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| Kenya Private Sector Alliance (KEPSA) Chief Executive Officer Carole Kariuki. |
As we navigate the dynamic landscape of Kenya’s business environment, the concept of generational diversity emerges as a critical factor for our success and growth.
The interplay of different generations within our workforce brings a rich tapestry of experiences, perspectives, and skills that are essential in driving innovation and achieving global competitiveness.
In today’s fast-paced and interconnected world, businesses must leverage the strengths of each generation for success.
From the wisdom and experience of Baby Boomers, who represent a significant portion of the workforce, provide essential mentorship and stability to the tech-savvy and innovative mindset of Millennials and Gen Z.
Globally, an estimated 10 million Baby Boomer-owned businesses are expected to change hands between 2019 and 2029, creating opportunities for new entrepreneurs in Kenya.
Generation X, known for their adaptability and entrepreneurial spirit, contribute significantly to small business growth and economic diversification.
Their emphasis on work-life balance aligns with modern workforce expectations. Millennials, digital natives born between 1981 and 1996, are transforming business operations in Kenya.
Notably, 73 per cent of Millennials are willing to pay more for sustainable products, reflecting their influence on market trends and corporate social responsibility.
Their advocacy for diversity and inclusion is reshaping workplace cultures. Generation Z, the newest entrants to the workforce, prioritise innovation and mental health.
They prefer digital communication, with 67per cent favouring messaging apps over traditional methods, prompting businesses to enhance their online engagement strategies.
To foster generational diversity, Kenyan businesses must implement effective communication strategies, flexible work policies, and leadership development programs.
By embracing the unique strengths of each generation, companies can drive growth, adapt to market demands, and enhance their global competitiveness in an increasingly interconnected economy.
Our focus must now be on creating an environment where all generations can thrive together.
By harnessing the unique qualities of each generational cohort, we position ourselves to meet the evolving demands of the global market.
Encouraging cross-generational mentorship and continuous learning ensures that we remain agile and forward-thinking.
A noteworthy example of this is the activism and engagement of Generation Z. This generation has shown remarkable dedication to social and environmental causes, driving significant changes in business practices.
Their activism is not just limited to protests but extends to influencing corporate policies and practices.
In Kenya, Gen Z’s impact is evident in their push for transparency, sustainability, and ethical business operations, reshaping our business dynamics.
In Kenya, the Kenya Private Sector Alliance (KEPSA) has been at the forefront of championing these efforts.
KEPSA, representing over 2 million businesses in Kenya, has been instrumental in driving policy reforms and advocating for a business environment that supports innovation and inclusivity.
Through initiatives such as the Ajira Digital Program, Dual TVET, Twende Digital, Digital Explorer and Digital Skills and Employment Advancement Program (DSEAP) in collaboration with Microsoft, we have seen remarkable strides in integrating over 207,130 young talents (Gen Z) into the workforce, ensuring that their voices are heard and their contributions valued.
The economic contributions of generational diversity are clear. According to the Kenya National Bureau of Statistics (KNBS), businesses that actively promote diversity are 33 per cent more likely to have better financial returns.
Furthermore, a study by the World Bank highlights that countries embracing diversity in their workforce see a significant boost in economic performance.
As we look to the future, it is clear that our journey towards global competitiveness will be powered by the collective efforts of a diverse and inclusive workforce.
Let us embrace this generational diversity and harness its potential to propel our businesses to new heights.
by CAROLE KARIUKI