Millennials and Baby Boomers: Building a Strong Inter-Generational Finance Team

According to a study published by Ernst & Young, management is shifting to younger generations, but where does that leave the Baby Boomers? A number of articles have been written stereotyping both the millennial and baby-boomer generations, but has anyone ever thought of bringing these two different generations together? Maybe all they need is the right work environment…

Financial professionals are the pillar of your business. In actual fact, combining the Millennial and the Baby Boomer's experience can make or break the success of your company, so it's important to have the best people in the field on your team - and know how to retain these highly skilled workers once you get them. Together, they simply need the right environment and structure to ensure the company's success.

Meeting in the middle
To bridge the gap, it is essential to establish clear communication between these dynamically different workforces. Furthermore, realizing how younger workers see their roles, the older professionals need to be there to guide and mentor the young ones, however, they need to deliver this knowledge in a way younger workers can bite, relate to, and appreciate.

In the same way, younger workers need to understand the value of the experience that Baby Boomers bring to the table. As an organization, you need to identify and teach Millennials the basics of business and industry, while enabling the younger generation to incorporate new technologies and take a calculated risk to be dynamic in a new "connected" age.

Here are two ways to structure a Boomer-Millennial team:

1. Don't categorize the team dynamic
In order for the team to achieve the project goal, Millennials and Boomers need to work together to find the best way to join hands. At times they should each be leading. None of them is the boss. Under this dynamic, they have to build trust by understanding each other's strengths and weaknesses.

2. It's a two-way street: teaching and learning from one another
Even if there seems to be some uncertainty about how the project is going, this should be the case no matter what. 

The Boomer probably has previous experience, so invite them to share their thoughts on the next possible course of action. Explaining it to the Millennial with specific examples and reasons of why certain approaches are likely to work better. You should also expect them to think about the Millennial's strengths and weaknesses, and make suggestions about how they can best use their natural talents for the project.

Invite the Millennials to teach the Boomers about statistical models, cash flow management software, and web tools that they think would aid the project in a way that they understand.

With the variety of multi-generational employees in today's workplace, organizations can achieve a real strategic advantage by embracing the diversity among generations to create a flexible work environment that values all people and keeps them productive, regardless of age.

Thinking of adding a few talented finance professionals to your team? Contact Communicate Recruitment. We are a well-known, reputable specialist recruitment company with over 30 years experience in the employment market. Get in touch with us.

If you happen to be in the market for a new finance job, visit our website and apply today!