EY Survey Explores Managing the Generational Mix
by Terri Eyden on
Harnessing Skills, Anticipating Challenges
Perhaps, not surprisingly, the survey also found that American professionals aren't exactly bubbling over with enthusiasm at the prospect of working in a multigenerational setting. Nearly 75 percent of managers surveyed view managing multigenerational teams as a challenge, citing different work expectations and a lack of comfort with younger employees managing older employees as the main concerns.
Fortunately for managers, EY officials say, the survey also delves into the strengths and weaknesses of each generation that can be leveraged to build a successful multigenerational team.
"As management shifts to younger generations, the research reveals areas companies can focus on to enhance skill sets, address the challenges of managing multiple generations, and retain and engage employees by understanding which workplace perks they may value most," Twaronite said.
According to the survey, there are several "perceived strengths and weaknesses identified with each generation," including several associated with the newest players on the managerial scene: Gen Y.
"The most significant positives we uncovered about Gen Y are they are perceived to be very entrepreneurial, they scored very high on collaboration and being adaptable, and they received high marks for valuing diversity and inclusion," Twaronite said.
"Those are all incredibly important traits for managers. The findings mean Gen Y is able to cross borders on a team, which is a huge win for bigger and smaller organizations alike," Twaronite said.
While Gen Y didn't rate as high as other generations for productivity, their high marks for being perceived as entrepreneurial indicate they possess essential skills to bring new opportunities and new clients to organizations.
"The fact that Gen Y is entrepreneurial means they are willing to adapt to change and try new things. They don't always need someone to tell them how to do things, and that's especially helpful for smaller firms when manpower is tight," Twaronite said.
On the flip side, the study reveals most challenges with Gen Y managers tend to be centered on their perceived lack of communication skills.
"I think to some extent it's miscommunication among generations that creates some of these challenges, along with different work experience and lack of comfort with different work styles," Twaronite said. "Because of time constraints, Gen Y has also had less opportunity for job shadowing to learn about decision making, executive presence, and how to present at board meetings."
You may like these other stories...
For the first time in the five-year history of Vault.com’s rankings of the top 50 accounting firms to work for in North America, a firm has held the top spot as best accounting employer for two consecutive years....
With complex financial issues playing a larger role in litigation, and people increasingly turning to CPA experts to involve themselves in everything from criminal investigations to shareholder disputes to uncovering assets...
Event Date: April 24, 2014 In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel. David will introduce the Macro Recorder, which transforms actions...
Upcoming CPE Webinars
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.