Today, older generations are staying in the workplace longer, and it’s estimated that approximately 8% of people over the age of 75 remain in the labour force. This is double the number of people over 75 still working 30 years ago, making it common to have four or even five generations in one workplace.
While having different perspectives and skillsets from different generations creates opportunity, it also comes with challenges. For example, tensions may arise about workplace schedules, with older generations not willing to work into the evening and younger generations preferring to skip shifts in the morning.
At BlueRock Wealth Management, we recently found this interesting article from the Wall Street Journal about managing generational differences at work. It looks at how one family-owned business is managing these challenges.
The Hickman family runs a lumber and flooring company in western Pennsylvania. Spanning ages from 86 to 37, each member of the family has different working habits and styles, but by respecting others’ skills and roles, they make it work. And although their business is family-owned and opearted, it has about 70 workers, so it’s big enough that each family member can focus on their roles without overlapping.
If you run a family business with different generations playing a part, the Hickman family’s situation may sound familiar to you. Or maybe you can take a bit of advice about what they are doing to continue to move your business forward while still holding on to what makes your operation great.