September 2020
Since the outbreak of COVID-19, 37% of employees say their company culture has improved (versus 15% who say it has deteriorated), and 48% say they feel more connected with coworkers (versus 18% who disagree). The top methods respondents say strengthen company culture are: sending regular emails, finding new ways for employees to connect, and encouraging more contact with managers. (Qualtrics & Quartz)
Fully 63% of Millennials say they feel they can trust their employer to respond to an emergency (like a localized COVID outbreak), compared to only 41% of Boomers. These generations’ different views of authority have shaped their responses more than potential health concerns – although older generations are at greater risk of Coronavirus complications, they actually expressed fewer health concerns over returning to work. (Salesforce)
USPS has recently seen a huge surge in merchandise and stamp sales, fueled largely by younger consumers and trending hashtags (e.g. #SaveUSPS.) Optimistic and community-oriented, Millennials and Gen Z are demonstrating yet again a willingness and ability to mobilize as a cohort in support of a civic issue. (Yahoo!)
The CEO of Uber wrote an op-ed purportedly in support of the same increased worker protections that many large gig economy companies have fought against for years. While independent Gen Xers were fine with greater freedom and fewer benefits, calls for more stability and worker protections will only increase as risk-averse Millennials make up a greater share of the labor force. (Tech.co)
Despite their support for remote working options in the abstract, roughly 70% of younger employees report challenges working from home, compared to only 55% of Boomers. The main problems cited by Millennials and Gen Z include lacking a dedicated work area, and needing to navigate a living space shared with parents, roommates, or children. (Cushman & Wakefield)
In a concerning reversal of trends, Baby Boomers are scoring lower on cognitive functioning tests than previous generations. Researchers are struggling to reconcile Boomers’ relatively healthier childhoods with these lower scores, but contributing factors may be obesity, loneliness and depression. (ScienceDaily)
Google recently unveiled “Google Career Certificates,” a program to prepare participants for high-paying, high-growth fields at a fraction of the cost of a standard college experience. Google joins a growing number of large companies in doing away with requirements for a four-year degree, a move that will resonate with young people who have grown skeptical of the value of an expensive, more traditional education. (Inc.)
Among Baby Boomers, those in the middle of the socio-economic spectrum are likely to be the most financially impacted by Coronavirus. While low-earners are at higher risk of losing their jobs, and high-earners’ retirement will take a bigger blow due to market losses, median-earners are being hit from both sides and are most likely to be forced into early retirement. (The New School Retirement Equity Lab)