The recent study on Multi-Generational Workforce has attracted the researchers to go deep into the matter for development. The agrarian rural society converted into urban & industrial due to industrial revolution & since then workforce diversityhasestablished itsbasein theorganizations. Thediversified workforce consists of employees from different age, gender, race, religion, ethnicity & culture. More studies have done on the basis of diversity to ethnicity & gender. One of the most daunting diversity challenge is Generational Diversity which often goes overlooked & unaddressed. Diversification of workforce on the basis of age is regarded as “Age Diversified Workforce” or “Multi-Generational Workforce”. The Multi-Generational Workforce consists of employees from five different generations. They are “Traditionalists”, “Baby-Boomers”, “Gen-X”, “Millennials” & “Gen-Z” who work side by-side in a common workforce. Traditionalists, the “Greatest Generation” occupy a very smallest portion in the current workforce, born before 1945 (Matre, 2017). They are very famous for their loyalty, commitment & dedication in the organization. The second generation is Baby Boomers, the “Largest Generation” are born in between 1946–64. They are leaders with strong vision, effective managers & determined workers. The next generation is Gen-X who is also known as “Post Boomer” or “Latchkey Kids”, who born in between 1966–85. Xers are self-reliant, technically sound & doubtful towards authority. They are very famous for their loyalty, commitment & dedication in the organization. The second generation is Baby Boomers, the “Largest Generation” are born in between 1946–64. They are leaders with strong vision, effective managers & determined workers. The next generation is Gen-X who is also known as “Post Boomer” or “Latchkey Kids”, who born in between 1966–85. Xers are self-reliant, technically sound & doubtful towards authority. The fourth generation is Gen-Y which is regarded as “Millennials”, “Dot-coms”, “Digital Generation”& “I Generation” bornin between 1985–1997. The yareal ways associated with autonomy, technology & multiple tasks. The recent generation entering the workforce is Gen-Z which is also known as “Post Millennials” & “5G”. They are born in between 1997-now (Matre, 2017). They are completely tech savvy &versatile. The U.S. workforce has undergone several changes in 21st century & it has a very significant impact on the workforce of rest of the world as most of the Traditionalists would opt for retirement due to lack of compatibility with advanced technology. Similarly, the growth of labour force is expected to be affected within the next ten years by aging Boomers as they have lower participation as compared to Gen-X & Millennials & the contribution towards participation of Gen-Z is also very low.
The present study on Multi-Generational workforce in both public & private sector banks (Twin-City, Odisha), covers the basic concepts related to Multi-Generational workforce, their presence & importance in organizational set-up. The study throws light towards the issues or challenges faced by banking sector (public & private) while dealing with diversified generations in a common working platform & valuable recommendation are provided. First of all the exploratory research has been conducted & 6 basic factors & 25 variables are identified. The pilot study has done with 65 respondents with structured questionnaire by using Likert's five-point scale. The Cronbach's Alpha value for 25 variables is 0.823; which is greater than 0.70 & paved the way for reliability of questionnaire. At the same time both KMO test (to identify adequacy of sampling for factor analysis) & Bartlett's Sphericity test (to identify whether variables are suitable for categorisation into factors) have been done. The 25 variables are clubbed into 6 principal factors basically i.e. dominant work values, reward & motivation, technology, communication, generational conflict & management perspectives whichare analysed. 18 hypotheses are developed & “independent t test” has done. The final study is done with 310 respondents out of which 189 from public sector & 121 from private sector banks. As the study is conducted in Indian context the respondent employees are regarded as Socialists, Liberals, Generation-X & Gen-Y. For the currentstudy, Socialists &Liberalsare categorisedas “Old Generations”& Gen-X & Gen-Yarecategorized as “New Generations”. The 310 respondents include 162 old generation employees & 148 new generation employees; 181male employees & 129 female employees.18 hypothesis are developed & “independent t test” has done. By analysing results, dominant work values, perception towards reward & motivation, technological adaptability, modes of communication are different across generations irrespective of public & private sector banks. Due tosuch differences generational-conflictor clashacross generations is inevitable which the basic issue for banking sector & different generations perceive each other differently on the basis of their working attitude & objectives. But the respondents from both old & new generation irrespective of publicor private sector banks have sameexpectations from management which is principle of equity & fairness, respect for each generation with their uniqueness & platform for knowledge sharing & inter-generational learning. Hence, as it is a great challenge to manage a Multi-Generational workforce with diversified perception & thought, the leaders or managers have to play very dominant role to bring collaboration across generations. The current study comes to an end that by identifying differences across generations & converting those into strength of workforce, focusing on unique thought & ideology & getting leverage out of those, providing adequate training & reverse mentoring programs will be helpful for banking sector to maintain strong inter-personal relation & bring collaboration. As a result the morale of employees & performance will be increased & the Multigenerational workforce will provide competitive advantage to both public & private banking sector.
