Although the economy continues to rebound at a healthy pace, many economists, and especially out-of-work job seekers, feel it is premature to prepare for a fast approaching labor shortage. However, Express Personnel Services’ franchisees in a number of cities are already reporting a tightened labor market, and in some fields, job vacancies are sitting unfilled for lack of qualified talent.

Many Express franchisees have started preparing for the upcoming worker shortage by revamping recruiting programs to attract job seekers, as well as beefing up plans to maintain current employees, such as enhanced benefits, incentives and reward programs. One important part of recruiting job seekers and retaining current employees is recognizing the differences between workers of various generations.

Four generations exist in today’s workplace. The traditionalists, baby boomers, generation X and the millennials (generation Y) all bring with them unique views and experiences that shape their values, work habits and outlook on life. Consequently these values and work habits are prevalent in the workplace.

The traditionalists, also known as veterans, were born between 1925 and 1942 and grew up during war and reconstruction. Many in this generation worked for the same employer, or at least in the same field, their entire professional career. They thrive on stability, and are cognizant of rank and titles.

The boomers, born between 1943 and 1960, comprise a majority of today’s workers. Most are team-oriented, driven individuals who work hard to further their career, raise a family and care for aging parents. They, like their parents, are loyal employees, but they won’t wait around forever for a top spot to become available as they climb the corporate ladder.

Generation X, born between 1961 and 1981, are a vast contrast to prior generations. Often labeled as skeptical, they’re independent and, unlike boomers or traditionalists, aren’t afraid to switch jobs or careers several times in an effort to continue gaining experience and knowledge.

The millennials, also known as generation Y or nexters, were born between 1982 and 1999 and are just beginning to enter the workforce. Some have described them as supercharged Xers, as they are expert multi-taskers and are always looking to balance hobbies and volunteer activities with work.

At first glance, it may be difficult to understand why it’s important to meet the needs of four different generations working side-by-side. After all, each individual person has unique goals, work habits and job strengths. The answer is in the numbers. The Bureau of Labor Statistics predicts 168 million jobs will be available in 2010, with an available workforce of only 158 million people. Factor in that the 55-and-older age group’s share of the labor force will grow from 14 to 19 percent in the next eight years, and is it important to see why traditionalists and boomers must work together with genXers and millennials to bridge knowledge and employment gaps.

In many companies, the traditionalists and the boomers hold the upper level management positions. They feel comfortable with a “top-down” management style and place an emphasis on tenure, which can annoy Xers and millennials who value knowledge and teamwork over longevity. Potential conflicts don’t just occur when older generations manage the younger ones. Problems can also occur when younger workers are in charge of older workers, especially if the younger worker fails to validate the older worker’s experience.

So how do workers strike a compromise between the different generational management styles? Keeping in mind that many conflicts arise from a misunderstanding or miscommunication, it’s important to educate workers to be mindful of generational differences and how to resolve or work around them. Traditionalists and boomers managing their younger counterparts should remember that what drives them to succeed may not motivate others. Xers and millennials want a mentor, rather than a dictator, as a boss. If a millennial suggests a new way of doing things, it is likely because they enjoy thinking outside of the box, rather than looking for an opportunity to challenge authority. The same understanding should be held by younger generations managing their older counterparts. If a traditionalist resists using new computer software, it probably isn’t because he or she is trying to be difficult. Rather, he or she likely enjoys stability and practicality and was content with the older version. If workers are aware that work style and opinion differences often stem from generational differences, it is easier to be aware of and work with the co-worker, rather than against him.

Another reason to foster teamwork and meet the needs of all generations of workers is because one group is no less important than the next. The Xers and millennials are needed in the workforce not only for their leadership, knowledge and innovation, but also to fill the huge gap left by the retiring traditionalists and boomers. However, companies will experience a significant knowledge gap if all the traditionalists and boomers retire and permanently leave the workforce. Companies need to work to find an acceptable balance for all workers. Older workers desiring the free time and relaxation of retirement should have the option to continue working within the company in a part-time capacity, thereby allowing the company to maintain accumulated expertise and knowledge while allowing the traditionalists and boomers the break they desire. Xers and millenials also desire flexibility to balance their career with their personal activities and family life. Younger generations are more likely to switch employers or careers than they are to make personal sacrifices in an effort to further their careers.

Just as work styles and schedules differ among the generations, so does each person’s needs for benefits and rewards. Take retirement plans, for example. Many companies still require employees to work five or more years before they are fully vested in a 401(k) or other retirement plan. This plan worked great for traditionalists who value tenure and boomers who stick around to climb the corporate ladder. Millennials and Xers, however, are likely to change jobs when they don’t feel challenged anymore, which could be every few years. Therefore, companies offering a wider variety of retirement or long-term savings plans stand a better chance of meeting the financial needs of all employees.

The same can be said of reward and incentive plans. Many companies still offer awards to employees based on tenure. However, in an economy where offshoring and downsizing are a daily occurrence, many employees feel tenure isn’t always advantageous, so they look for opportunities to learn and grow, rather than to establish longevity. In light of this fact, employers should consider a variety of reward programs. They can maintain a tenure-based award program for those employees who prefer to stay with one employer indefinitely, while also offering incentives based on performance for those who prefer experience over longevity.