A Preeminent Challenge Employers Face Today – Generational Management

“In the developed countries, the dominant factor in the next society will be something to which most are only just beginning to pay attention: the rapid growth in the older population and the rapid shrinking of the younger generation.” - Peter Drucker

Generations

• Greatest Generation (1901-1919) - The Greatest Generation is the generation that served in World War II.
• Silent Generation (1920-1942) -The Silent Generation is the generation born between the two World Wars.
• Baby Boomers (1943-1960) - The Baby Boomers are the generation born just after World War II, a time that included a massive increase in birthrate.
• Generation X (1961-1981) - Generation X is the generation born during the time of the Vietnam War and soon after, and are connected to the pop culture of the 1980s and 1990s.
• Millennials / Generation Y (1982-2001) - Millennials / Generation Y are connected to the many world-changing events including the rise of mass media and the Internet.

Business Impact

Companies are now challenged with managing the massive shift of the workforce demographics: The retirement of the Baby Boomer generation coupled with the introduction of the Generation Y / Millennial Generation. This shift will have the biggest impact to overall workforce businesses have witnessed in the modern era.

In the US workforce alone, in 2008:

• Millennials / Generation Y represent 75 Million
• Baby Boomers represent 80 Million

Millennials will soon overtake Baby Boomers as the largest generational segment in the workforce. With this dramatic shift within the workforce, companies are finding it increasingly more difficult to attract and retain capable talent at all levels in order to meet basic business needs.

• By 2010 - US businesses will see an estimated 10 million worker shortfall
• Of the 10 million, an estimated 7 million will be knowledge workers and / or management level

The Competition for Talent

Shifting demographics are forcing corporate employers to explore Millennial talent, while the investment required to attract and retain the Millennial Generation increasing rapidly.

Who will win the war for this talent?

Those who can answer these basic questions:

• How will we attract and recruit Millennials?
• How will we retain Millennials?
• How will we develop Millennials?
• How will we manage mid-career workers who will require new, unique career advice and direction?

Ultimately,

• How will we create a culture of learning and performance?

Game Theory's solutions are founded on thought leadership that addresses both workforce demographics and corporate talent management. Game Theory prides itself in:

• Anticipating the challenges associated with the shifting workforce demographics
• Delivering the experience and expertise necessary to help organizations achieve high performance within their organizations and their marketplace
• Being an advocate for the collegiate athlete embarking on their professional career