The number of men age 65 or older who were in the workforce increased by 95% between 1980 and 2010, while the number of working women 65 or older more than doubled during the same time period, according to the U.S. Census Bureau.

As a growing number of older workers postpone retirement or return to work, more companies are discovering that their employee rosters include individuals from roughly four generations. This shift in the workplace can present both benefits and challenges.

Mixing it up

The range of experiences offered by workers from different generations can enhance decision-making and increase productivity. Employees of different ages often bring different work ethics and communication styles, as well as varying approaches to work-life balance. As a result, older workers may view their younger counterparts as self-absorbed and less dedicated, while younger workers may see their older colleagues as rigid and less communicative.

To manage such diverse groups, you need to understand what makes them tick. Each generation tends to be defined by the events and culture that prevailed as they grew up. The four generations currently in the workforce are commonly described as follows, though of course these are broad generalizations:

1. Traditionalists.  Workers born between 1922 and 1943 are typically included in this category. They tend to be comfortable with conformity and are accustomed to defined lines of authority. Traditionalists like to be recognized for their past contributions and knowledge of the organization or the industry in which it operates. Many are concerned about being seen as not pulling their weight because of a lack of familiarity with technology.

Notable traditionalist: Jack Welch, former CEO of General Electric

2. Baby boomers.  These workers, born roughly from 1944 through 1964, generally value group decision-making and dislike rigid management styles. Many are high achievers and willing to work long hours, although they can be self-absorbed. Because they’ve been the dominant generation in terms of numbers, they’re used to shaping the workplace.

Notable boomer: Oprah Winfrey, chair, the Oprah Winfrey Network

3. Generation X.  Having lived through their parents’ struggles with downsizing and layoffs, these employees, born between 1965 and 1980, tend to believe that loyalty to a company may not pay off in terms of their own job security. They’re often independent and interested in maintaining a good work/life balance. In addition, they may take risks and move on to new jobs frequently.

Notable Gen-Xer: Larry Page, founder and CEO, Google

4. Generation Y or millennials.  These are the youngest generation in the workforce, generally born from 1981 through 1995. They’ve grown up with technology and tend to be well educated and bring a global mindset to work. They also can be skeptical of authority and less willing to follow corporate protocol.

Notable millennial: Mark Zuckerberg, founder and CEO, Facebook

Management guidelines

How can you effectively manage both employees who may have grown up without a television and those who never knew life without a home computer? Here are some guidelines that may help:

Get to know your employees . Each employee brings a unique set of experiences and personality to the workforce that may differ from what you’d expect of someone from his or her generation.

Set ground rules. Tell all employees the degree of flexibility in work schedules and attire that will be accepted. To the extent possible, allow them to choose how they’ll work within these parameters.

Communicate using a variety of media.  Make sure workers understand the company’s goals and their roles in meeting them. How you communicate this information can range from face-to-face meetings to e-mail to a corporate intranet.

Recognize that every employee is a student and a teacher.  Workers of any age should continue to learn. At the same time, make sure they teach others their own skills. Provide mentoring opportunities based on expertise, rather than age.

Acknowledge expertise, initiative and ideas . Don’t assume that good ideas will come only from those with the greatest amount of experience or the highest level of education.

Avoid making assumptions about technology skills.  You may find that a boomer employee is more skilled in developing a blog or using Twitter than his or her 20-something counterparts.

Assemble teams based on skills and ability.  Focusing too heavily on age may lead to a weaker team.

Leading with knowledge

Developing the ability to manage employees of varying ages likely will remain an important skill for your management team, because it appears that the multigenerational workforce is here to stay.

Fortunately, this shift can benefit the companies that know how to lead workers from different generations. By managing them effectively, your business can gain a wealth of insight and expertise, which can lead to better decisions.