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Generational
Diversity
Organizations in today’s financial services industry are starting to realize the “age gap” in managing their workforces. Some companies are handling age spans between the youngest and oldest of up to 45 years, but in the future, as the workforce ages, this could grow even more. Longer life spans mean that companies may soon employ four generations at once. While there has always been a degree of generational tension in the workplace, the widening age gap may impact many aspects of a company’s operational and polices.
LOMA researchers have been monitoring this trend and recently produced an Information Center brief on the topic, entitled “Managing Generational Diversity.” According to the brief, many financial service organizations are trying to predict how such a diverse span of workers will affect their strategic workforce planning.
Companies are taking a variety of approaches, including training to make sure that younger managers receive appropriate training in supervising older workers. Some companies are supporting the mature workforce and have programs to help people over age 50 to seek jobs and remain employed. The brief has many other examples of how companies are addressing this critical issue.
If you wish to learn more about this topic, contact the LOMA Information
Center at infoctr@loma.org. Employees of LOMA member companies may download the entire brief from the
LOMA Members Only Web site.
Thomas P.
Donaldson,
FLMI, CLU
President & CEO, LOMA
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