It’s not just about the money – how to attract and retain a strong multi-generational team
Attracting and retaining the very best team members is always a challenge for any business. We have all heard the simple expression “money talks”, which could be viewed as particularly relevant when we consider that Rickard Luckin is in the business of accounting!
However, money is of course only part of the discussion. Choosing and defining a career path means making many important decisions, which is a process each generation tends to approach in different ways.
Research has consistently shown throughout the generations that each has different motivators. We can identify and define some of these as follows:
The ‘silent generation’
This generation consists of our retired generation, which were primarily motivated by job security. They took pride in ensuring a stable income for their families, which is not really surprising considering the massive impact that two world wars had on their lives.
Baby boomers are the generation now heading towards semi-retirement, or on the “next chapter” of their working lives. This generation are more likely to be driven by status and success, with a strong desire to be recognised in their workplace and in turn gain financial reward.
Formal recognition and titles that reflected high status became key drivers for career happiness, so it makes perfect sense that organised staff appraisals and hierarchical structures became more common during the baby boomers’ employment lifetime.
This generation who are now aged between mid 30s to early 50s, began to question the extreme ‘work-hard’ ethic in force within the workplace, challenging whether the amount of time served was the right reason for promotion. Instead, Generation X wanted their wider contribution and value to the organisation to be recognised. It was this generation that introduced the concept of ‘work-life balance’ to the business world and were prepared to move around in the employment market to reach their aspirations.
Flexible working practices and the wider employment benefits are therefore important to Generation X, along with the freedom to manage their workload in the manner they feel is most suited to their individual way of working.
Of course, the latest Millennial generation have been brought up in a 24-hour world, complete with the ability to shop, arrange finances, book holidays, view properties and even socialise via smartphone.
It is no wonder, perhaps, that this generation are currently challenging the way many businesses continue to organise their mostly nine-to-five approach from outdated offices.
I have heard many times that Millennials are a risk-averse generation; the ‘snowflake generation’ that don’t want to take on unnecessary challenges, or become the next partner or business owner. However, with so much information and opportunity readily available at the end of a smartphone, it possibly makes sense that Millennials are more discerning about the roles on offer to them!
It should be the purpose of employers and business owners to create an attractive environment, with plenty of built-in flexibility and opportunity, that will make people of any generation feel they would want to be part of the business journey.
Introducing the Rickard Luckin Development Academy
It is for this reason that we have created our Rickard Luckin Development Academy. Our Academy focuses on working alongside our team, learning more about what motivates them, and what really interests and inspires each one.
We are proud of our transparent career pathway, from student to shareholder, which is built upon our core values of passionate, personal and professional. This is a system which allows everybody to develop and flourish in the areas that suit their individual experience and personal skills. We match each individual with an appropriate mentor, who helps to add a rounded perspective from a different generation or viewpoint.
Though our Academy is a recent development within our firm, it is clear to see very quickly that by engaging with all of the different generations in our business, and by showcasing a flexible system that suits individual needs and drivers, there can be genuine passion shown across all of the generations in our businesses today…. the key is simply in learning how to unlock it!
Whichever generation or industry you happen to be from, we can help you with accounting services and advice that is tailored to your individual needs. Simply contact our friendly team for further information.