HR TRENDS 2023: Multigenerational teams will become more common in Southeast Asia as studies show that organisations with age diversity are more productive, innovative, and profitable.
While there are some challenges associated with a multigenerational workforce, the benefits far outweigh them. SHRM emphasises that multigenerational workforces are more productive, innovative, and profitable. The study surveyed over 2,000 businesses and found that those with a higher percentage of workers over the age of 50 were 1.1% more productive than those with a lower percentage.
In the region, a survey by PwC revealed that 82% of employers in Singapore believe that having a multigenerational team leads to a more productive workplace. Employees can share their different knowledge and experience, which helps them better understand their diverse clients. Additionally, businesses can benefit from the diversity in approaches to problem-solving brought by different generations.
Multigenerational workforces can also be more innovative. A study by IBM found that 82% of millennials believe that their generation is the most innovative, and they are more likely to work in an innovative environment. Having a mix of generations in the workplace can help businesses become more creative and competitive. This can lead to new products and services, as well as improvements to existing ones.
Multigenerational workforces can also help companies increase their profits. Millennials are entrepreneurial and want to make a difference in their company. They are also more likely to take risks and challenge the status quo. This can lead to new ideas and innovations that can help the company grow. On the other hand, older generations often have more experience and knowledge that they can share with the younger workers. This can help the company improve its operations and become more efficient.
To create a successful multigenerational workplace, businesses should consider establishing clear guidelines for communication, encourage open dialogue and collaboration, and provide opportunities for employees of all ages to interact with one another.
This article is from Chief of Staff Asia's latest report, Looking Ahead: HR Trends for 2023.
Age diversity improves productivity, innovation, profits