The Building Culture Podcast - Episode 4.3

Did you know that Millennials and Gen Z will make up the majority of the workforce in 2025? Join Evelyn, Melanie Wertzberger, CEO of Shaka and Eileen Lee, VP of People & Culture at PERKS for a conversation about how best to support the needs of different generations at work.

Resources:

• Melanie Wertzberger, Company Culture for the Next Generation
• Erica Dhawan, ‘Why I Call Myself a “Geriatric Millennial’ - and Why Our Micro-Generation Matters”
• Indeed, “Gen Z vs Millennials in the Workplace: What Are the Differences?”
• Business Insider, “Millennials say they’ll never have enough money to get what they want in life”
• Morning Consult, “The State of Consumer Banking & Payments”
• PERKS is obsessed with a word game called Dictionar.io from developer Garrett Clarke. How fast can you find the connections?

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Show notes:

• Disclaimer: This conversation on generations in the workforce isn't meant to just point out differences - but to inspire a constructive dialogue between generations
  • • Every generation spans 20-30 years, so there are differences even within that

• Based on an infographic from Purdue University:
  • 1928-1945 Traditionalists
  • 1946-1964 Baby boomers
  • 1965-1980 Gen X
  • 1981-1996 Millennials/Gen Y
  • 1997-2012 Gen Z
  • Each generation often has a defining event(s) that shape their outlook and responses.
  • Millennials and Gen Z will make up the majority of the workforce in 2025 

• Shift in recruiting strategies because most applicants are millennials or Gen Z.
  • Things to consider:
    • The People Experience begins during the interview process, not just when someone is hired
    • Type of communication
    • Social media platforms
    • Priorities
    • Speed

• Benefits of a multi-generational workforce
• Competitive advantage and learning from one another
• Empathy
• Indeed: mentoring, innovation

• Keeping employees engaged
  • Creating a safe space
  • At PERKS, weekly team hangs, syncs
  • PERKS culture index - surveys for employee feedback that tie directly back to the products we offer in our marketplace.
  • Employee engagement is a factor in our PX measure and a component of doing workplace culture well. 

• Relationship between lived (personal) experiences and shared experiences.
• Business Insider reports millennials are more likely to feel behind on their finances, and almost half say their financial situation is preventing them from achieving their goals
  • Recessions, high living costs, student debt, inflation, job loss
  • Leading to more creative solutions for living and working
  • Bridging young families and health issues for aging parents 
    • Why putting yourself in someone else's shoes is key

• How do historical events impact generations differently? Example: 9/11 and the formation of TSA
  • TSA is a norm for younger generations, but sometimes more challenging for older ones!

• Speaking of Gen Z...
  • Also the most independent
  • Most anxious, individualistic (American Psychological Association)
  • True digital natives due to constant access and exposure to technology
  • Searching for security
  • People use their phones for everything, including work and socialization
  • Work-life balance vs. flexibility

• Trends we expect to see that will be the most successful in retaining Millennial and Gen Z
  • Mental wellness
• Relationships and networking
• Team bonding
• Candidate experience
• Fast onboarding
• Flexibility and flextime
• Mobile recruiting
• Shared experiences

• Teams are made up of these 4 generations. It's essential to gather feedback of interests and what works for individuals.
  • Reflecting that feedback into planning team activities.
    • Polls are a feature in our PERKS platform :)
  • How can we learn to create strong work relationships - given that we have our differences? What can helps teams to support folks from diverse backgrounds, upbringings, even expectations?
    • Having that culture of psychological safety and respect

• What is the best way to manage multiple generations while promoting team collaboration? 
  • Culture of respect and empathy, belonging and positivity
    • Emotional intelligence (EQ) - managing your own emotions to communicate well, problem-solve, and resolve conflicts.
  • Addressing the preconceived notion that it’s harder to manage people who are older than you. How has that affected both of your leadership style?
    • Being the expert in your subject
    • Confident in your position and experience to execute whatever task, but also doing the human component of culture well.