Multigenerational workforce participation is becoming more popular, with the percentage of individuals aged 65 to 69 remaining in the labor force growing from 11% to 19%.

While many pundits argue generational differences are superficial, Justin Nelson, the managing director and head of the asset management and financial principals coverage team for J.P. Morgan Private Bank, believes these differences matter for managers.

Still, he believes leaders and managers must understand the nuances of managing a multigenerational workforce. With the right approach, leaders can better understand their workers’ expectations and motivate every contributor to do their best work, whether they’re 22 or 75. Justin Nelson shares his insights on what it’s like to lead a multigenerational team and how leaders can bridge the gap between employees in such a dynamic environment. 

Justin Nelson’s on Multigenerational Hiring

Justin Nelson leads a 20-person team at J.P. Morgan that oversees over $15 billion in assets. His crew advises some of the most influential people in finance, so members need to work cohesively to serve these discerning clients.

Nelson doesn’t believe in hiring only young people fresh out of college or seasoned veterans with decades of experience. In his opinion, the most effective teams contain a diverse mix of people of all ages.

However, with a few decades of experience under his belt, Nelson confesses it took some work to understand the nuances of what millennials (born 1981 to 1996) and Generation Z (born 1997 to 2012) workers expect from their employers. “I think that it's really about trying to understand what each successive generation wants. There's a pretty big change across generations and what's important to them is very different,” he says.

Instead of looking at these differences with frustration or confusion, Nelson recommends leaders put in the work to understand the needs of employees in different generations. This approach is the best way to ensure cohesion and improve retention across age groups.

Practical Strategies for Managing a Multigenerational Team

Although generational differences are often overhyped, leaders need to know how to manage across age gaps. Justin Nelson offers these practical strategies for leaders of multigenerational teams.

Offer Flexibility and Personalization

To effectively manage a multigenerational team, it’s essential to spend time with team members to understand their individual needs. Flexibility in policies and practices can accommodate diverse preferences and create a more inclusive environment.

Every team is different, so it’s best to ask your employees what they want. “At the end of the day, you need to spend time with your team, listen and be flexible about what's important to them. If you don't do those things, you will lose them,” Justin Nelson says.

Create a Cohesive Team

Promoting collaboration and mentorship between different generations encourages knowledge-sharing and mutual respect. Creating opportunities for employees to learn from each other can enhance team cohesion and productivity, too.