Generate SKU: Auto Generate the sku for variants according to format: Parent SKU - Variation 1 - Variation 2. For example, if there is a T-shirt (white, XL) its parent sku is T-shirt, therefore the sku we generated is T-shirt - white - XL.
When edit single product
fill out the parent SKU and click on Generate as below
When edit products in bulk
fill out the parent SKU and click on Generate as below > Click on Save