06 Jun 5 Benefits of Building a Multigenerational Workforce
Most industries benefit from having a multigenerational workforce, and the real estate sector is no different. When you have the right mix of technical smarts and go-getter attitudes, tried-and-true business ethics and innovative new ideas, you have an ideal recipe for success.
Here, we share the multifaceted benefits of building a multigenerational workforce for your real estate business.
Key Features of a Multigenerational Workforce
As the name suggests, a multigenerational workforce includes staff that are from different generations. In industries like real estate – where both experience and energy are highly valued – it’s common to have four generations in one team.
What follows is a rundown of the current Australian generations, some of their associated traits and their current workforce representation, based on a recent study by McCrindle Research.
The Benefits of Cultivating a Multigenerational Workforce
From productivity gains to improving culture, here are five benefits of building a multigenerational workforce.
1. Boosts your problem solving, decision making and innovation capabilities
Problems arise in a business for all employees no matter their age, but when you have a blend of all ages working together there are more ways to solve them. The way we solve problems changes as we age but the influence of younger people on a senior workforce is equally as positive as the other way around.
The same benefit applies to making business decisions. With a diverse range of perspectives, insights, and input you can be assured the issue is considered from all angles, enabling you to make a fully informed decision.
As for innovation, younger staff offer fresh ideas based on their digital lives and knowledge of modern trends, while the older generation brings their long-term focus, industry-specific knowledge and years of experience to the table. With the right collaboration, your innovative thinking stores get a boost, helping to futureproof your business in this dynamic and ever-evolving industry.
2. Productivity gains
When it comes to productivity in the workplace, it appears that older employees are generally more productive than their younger counterparts.
Remarkably, it seems younger employees’ productivity levels rise when they have the opportunity to work alongside those from an older generation, especially those in service professions like real estate. It is postulated the older team members create a ‘spill over’ effect, with younger ones reaping the benefits of their knowledge, industry experience and management skills.
3. Enhances work culture
According to recent McCrindle research, over half of the Australian workers believe their workplace is effective at valuing the experience and wisdom of older staff (58%). Interestingly, younger generations – in particular Generation Z – are the most positive about their workplaces recognising the value that the older generation brings (65%).
The figures are especially encouraging when you consider a multigenerational work environment mirrors that of a family structure. It offers staff a chance to not only collaborate and learn from people of a different generation but also the opportunity to build personal connections – an essential for robust team relationships, overall happiness on the job and of course, a rich company culture.
However, the changing nature of the real estate industry can affect teams in building relationships. With a tendency to incentivise contributions and the inevitable competition that brings, there can be a reluctance to collaborate. In the process, the opportunity for cross-generational learning and the success it brings might be missed. As a manager, there are many ways you can address this and mentoring is an important one. Whether it’s intergenerational (where a younger employee learns from an older one), or reciprocal (where they both learn from each other), it’s a great way to foster work relationships and build a stronger culture. Some of the benefits of mentorship include obtaining a different perspective, having a sounding board for ideas, widening networks, and access to experience and advice.
4. Ensures a strong talent pipeline
With a good mix of generations, your team will grow with your business. This not only ensures knowledge and relational capital stay within the company but is transferred from one generation of staff to the next. It may also reduce your hiring costs, allowing you to promote from within.
However, it seems there is still work to be done in preparing for the intergenerational knowledge transfer. Only 43% of Australians in the McCrindle report felt their workplace is actively preparing for transferring knowledge from leaving or retiring staff. 26% of Baby Boomers – the generation that will leave – felt the same way.
5. Age diversity is good for your brand
With Generation Z soon to become the most populous generation on the planet, it is worth understanding what is important to them not only as an employee but a consumer too. It seems diversity is high up on the list.
By employing people from multiple generations, you demonstrate your commitment to fighting ageism in real estate. You also reap the rewards of getting a tangible insight into your different target markets, as you have each generation within your team.
Drawing From a Deeper Talent Pool
These are just five benefits of multigenerational hiring. There are plenty more for your company, one of which is giving you a much bigger talent pool to draw from – an essential in this candidate-short market.
If you’re interested in finding out more about the value a multigenerational workforce brings to your business, or need assistance in sourcing talent across the ages, please get in touch. As real estate recruitment specialists, we have a wide cross-section of candidates and would love to support you in your endeavours to cultivate a multigenerational workforce.