For the first time in history there are five generations at work together, and the business implications of such a diverse workforce cannot be overestimated. Recently, 60 percent of CEOs surveyed by PricewaterhouseCoopers indicated that the multigenerational workforce will in fact “transform” business in the near future.
For businesses prepared to manage an increasingly diverse workforce, this transformation can be productive — and profitable. As workforce demographics shift and your employee makeup becomes more varied and complex, a long-term human capital management (HCM) plan as part of your workforce management strategy is more essential than ever.
Managing this demographic diversity presents HR with an excellent opportunity to add value through a comprehensive HCM strategy. Technology that provides in-depth data and analytics will empower HR professionals to meet the challenge of maximising the institutional knowledge that the Baby Boomers have brought to the table while remaining flexible and forward-thinking as Gen Xers, Millennials, and Gen Zers become increasingly influential members of the workforce.
As HR transitions from a support function to a leadership function, HR professionals can add strategic value by promoting HCM strategies that use data and analytics to better manage increasingly complex, multigenerational workforces across the entire employee lifecycle.