Ever-rising life expectancies, coupled with talent shortages, means that many people now postpone retirement and work longer. As a result, as many as four decades can now separate the youngest workers from the oldest.

Employers face the daunting challenge of bringing four distinct generations together to meet organizational goals. Each generation holds an altogether different set of career expectations and aspirations; each has different values and viewpoints. What motivates Baby Boomers and their older cohorts (sometimes called “The Silent Generation”) can exasperate members of “Generation X” (workers now in their late 20s to early 40s) and younger “Gen-Y” workers, and vice versa.

Generation gaps can lead to conflict and miscommunication, causing productivity to suffer and inhibiting the cultivation of talent. And because generational needs are so divergent, many companies find it difficult to attract, develop, and retain a truly multigenerational workforce.

Yet such a workforce, with its wide array of capabilities, can give an organization a significant competitive advantage. To do so, the organization must embrace different management practices that will support multigenerational workers. Its leaders must also learn to harness the distinct creative energies of each generation to create dynamic teams.

Getting perspective, gaining insight

Before leaders can develop the necessary skills for multigenerational management, they must first recognize their own generational biases. The reality is that each manager’s generational experiences color their professional views of workers from other generations. An honest self-awareness is the starting point for creating an effective multigenerational management style.

To then maximize the talents of all generations, leaders must strive to understand the priorities, motivations, skill sets, communication styles, and experiences of each segment in order to engage them effectively. Once organizations recognize the factors that define each generation without stereotyping them, they can tailor management strategies accordingly.

Here are some of the most powerful practices organizations will need to adopt if they are to succeed in managing a multigenerational workforce.

• Provide multiple compensation options. Older workers typically value loyalty and job security. They want to be rewarded through salary and retirement options. Younger employees, on the other hand, and often desire a variety of new opportunities and challenges. They respond to more tangible, immediate rewards, and the last thing most of them want is to stay in the same position (or even the same company) for the next 5 or 10 years. Likewise, each generation values a different set of benefits.
  
  
• Provide flexible learning opportunities. Predominant learning styles differ with each generation, so organizations must provide the variety of educational methods that appeal to all—from classroom to online lessons, self-paced or hands-on.
  
  
• Encourage diverse work styles. Most Silent Generation workers take pride in excelling at one particular function or job. Boomers typically thrive in teams. A lot of Gen-Xers prefer project-based assignments. While it requires a great deal more coordination, organizations will be truly successful if they assign work based on individual capabilities and traits, which are partly dictated by generational preferences. 
  
  
• Foster communication in all its forms. Boomers often favor face-to-face communication, while many Gen-X and Gen-Y employees prefer the speed and ease of electronic delivery. Older workers are typically content with an annual appraisal, while younger staffers crave immediate feedback. Although styles and needs may be different, all generations share the need to receive consistent and honest communication.
  
  
• Establish a mentoring program. Cross-generational collaboration is crucial for knowledge sharing and skill development. It also fosters mutual respect and helps combat misperceptions about work ethic and capabilities between generational groups. Through mentoring, workers of disparate ages discover common ground while also learning to recognize and appreciate differences.

Leveraging generational diversity requires a deep understanding of worker differences and the flexibility to manage creatively. With it, organizations can increase employee retention and cultivate an enviable talent pool that’s as diverse in generational terms as it is culturally.