The financial industry is undergoing a period of significant change. More and more young people are flooding the workforce…and they don’t have the same characteristics as older team members. Institutions need leaders who can effectively manage this new multigenerational workforce.
And that’s where bank and credit union leadership training comes in!
Effective bank and credit union leadership training equips leaders with the skills and knowledge they need to motivate, inspire and develop talent across generations. By understanding the different generational cohorts that make up today's workforce, leaders can create a more inclusive and productive work environment.
Here's a closer look at how to lead different generations in the financial industry:
How to Lead Gen X
Gen Xers (born between 1965 and 1980) are known for their independence, work ethic and self-reliance. They value work-life balance and appreciate a direct communication style. When leading Gen X, consider these desires:
- Autonomy and Ownership: Gen Xers thrive on having ownership of their projects and the freedom to make decisions. Provide them with clear goals and expectations but give them the space to complete tasks their way.
- Work-Life Balance: Gen Xers value personal time and appreciate flexible work arrangements. Offer programs that support work-life balance, such as remote work options or compressed workweeks. If those aren't possible options, ensure Gen Xers don't burn themselves out and become disgruntled.
- Professional Development: Gen Xers are still interested in growing their careers, but 79% say employers pass them over in favor of Millennial workers. Provide opportunities for professional development, such as conferences, workshops and tuition reimbursement programs. Show them you still value their growth
How to Lead Millennials
Millennials (born between 1981 and 1996) make up 35% of the labor market (the largest generation in the workforce today). They are digital natives, value purpose in their work and seek opportunities to collaborate. When leading Millennials, focus on:
- Purpose and Meaning: Millennials want to feel like their work is making a difference. Highlight the institution’s values and connect their work to the positive impact you have on the community.
- Collaboration and Feedback: Millennials thrive in collaborative environments. Encourage teamwork and provide regular feedback to help them learn and grow.
- Technology and Innovation: Millennials are comfortable with technology; they expect their workplaces to be as well. Invest in the latest technology and provide opportunities for Millennials to innovate with their tech skills.
How to Lead Gen Z
Gen Z (born between 1997 and 2012) is the newest generation to enter the workforce. They are entrepreneurial, socially conscious and tech-savvy. When leading Gen Z, think about these three factors:
- Authenticity and Transparency: Gen Z values authenticity and transparency in their leaders. Be genuine in your interactions with them. Be open to their feedback.
- Diverse and Welcoming: Gen Z is the most diverse generation in history (48% are minorities). Create a workplace that is welcoming both in theory (i.e. your values) and in practice.
- Flexibility and Autonomy: Gen Z values flexibility and autonomy. Offer flexible work arrangements where possible. Give Gen Zers the chance to prove themselves by taking on new tasks.
Investing in Bank and Credit Union Leadership Training
By understanding the different generational cohorts, bank and credit union leaders can create a more engaged workforce. Bank and credit union leadership training programs play a vital role in equipping leaders with the skills they need to bridge the generational gap and foster a culture of innovation.
Bank and credit union leadership training is an investment in the future of your institution. Developing strong leaders creates a more engaged and productive workforce. It also builds your bench, ensuring the institution’s viability long after the current leaders are gone.
Are you ready to form a new generation (or two) of leaders? Book a free consultation with On The Mark Strategies and put together your custom curriculum today.
