Millennials Vs Baby Boomers - how Covid-19 has impacted your workplace
The importance of including a variety of generations in the workplace is not something new. Business Managers cope with the idiosyncrasies and quirks of up to four generations in the workplace (Gen Z, Gen Y or Millennials, Gen X and Baby Boomers). It can be tough.
It has been well documented that it is an economic imperative for Australian businesses to keep people working well past the retirement age of 67. With an age gap of nearly 50 years between the oldest and youngest employees in some organisations, there is a broad range of perspectives, needs and attitudes floating around the office.
The impact of Covid-19 on income-generating activities is especially harsh for unprotected workers and the most vulnerable groups in the informal economy. The ILO reports that three-quarters of young people globally are employed in informal work and one quarter in formal work. Hard-hit sectors have a high proportion of workers in informal employment and workers with limited access to social protection. Without appropriate policy measures, workers face a high risk of falling into poverty and will experience greater challenges in regaining their livelihoods during the recovery period.
The informal economy (Gig Economy) contributes to jobs, incomes, and livelihoods, and in many countries, it plays a major economic role. However, informal economy workers lack the basic protection that formal jobs usually provide. They are also disadvantaged by having no income replacement if they stop working in case of sickness.
As we start to recover from Covid-19, companies will start to shift from full-time job offers to multiple gigs, side jobs and temporary employees to save on wages as they try to recover. As more companies hire gig workers, competition within the gig economy will increase, which could harm gig workers’ commissions and earnings.
The coronavirus pandemic has increased competition in the gig economy as more people have been looking for side jobs due to volatility in the job market. As more people compete in the gig economy due to layoffs and salary reductions, the price paid has decreased, and freelancers have seen their earnings decline.
With the way Covid-19 has impacted our businesses and the economy - what does it mean for Australian workplaces now. Download our latest paper, where we delve into the impact Covid-19 is having on multigenerational workplaces and what you can do as a manager to support the different people in your team during this time.
