Changing Insurance Series

The Changing Face of Insurance: Managing the Multi-Generational Workforce
Contributed by Martin E. Murphy, CPCU

In the last article of The Changing Face of Insurance Series, you learned the characteristics and viewpoints of the Traditionalists, Baby Boomers, Generation X, and Millennials. Undoubtedly, the generations currently composing the workforce have varying preferences. Consequentially, there's no one-size-fits-all management style either. Each generation has distinct expectations of how their supervisors should manage and communicate.

As a manager, understanding how each individual employee prefers to be treated will put you at a great advantage. Note that you do not need to completely bend your style and approach to satisfy every unique desire of your managees. Yet, recognizing unspoken expectations and "hot buttons" will catapult your team's productivity and efficiency. It's time to apply your generational expertise to create a flexible management style that transcends the generations.

Managing Traditionalists
As you know, Traditionalists are the oldest members of the workforce. While many workplaces have become increasingly casual, Traditionalists spent the majority of their careers in formal work environments. Respect this mindset, rather than attempting to change it. Incorporate formality into your personal management style by presenting your ideas and assignments in a logical, to-the-point manner. Go easy on email communication and conference calls; Traditionalists prefer to meet in-person and are often uncomfortable relying solely on technological modes of communication. Although change and innovation are necessary, Traditionalists, by nature, are hesitant to accept change. For the best response, present change as a gradual process.

Managing Baby Boomers
Similar to Traditionalists, Baby Boomers are resistant to change and are loyal to tradition. Boomers are set in their ways and respectful and comfortable with a company's bureaucracy. They believe in fostering a formal working relationship with their superiors and peers. However, younger managers should understand and admit that in some situations, their Boomer subordinates are older and more experienced. Be succinct when communicating project objectives and tasks to Boomers. They prefer direct and clear communication of desired results.

Managing GenXers
Generation X is independent and resourceful; they prefer a manager that tells them what needs to be done, but not how to do it. They do not respond well to micro-management. Similar to Baby Boomers, this generation prefers open, honest and direct communication, including feedback on their work. Unlike Traditionalists and Baby Boomers, GenXers are comfortable with technology and value casual working relationships. GenXers prefer malleable work weeks, including job flexibility, job sharing and telecommuting. Although they enjoy the ability to set their own schedules, Gen Xers value productivity and high-quality results.

Managing Millennials
Millennial often demand more of their employers than their predecessors. Raised by Baby Boomer parents, this generation was brought up to believe that they can do whatever they put their minds to. They are a mobile generation and are much more likely to leave their jobs after a year or two than older generations. To retain Millennials, understand that they thrive on mutual respect, the potential for growth and advancement, and flexibility and fun in the workplace. They are a generation of multi-taskers and enjoy multiple projects and responsibilities. Promote growth by entrusting them with new projects and opportunities, as well as providing mentorships between Millennials and older employees. Encourage this generation to share new ideas and solutions while setting rules and maintaining solid leadership.

Recognizing the Generations
In addition to general management styles, each generation prefers different rewards for a job well done. For instance, Boomers prefer company-wide recognition, such as acknowledgement in the company newsletter. Millennials and GenXers prefer to be recognized with time off, company-paid events or monetary compensation. Traditionalists generally seek conventional rewards such as plaques and certificates.

Step up to the challenge of managing a multi-generational workforce with savvy and know-how. Understand that no generation is the same and leverage that insight to build an efficient and collaborative team. Companies that will withstand the impeding talent crunch are those with managers who possess cross-generational management flexibility.