and view forgiveness as a strength, not a weakness. Jeff Bezos often talks about the importance of maintaining high standards but also recognizes the value of learning from mistakes.

• Ensure accountability, forgiveness should come with accountability. The person being forgiven must demonstrate a behavior change. Without accountability, forgiveness is meaningless. Elon Musk, despite his high demands, believes in giving second chances but expects tangible improvements in performance and behavior.

Here’s when you cannot afford to FORGIVE:

• Do not forgive actions that violate the core values of your business, such as honesty and loyalty. Compromising these principles can harm the entire organization. As Clay Christensen said, "It's easier to hold your principles 100 percent of the time than it is to hold them 98 percent of the time."

• Trust is fundamental in any organization. Breaches of trust or law are unforgivable and should be met with immediate consequences. This ensures the integrity and reputation of your business. Warren Buffett, known for his integrity, famously said, "It takes 20 years to build a reputation and five minutes to ruin it."

The Bottom Line:

So, the next time a team member slips up, consider how forgiveness could lead to stronger bonds, greater resilience, and ultimately, a more successful business. After all, we’ve all benefited from second chances at some point in our journey.

Let’s lead with empathy, hold true to our values, and build a workplace where forgiveness is a cornerstone of our success.

^{TECH & STARTUP NEWS}

Everything you need to know today

• Target x Shopify: Target aims to expand its online marketplace with shopify partnership.

• Tencent’s new blockbuster game exceeds $270 million in 30 days. ‘Dungeon & Fighter Mobile’ is off to a hot start in China.

• Apple hit by fresh EU warning over alleged app store abuses.

• Citing national security, US will ban Kaspersky  anti-virus software in July.

• Starlink Mini brings space internet to backpackers.

• Apple adds Alibaba, JD to list of Vision Pro apps for China.

That brings us to the end of this week’s edition. We hope you’ve had some key takeaways and news to keep you fuelled for the week ahead.