Page 5 - Generation Flex

FACTS & FIGURES
GENERATION FLEX
Having different generations at work in the same space is now a key factor in organisational success. We must find new ways to address the priorities of individuals and nurture each person's wellbeing.
FACTS AND FIGURES | 5
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We all are getting older and the world is aging with us. Longer life expectancies and falling fertility rates are a fact of life for countries worldwide, with implications that many of them seem unprepared to address.
Living to 100 years is no longer unusual and in every developed country the growth of the elderly population is outrunning the working one (between the ages of 25 and 64). By 2050 more than 50% of Japanese will be 65 or older. In Spain that figure will be 34,5%, in Italy 33% and in Germany 32,7%1. In China only 8.3% of the population was 65 or older in 2010, while it is estimated that it will be about 24% by 20502.
Aging populations create a number of challenges. One of the most significant is the effect on the global economy, pushing governments and institutions to rethink social security and health care systems, especially in those countries in which the workforce is too small to support retirees and not able to generate enough tax income to pay for all the public welfare3 people might want or need.
“Back in 1950 there were 12 employed citizens for every retired person on a worldwide scale. Today, this figure has dropped to 9, and it is expected to drop to 4 by 2050”4.
1940
Comparison of different sources shows the blurred boundaries for t1he cLlaIsNsifDicaStiEoYn oTf.gBenAeKraEtioRns.
2000 1990
1980 1970
1960 1950
Offices have always embraced people from different generations, but now workers assumed to be retired are in better physical shape than in the past. They are increasingly willing to keep on working, play a role in society and earn income to meet any shortfalls in their own pension provisions. Their experience and knowledge are also a valuable asset for businesses.
In many offices it is quite common to have four generations living and working together - the Silent (also known as Veterans), the Baby Boomers, Generation X and the Millennials (also known as Generations Y).
1: Office Environment for the Multigenerational Workforce: 2 AARP
A Qualitative Study of Intergenerational Knowledge Transfer - 2015 2: Leading a multigenerational workforce - AARP - 2007
3 DAN WOODMAN
3: Professor Dan Woodman (Xennials are a micro generation born
during the cusps years of gen exers and millenials between 1977- 1983. Xennnials experienced an analogue childhood and a digital adulthood and possess both gen X cynicism and millenial optimism and drive.
BABY BOOMERS BABY BOOMERS
GEN XERS GEN XERS
MILLENNIALS MILLENNIALS
BABY BOOMERS
GEN XERS XENNIALS
MILLENNIALS