Journal of Business & Financial Affairs

Strategies for Retaining a Multigenerational Workforce

Abstract

Jones LM*

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.