Key points
- Accountancy firms can now include up to four generations co-existing in the workplace.
- Effective communication is the number one challenge firms face in integrating teams and boosting productivity.
- Technical proficiency is also a key area of concern with upskilling and reskilling opportunities recommended to drive growth.
A recent study by the Work Foundation at Lancaster University reveals that nearly three-quarters (73 per cent) of senior business leaders in the UK now manage workforces that span multiple generations. With lifespans increasing and working lives extending, this generational diversity is reshaping how businesses function. For the first time in history, four distinct generations coexist in the workforce—workers born in the 1950s and 1960s are now collaborating with those born in the 2000s. The most dominant cohort today is Millennials, aged between their late 20s and mid-40s.
Commercial Director at MyFirmsApp, notes that most UK accountants are now under the age of 40, with Millennials and Gen Zers making up 63 per cent of the workforce. This demographic transformation is fundamentally reshaping the profession, bringing fresh perspectives and a new approach to traditional practices.
Lucy Bisset, Director of Robert Walters North West UK, warns that without an understanding of the diverse motivations and working styles of different generations, companies risk culture clashes.
“Diversity floods a workplace with a variety of different skills which can contribute to increased productivity, as well as a broader range of perspectives, ideas and experiences to be shared,” she says. “It’s important to realise that a generational mix can also spark innovation and intellectual debate, rather than conflict or disputes.”
Bridging communication gaps
McCrindle’s research shows the number one challenge workers see for intergenerational teams is different communication styles (50 per cent). This is consistent across the generations with Gen Z (49 per cent), Gen X (56 per cent) and Baby Boomers (66 per cent) citing it as the top challenge and Gen Y (41 per cent), as their second highest challenge.
Face-to-face meetings are preferred by all generations, but younger workers are more likely to favour digital communication, say Mark McCrindle and Sophie Renton, co-authors of Cultivating healthy intergeneration teams.
Says Bisset: “Gen X or Baby Boomers may be more than happy to pick up the phone or organise a face-to-face meeting to speak with their colleague about a specific project or query. Younger professionals on the whole, prefer to conduct the bulk of their workplace comms over MS Teams, Slack or other messaging apps.”
To be an effective leader, it is necessary to work to diffuse communication barriers and ensure every generation is heard.
Recruitment director George Greenaway-Poole from the Majar Group says creating an environment where all employees feel valued and respected is crucial.
This includes recognising diverse perspectives and asking for feedback, as well as creating safe spaces for open discussion.
Harnessing tech proficiency and upskilling
A key area of concern for intergenerational teams is technical proficiency, with 41 per cent of workers identifying this as a significant challenge.
Bisset points out that Gen Z and Millennials tend to excel in tech-driven environments, often leading the charge in using digital tools like PowerPoint or workflow applications. Their innovative approach can streamline processes, boost productivity, and improve competitiveness.
McCrindle and Renton underscore the benefits of creating opportunities for intergenerational learning. They stress that this cross-generational exchange is vital for future-proofing organisations, as older and younger team members can learn from each other’s experiences.
Offering upskilling and reskilling opportunities is a way to ensure employees of all ages have access to the training and resources needed to thrive in their roles.
A thorough skills gap analysis, combined with strength-based assignment practices, can also help ensure the best fit for each project.
Aligning work ethic and culture
Each generation is looking for work to fulfill a different role in their life as their life stage changes, he says, with just under half of those surveyed (46 per cent) rating expectations of work ethic as a key concern.
Gen Z are seeking leadership that actively supports their growth through learning opportunities and career advancement, McCrindle research found.
Gen Y are navigating the tension of family responsibilities and prioritise flexibility and convenience alongside career development. Gen X, established in their careers, are looking for fair compensation, recognition of their skills, and a positive relationship with leadership. For Baby Boomers nearing retirement location and convenience become crucial, and they increasingly prioritise organisational values.
Failure to recognise and address these differing expectations can lead to tension within teams, McCrindle and Renton warn.
Creating policies for an age-diverse workforce
In a multi-generational workplace, it is essential to develop inclusive policies and procedures that address the needs of different age groups.
The Lancaster University study shows while many employers recognise the benefits of a diverse workplace, they are not putting in place age-friendly policies and support mechanisms to support an inclusive and productive workplace culture.
