Navigating a “New Kind of Diversity”

8 minute read time.

Take a look around your workplace (that is if you’re not retired yet). Odds are, its makeup is a lot different today than it was at the start of your career. That’s because, for the first time in history, workplaces have up to five different generations, often working side-by-side.

This changing dynamic is what Dr. Tim Elmore, founder and CEO of Growing Leaders, an Atlanta-based nonprofit organization created to develop emerging leaders, refers to as “a new kind of diversity.” As he explains, the differences go beyond the date on a person’s birth certificate. “Because we grew up at different times, we might have different sets of values, different priorities, and different languages.”

For the first time in history, up to five generations are working alongside one another in the workplace. This comes with challenges and a number of upsides, according to Dr. Tim Elmore, author of A New Kind of Diversity: Making the Different Generations on Your Team a Competitive Advantage. On the next episode of “Your Money Map,” Elmore will share his insights for bridging the generational divide and harnessing the strengths of a multigenerational workforce.

Importantly, these differences can lead to challenges, as well as new opportunities in the workplace. Elmore’s mission is to help leaders and their employees navigate both sides of this new normal. “I’m attempting to help people build bridges instead of walls with people who are unlike them,” he shares.

A NEW KIND OF DIVERSITY, DEFINED

According to the Pew Research Center, the five generations making up today’s workforce include:

  • The Silent and Greatest Generations (Born 1945 or earlier)
  • Baby Boomers (Born 1946 to 1964)
  • Generation X (Born 1965 to 1980)
  • Millennials (Born 1981 to 1996)
  • The Post-Millennial generation, including Gen Z (Born 1997 and later)

As Elmore explains, each generation is defined by different characteristics and strengths. For example, Millennials are known for their confidence and “let’s change the world attitude.” On the other hand, Gen X brings a “contrarian perspective” that Elmore says is essential. “I believe the older generations often bring timeless insights, but I think the younger generation often brings timely intuition about where culture is going. We need each other,” he notes.

BRIDGING THE GENERATIONAL GAP

Research has shown when workplaces are made up of differing ethnicities, organizations yield better results. Elmore says the same is true of multigenerational teams. But that’s not to say there aren’t challenges.

One of the more common hurdles for older leaders is managing younger employees. According to Elmore, the key to doing so is to “begin with belief.” In other words, check your biases at the door, assume the best of others, and above all else, interact with generosity and grace. “You always are going to fare better when you begin with ‘I’m hopeful, I’m believing,’” he says. “You will bring out the best in yourself and you’ll bring out the best in your employees.”

To bridge the gap, he also suggests “reverse mentoring.” “That’s where I, as a person from an older generation, am getting with a younger generation…and we’re both pouring into each other. I’m sharing from my superpowers, they’re sharing from their superpowers.” A successful reverse mentorship is two things: not too structured and not overly informal. “You want to make it fit somewhere between organized and organic,” says Elmore. “Start with swapping stories. You’ll always find something in common when you swap stories.”

LEARNING BY EXAMPLE

Since founding Growing Leaders in 2003, Elmore has worked with more than 500,000 leaders in organizations ranging from Fortune 500 companies to professional sports teams. When asked what organizations are hitting the mark when it comes to multigenerational teams, he says a couple stand out. One is Enterprise Rent-A-Car, which he says invests in young professionals, making them management-ready in short order. Another is Chick-fil-A, which has a workforce made up of 70-75% of Gen Z’ers. “I am loving how intentional they’re becoming at saying, hey, you [owner-operators] have got to learn this new workforce. I love how they’re adapting.”

KNOWING YOUR VALUE AS AN OLDER WORKER

Research from the Alliance for Lifetime Income shows that nearly half of Peak 65 consumers don’t think their retirement savings or sources of income will last their lifetime. In light of this, many Baby Boomers are working beyond the traditional retirement age. In fact, according to the U.S. Bureau of Labor Statistics, the share of workers aged 65 and up will reach 21% by 2032.

One of the most important things older workers can do to retain their value in the workplace as they age involves tapping into their “coaching” abilities. “I think Baby Boomers need to say to those in charge of them, ‘Let me coach a bit here. Let me offer what I’ve learned over the years in 30-minute coffee breaks,’” he says. “That may sound cliche, but I do believe someone who has been around 40 years, has something to offer.”

SELLING YOURSELF AS AN UN-RETIREE

22% of people who have stopped working recently were either forced or incentivized to retire, according to a recent ALI survey of Americans aged 61 to 65. For many in this situation, retirement came too early. As they look to re-enter the workforce, they find out, quickly, that it’s a whole new ballgame.

For more experienced workers looking to unretire, and pursue a second act, Elmore says it’s key to highlight the attributes they possess — ones that younger generations don’t. “You do need to think of qualities, talents, and gifts you offer that are not offered by AI or are not offered by perhaps just anybody.”

One of those gifts, Elmore says, is what’s called “crystallized intelligence.” As he explains, British psychologist Dr. Raymond Cattell uncovered the fact that our “brains morph over our career and our lifetime.” We experience “fluid intelligence” in the first 40 years of our lives and in the second half, that intelligence crystallizes.

The end result is older workers being able to summarize, clarify, and teach exceptionally well. “We start to become clarifiers,” explains Elmore. “I believe this is why [longtime] Harvard professors get some of the highest marks from students because they can bottom-line things really well.”

Stay informed with the latest updates on protected income planning.