For the first time in history there are four distinct generations of workers in the workplace. Each of these generations has different perceptions of work-life balance based on the era they grew up in. Work-life balance varies across generations and companies who want to attract young talented new members of Generation Y need to re-evaluate their stance on work-life balance in the workplace. Work-life balance programs can be used as a competitive advantage to attract and retain quality employees. With work-life balance programs affecting everything in the company from morale to absenteeism to recruitment and everything in between, it is important that companies take a closer look at their employees and make sure that they are offering programs beneficial to their workforce.
As companies compete for talent in the workforce, they cannot ignore the needs and wants of GenX and GenY. These generations have different attitudes and desires and reshaping the work environment. Additionally, workplace dynamics are changing as the number of women in the workforce has more than doubled since 1970. More women in the workplace has led to the need for more work-life benefits as less women are staying at home to take care of their children. Some popular work-life benefits include dependent care, maternity and paternity leave, and flexible work schedules such as telecommuting.
2 comments:
Everything in life needs to have a point of equilibrium, stability, and balance; that is the law of nature. I think we are living in one of the most challenging periods of time. Today, because of the globalization, outsourcing, and the constant increasing in new technology, the theme of workforce development takes another dimension. Companies have to deal not just with the attitude of a new generation and the increment of women in the workforce, but they also need to consider other culture developments that have their own values and expectations. The competition in this area is and will be extremely hard for new generations in general.
The work life balance seems by some to be a lofty ideal in conflict with profitability and efficiency. I don't think too many Wall Street firms will bend but there is likely to be employers who choose to offer and promote a balance work life.
Employees who value this aren't any less qualified than the workaholics. Employers who promote work life balance can have a strategic advantage of fostering work environment where more than just pay can draw in and retain the right candidates. For employees who value balance over a higher paycheck, competitors would have very hard time picking off these valuable employees despite the ability to outbid of pay alone.
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