Baby Boomer vs. Millennial: Motivation in the Multigenerational Workforce - Essay Sample

Introduction

The multigenerational workforce is composed of a traditionalist, baby boomers, millennials, generation Xers and generation Z. the interview involved an employee in his late 50s (baby boomer) and another in his late 20s (millennial). From the interview of the baby boomer and millennial, the researcher found that baby boomers are motivated by proper compensation and retirement package with 401(k) matching funds while the millennial is motivated by flexible working conditions and financial rewards.

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Baby Boomers and Millennials

The baby boomers are in their 50s and most are well established in their respective career. The baby boomers also prefer positions of power. They would like to have more authority and are either chosen as leaders or mentors. These people are motivated by monetary rewards. However, some are motivated by policies such as flexible retirement planning, prestigious job titles, and promotions. On the other hand, millennials are in their 20s. Millennials prefer working on contracts and not full-time employment. They prefer to sell their skills and cash out their talents that is why most of the millennials are freelancers or contract workers as they can get the best compensation from the highest bidders (Zaharee, Lipkie, Mehlman, & Neylon, 2018).

Older Employee's Early Plans

The older interviewees also reported that early in their career, they wanted to work for a multinational company with competitive compensation, the security of tenure with a good insurance scheme. This is much different from the today youths who focus more on flexible work environment and compensation. The younger workers of today would prefer to telecommute and work on contracts basis and not long-term employment.

Recommended Compensation Systems

To the baby boomers, the recommended composition systems are salary and benefits. There should be an additional 401(k) matching funds and sabbaticals. The preferred compensation systems for the millennials include individual performance-based compensation model or the pay for performances.

Conclusion

Depending on the generation of the worker, it is important to develop a competitive compensation package that reflects on their preferences and long-term plans. Some generations are motivated by mentoring opportunities, professional development, constructive feedback. Only options would motivate a small percentage of the millennials.

References

Muthu, K., & Ya Yee, T. (2011). An Analysis of Workplace Expectations Among the White-Collar Employees Across Baby Boomers, Gen X and Gen Y in Malaysia. SSRN Electronic Journal, 21(11). Doi: 10.2139/ssrn.1869381

Zahara, M., Lipkie, T., Mehlman, S., & Neylon, S. (2018). Recruitment and Retention of Early-Career Technical Talent. Research-Technology Management, 61(5), 51-61. Doi: 10.1080/08956308.2018.1495966