Effectively managing generational differences is not the only solution to poor morale, little collaboration, lack of innovation or high attrition. However, understanding and managing the generational differences will certainly help you improve all of these variables, plus more.

Many people call this a "soft" skill, a skill that's nice to have, but not really important in today's economy. I couldn't disagree more. Consider this:

• 7918 Americans turn 60 every day...that's 330/hour.

• 43% of our current workforce will retire within the next 10-15 years.

• Generation X is now working full-time.

• The oldest Generation Y employee is approximately 28 years old; the youngest is approximately 8 years old. So half of a Generation Y is still waiting in the workplace wings.

So if you are a business owner, and have not yet created a recovery plan for the aging workforce, you need to do so. The workforce will change in 10-15 years. Are you ready?

In addition to a recovery plan, if you haven't started focusing on Generation X and Y as the future of your success, and the success of our nation, you need to do so NOW. They won't wait for you; you need to be ready for them.

Blending generationally diverse strengths, opinions, cultures, perspectives and history will strengthen your team. In my next blogs, I'll go into how you can create a Baby Boomer recovery plan and create a Gen X and Gen Y attraction and retention plan at the same time. I guarantee...you'll be glad you did.