alexa Strategies for Retaining a Multigenerational Workforce
ISSN: 2167-0234

Journal of Business & Financial Affairs
Open Access

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Research Article

Strategies for Retaining a Multigenerational Workforce

Jones LM*

Walden University, College of Management and Technology, 100 Washington Avenue South, Suite 900, Minneapolis, Minnesota, USA

*Corresponding Author:
Laurita M Jones
College of Management and Technology
Walden University, 100 Washington Avenue South
Suite 900, Minneapolis, Minnesota
55401, USA
Tel: +1866-492-5336
E-mail: [email protected]

Received date: June 01, 2017; Accepyed date: June 07, 2017; Published date: June 17, 2017

Citation: Jones LM (2017) Strategies for Retaining a Multigenerational Workforce. J Bus Fin Aff 6: 271. doi: 10.4172/2167-0234.1000271

Copyright: © 2017 Jones LM. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

 

Abstract

As organizations become more age diverse, some business leaders face challenges managing a multigenerational workforce. The purpose of this single case study was to explore strategies that leaders at a university in Northwest Florida implemented to retain their age-diverse workforce. The targeted population was higher education business managers who had success with retaining an age-diverse staff. The conceptual framework of the study was Herzberg’s 2-factor theory of motivation. A significant tenet of this theory is employees explain satisfying and dissatisfying experiences based on intrinsic and extrinsic factors related to their job functions. The data collection process included face-toface interviews with 4 participants and a review of company documents, including the university’s strategic plan and diversity and inclusion initiatives. Through coding and thematic analysis, 7 themes emerged that could help leaders retain a multigenerational workforce: foster a diversity-friendly workplace culture, implement effective interpersonal communication strategies, employ a formal approach, encourage a healthy work-life balance, value employees and their differences, offer professional growth opportunities, and eliminate negative generational stereotyping. Developing and cultivating retention strategies may contribute to social change by helping managers and leaders enrich retention rates, thereby increasing employment stability, improving productivity, and enhancing organizational and community relations.

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