Answer to Question #169641 in Management for puja

Question

Research the various generations: baby boomers, Generation X, and the Y Generation (millennials). Compare and contrast five differences between the generations. How might these differences impact HRM?

Answer 1

First, banking habits of the baby boomers are different from the other generations for they prefer using cash to conduct their transactions. In contrast, gen X does research on monetary management online and prefer individual transactions. Consequently, they demonstrate loyalty to one brand. Gen Y are less loyal to a particular brand. 

Second, shaping occurrences mark these generations distinctly. Baby boomers with post world war two, gen X end of cold war and rise in computing and gen Y by technological rise with the internet. Third, baby boomers use traditional forms of media like radio and magazines, gen X have optimized these media to more digital media and lastly gen Y use streaming services as well as mobile devices. 

Fourth, baby boomers have more wealth and are focusing retiring successfully, Gen X are focused on raising families, paying loans and trying to build a stable future. Gen Y are seeking for employment and are financially unstable. Fifth, current age of gen Y is between 24-39, gen X between 40-55 years and baby boomers between 56 and 74.

Step-by-step explanation

In a workforce there are different age groups that are more diverse in culture, gender and age diversity. Many organizations have different expectations and they have sought to employ diverse generations of workers in order to support and accommodate all these diverse demographics. 

Baby boomers generation born between 1946 and 1964. They wanted equality and peace although they born after the second world war and due to this they participated majorly in demonstrations for change. This generation is known to have insubstantial income and were able to allow extravagant lifestyle than previous generations. On the other hand, generation X born between 1982 and 1994. This generation is known for integrating their lives with technology as it is demonstrated by their migration from analog to digital world. Lastly, generation Z were born between 1995 and 2010. They are clearly identified with the use of internet. 

The differences might help in correctly meeting generational needs and requirements in order to promote productivity. Additionally, this may help to provide proper and necessary training through continued knowledge in the ever changing environment.