The need for effective multigenerational management and leadership in organizations is a natural outcome of the 21st century due largely to the Millennial generation which has begun making its mark on the global workforce. This rapidly growing group will soon represent the largest demographic in workplaces in many parts of the world. While much thought has been given to how business leaders and managers can obtain the most from Millennials (Generation Y) and subsequent groups such as Generation Z, the true challenge is far more complex: The workforce of the near future will be a multigenerational one, featuring members from between four and six generations in one organizational setting. This situation is made even more complex and challenging with the effects of today's globalization which have created worldwide hypercompetition in organizations often consisting of members from multiple cultures and languages. How to effectively handle such a diverse population is increasingly a key concern for all types of organizations of any size, especially those in North America and Europe.
These differences manifest themselves in the workplace in a variety of ways: 1) The compensation, benefits, and “company culture” workers seek from their employers; 2) How employees think about teamwork and dispute resolution in the context of their jobs; 3) Communication strategies and most effective ways to get employees on the “same page"; 4) Job-changing and job-seeking behavior, including sense of company loyalty or lack of it; 5) The relationship between home and work including issues like overtime and vacation.