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Do you see generational differences or intergenerational wisdom?

Authors

4 minute read 16 Dec 2024
Related topics
Diversity and inclusiveness
Workforce

The 2024 EDGE-EY-EqualVoice Survey highlights the opportunities of generational diversity.

Download the "Harnessing the power of age diversity" paper

In brief

  • Switzerland is at an important juncture in leveraging its multigenerational workforce.
  • The 2024 EDGE-EY-EqualVoice Survey reveals two key challenges: bridging the generational divide and avoiding a leadership crisis.
  • Making intergenerational wisdom a lived experience rather than an aspirational goal is a business imperative that deserves sustained C-suite attention.

In an era where talent is the ultimate competitive edge, Swiss companies are uniquely positioned to leverage the strengths and potential of a multi-generational workforce. The 2024 EDGE-EY-EqualVoice Survey, conducted between January and March 2024, provides novel insights into two critical challenges:

  • Bridging the generational divide
  • Avoiding a leadership crisis

To turn these into opportunities – for their own market success and the Swiss economy as a whole – organizations should nurture a culture of intergenerational wisdom.

Bridging the generational gap

The Swiss workforce recognizes the value of age-diverse teams, with most surveyed leaders acknowledging their importance for innovation and competitiveness. However, business leaders must take the helm in strategically leveraging each generation’s unique strengths in their workforce planning and development.

As companies face increasing pressure to innovate, an inability to bridge generational perspectives creates a significant innovation bottleneck. Organizations risk stagnation when younger employees’ fresh ideas cannot effectively merge with the seasoned expertise of experienced colleagues. This risk is particularly acute as the Baby Boomer generation approaches retirement, threatening to take decades of invaluable knowledge with them.

Mind the gap
Almost one in five Gen Z employees had a negative view of workplace dynamics.

How EY can help

How is collaboration across generations working in practice? The study reveals a significant gap in perceptions: Gen Z reports the highest dissatisfaction with intergenerational teamwork, with 19% viewing it as negative. At the other end of the workforce age scale, more than three-quarters (76%) of Baby Boomer colleagues (ages 60-66+) see workplace dynamics as positive.
 

Strategic workforce planning that effectively harnesses generational dynamics has become a key differentiator between companies that merely survive and those that thrive in the modern business landscape. This is especially true in today’s volatile markets, where organizational adaptability has become a matter of survival. Only when diverse age perspectives are successfully integrated into decision-making processes can organizations take full advantage of the potential for adaptability.
 

Avoiding a leadership crisis

While companies focus on onboarding young talent and developing senior leadership, mid-career professionals – the backbone of the Swiss industry – are perceived as being overlooked. 

Mid-career focus
Millennials and Gen X make up the bulk of the Swiss workforce – and will be Switzerland’s future senior leadership.

Indeed, while Gen Z and Baby Boomers report the highest satisfaction with training opportunities, Millennials and Gen X express more concerns about their professional development. Given that Millennials and Gen X make up over 70% of Switzerland's workforce, this oversight poses a material risk to organizational resilience and long-term success.

As senior leaders retire, companies face an impending leadership vacuum, with mid-career professionals potentially lacking the necessary skills and competencies to step into these crucial roles. This leadership development gap threatens operational continuity and innovation capacity – particularly as these mid-career professionals often serve as crucial bridges between traditional practices and emerging technologies. Their position at the intersection of experience and adaptability makes them vital to maintaining Swiss companies’ global competitiveness.

Three strategic key actions

Forward-thinking C-suite leaders are responding by fostering a culture of intergenerational wisdom – an environment where diverse age perspectives are accommodated and actively sought out and valued. This cultural transformation manifests through three key strategic actions:

Harnessing the power of age diversity

Read our survey summary for more insights into multigenerational workforce dynamics in Swiss organizations.

Download the PDF
EY Team Work

Summary

Companies that successfully nurture a culture of intergenerational wisdom create more than just effective teams – they build learning organizations where institutional knowledge and fresh perspectives combine to drive continuous innovation. This cultural foundation and strategic action enable Swiss companies to maintain their global leadership position while building more resilient and adaptive organizations.

About this article

Authors

Related topics
Diversity and inclusiveness
Workforce

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Isabelle Staiger + 1

    EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Limited, each of which is a separate legal entity. Ernst & Young Limited is a Swiss company with registered seats in Switzerland providing services to clients in Switzerland.