A Message from Our CEO – August 2021
Dear Friends,
I've been doing focus groups recently for an extremely high functioning organization. I'm learning that the delta variant is completely freaking people out about coming back into the office. The company's plan was sensible: 3-days of telework and 2-days in the office. But what if there is a surge in infection rates? How flexible can we be with our staff? What about my kids and schools? How do local rules of mask mandates affect the workplace? What a mess.
This may be one of the reasons that almost 50% of employees are now looking for a new job, an astounding number that seems to keep going up. Gallup is calling it "The Great Resignation". If you are leading an organization, this is the time to step up your communication strategy. Be clear and be frequent in your communication and to stay close to the pulse of your team-- and you've got to be checking it everyday. Now is not a good time to lose 50% of your employees.
In communicating: Be clear. Be frequent. Be honest.
Warren
August 2021
Many companies have started to backpedal their return to the office, citing the COVID-19 Delta variant; some have declared permanent work from home policies, while others have mandated vaccines and a return to in-person. In the face of constant uncertainty and plummeting employee engagement, the companies who offer their workers flexibility and understanding will be most likely to retain their talent. (Ladders)
Between the 48% of employees looking for a new job, an exceptionally high rate of attrition, and a record number of unfilled positions, it is apparent that a growing number of Americans are unhappy, unfulfilled, and disengaged at work. While better pay, benefits, and bonuses can assuage workers temporarily, well-trained managers are key to reversing these trends and reengaging workers – is your organization ready for the “Great Resignation?” (Gallup)
Among the more than half of Millennials who are worried about their future employment prospects, 60% would still leave a job over a clash of values (the highest proportion of any generation). Managers should take note: Even in the most competitive conditions, many younger employees would rather take their chances on the job market than work for a company they’re not proud of. (Atlassian)
As organizations plan for the long-term future of working from home, some have begun creating leadership roles with titles like “Head of Hybrid Work,” “Head of Dynamic Work,” and “Workplace Environment Architect.” Internal communications have emerged as a key issue facing fully remote companies, with an emphasis on maintaining a workplace culture and improving employee connectedness. (CMSWire)
Recruiters are struggling to find new hires for their sales teams, citing the lack of an academic pipeline into the industry and a pervasive image problem of pushy salespeople. This shift is also a generational one as entrepreneurial Gen Xers have been replaced by risk-averse Millennials and Gen Z, generations who look for stability and shy away from fields they perceive as exploitative or predatory. (The Wall Street Journal)
It has become increasingly clear that “wacky office perks” like ping-pong or yoga studios do very little, if anything, to improve employee recruitment, retention, or engagement. Younger workers in particular are looking for respect in the form of flexibility and personal development, something that employers can foster through increased autonomy, workshops, and on-the-job training. (Fast Company)
Fewer than a third of Boomers and Xers look to their employers as their most important provider of mental health support (21% and 33% respectively), compared to over half of Millennials. This disconnect can lead to older managers significantly underestimating the potential impact they (and their company policies) can have on employees’ mental health, retention, and engagement. (Atlassian)
Generation X is the least likely to believe they’ll get rich one day, with only 47% of 45 to 54 year-olds agreeing that it’s possible to become wealthy or part of the elite class. While this share is lower than both Boomers or Millennials, Xers would be the first to claim that they aren’t pessimistic, just realistic – an approach they bring to their personal lives, finances, and professional pursuits. (The Harris Poll)
A Message from Our CEO – July 2021
Dear Friends,
Last week, a client was telling me he’s worried about losing staff because competitors are offering unheard of signing bonuses and 100% flexible work-from-home scheduling. Employees have choices and employers are scrambling. The labor market is turning on its head. This month’s NewsWire looks at the hard truth for employers and what they can do about it, the new teen worker phenomenon, Millennials managing Boomers, the power of EQ over IQ, and more.
PS — If money is the only thing keeping your employees from leaving then you have a commoditized relationship with them, and that is not sustainable. There are practical retention strategies that will cost you less than hiring and training new employees. It’s not brain surgery, but it does require a disciplined process.
Ask us, we’re happy to share.
Warren
July 2021
Despite the waning power of unions, high unemployment, and the rise of contract work, workers’ influence is growing across lower-wage and salaried positions alike. Many Millennials are experiencing “bargaining power” for the first time in their careers, and companies will likely have to adjust to this more competitive baseline when it comes to attracting and retaining talent (particularly with regards to work-life balance.) (The New York Times)
For the first time in history, the jobless rate for teenagers is lower than the rate for workers aged 20 to 24 as businesses struggle to fill vacancies in lower-wage service positions. There are many reasons that high-achieving Gen Z are racing to fill these roles — from a lack of other summer activities to needing to supplement their families’ incomes — but it’s also yet another sign of a stronger labor market. (Bloomberg Opinion)
Over a third of Americans report to a boss who is younger than them, a less traditional hierarchy that can make both younger bosses and older employees uncomfortable. Organizations struggling with these power dynamics should start looking for a workshop or training program now — this percentage will likely only grow as Baby Boomers retire and the larger Millennial generation overtakes the smaller Generation X. (SHRM)
In the aftermath of the white-collar shift to remote work, unpaid caretaking has emerged as an issue that is increasingly top-of-mind for many organizations who are hoping to ease the burden on their employees. Paid parental leave, flexible scheduling, and other benefits designed for caretakers would be particularly helpful to Xers, a “sandwich generation” often caught juggling both childcare and aging parents. (SC Times)
Research has shown that EQ is often a greater indicator of employee success than IQ, but many managers still struggle to implement the changes necessary to foster an emotionally intelligent environment. One key component to fostering EQ in the workplace lies in replacing fault-finding and criticism with a culture of positive reinforcement and a robust merit recognition process. (Fast Company)
While some organizations are setting up deadlines and policies to put an end to remote work, many of their white-collar employees are choosing to quit their jobs rather than return to the office. Employers who insist on a physical return to the office may need to offer something — higher salary, greater flexibility, more benefits — in order to retain workers who would prefer to look for new, fully-remote opportunities. (Bloomberg)
COVID-19 has forced many state and local governments to modernize outdated operations, digitize paper processes, and adapt to remote cloud-based systems seemingly overnight. Managers should plan for many of these changes to be permanent — this accelerated rate of change is unusual in the public-sector, but the hybrid work environment is popular with employees and doesn’t seem to be going anywhere. (Cisco)
More than a year into the pandemic, workers (both at home and in the office) are burnt out, but remote employees in particular believe that they have missed out on promotions, bonuses, and raises during this time. Most employees agree that remote work has saved them time and money — whether or not these savings are enough to offset this perceived loss of income remains to be seen. (Inc.)
A Message from Our CEO – June 2021
Dear Friends,
Last week I presented to a group of executives about how to put a hybrid work strategy in place. You would have thought they’d figure that out by now. Well, they did, and then they didn’t. Plans are being made and remade. For a fresh view on this vital topic, in this month’s NewsWire we’ve highlighted a really good HBR article called “How to Do Hybrid Right.”
Also, a somewhat related item—Gallup found that three-quarters of white-collar workers are still working remotely, no change from May. It seems like no one is ready for hybrid. But people are definitely back to their favorite restaurants!
Go Maskless. Buy another round. Laugh with friends.
Warren
June 2021
As companies plan their reopenings, many offices are considering a flexible approach: The hybrid work model. Effective management of task- and project-flows have been at the core of many hybrid redesigns, but companies that take into account human elements like employee preferences and inclusion will have the upper-hand when it comes to retention and engagement. (Harvard Business Review)
A recent “Generational Power Index” infographic shows that, while Baby Boomers dominate the S&P 500 category, Generation X holds the most power when it comes to small business leadership. Pragmatic and savvy, Xers are the perfect entrepreneurs — more pragmatic and efficient than Boomers, and more open to risk-taking than Millennials. (Visual Capitalist)
As of mid-May, almost three-quarters of white-collar workers are still working remotely, roughly the same share as May 2020. Despite increasing rates of vaccination and updated CDC guidelines, 40% of white collar employees would continue working from home indefinitely if given the choice – something managers should keep in mind when implementing a back-to-the-office plan. (Gallup)
A growing number of HR departments are exploring CSR through “skills-based volunteering,” a way to both help local non-profits while training employees.Initiatives designed to foster community engagement are sure to be a hit with Millennials, but it is critical that companies offering these programs emphasize their altruistic nature rather than the individual benefits of upskilling. (MIT Sloan Management Review)
Unionization rates in the private sector have continued to trend downwards in spite of some recent, highly-publicised unionization efforts. As of last year, there are actually more union workers employed by the federal government than in the private-sector and any near-term growth in overall unionization rates will likely be due to an increase in public-sector employment. (The Wall Street Journal)
The U.S. Army’s latest recruitment campaign, “The Calling,” features several young people describing the personal challenges that they overcame on their path to signing up. These short, animated vignettes on YouTube show a vulnerability, sensitivity, and commitment to public service that will resonate with Millennials and Gen Z far better than the more aggressive recruitment campaigns that targeted Xers. (ABC News)
Fully 66% of Gen Z is convinced that businesses prioritize the maximization of returns to investors over taking care of customers (53%) and employees (47%), and fewer than half agree that business leaders have integrity. In spite of this, nearly 70% of this generation believes that businesses can have a positive impact on wider society, a good sign for organizations hoping to recruit and engage young talent. (ACCA Global)
The COVID-19 pandemic has brought renewed attention to the issue of workplace safety and work-refusal laws, many of which are increasingly outdated in the modern workplace. Regulations designed for employees in traditional blue-collar settings often do not adequately protect workers in service industries, health-care, the gig economy, or other fields that are employing a growing number of Americans. (Illinois News Bureau)
A Message from Our CEO – May 2021
Dear Friends,
The employment picture is all over the map. We all know why young mothers are not getting back to work -- they're still home with the kids, juggling remote schooling. So, what's the excuse for Millennial men? According to this new report by EMSI, they are drifting from full to part time work, a trend that began in 2009 with the great recession. Another reason is that their cash-rich Boomer parents are supplementing their income. Plus, the Biden boost -- extra $300 per week, on top of $300 unemployment check is a disincentive to tear themselves away from Fortnight and Super Smash Bros. Meanwhile, for Millennials (and Gen Z) that are working, productivity keeps going up and up. Survey firm Qualtrics weighs in on that trend.
All that is to say... We have a fascinating NewsWire this month.
The world is shifting under our feet. Workplace. Economics. Politics. If you're not feeling the rumble, check your pulse.
Tune In. Read. Rumble.
Warren
May 2021
Over the past few decades, the overall number of “prime-age” men participating in the labor force has tanked – between 1980 and 2019, the labor force participation rate for men ages 25-54 fell from 94% to 89%. Other long-term trends related to this seismic shift include the rise of part-time employment, a greater reliance on families and roommates to make ends meet, and the ongoing opioid epidemic. (Emsi)
While working their way up the corporate ladder, many younger employees have begun to reconsider the traditional definition of professional success. Taking on a management role often calls for sacrificing work-life balance and overall flexibility, perks that Millennials care about more than the higher salaries and prestigious titles that tend to accompany promotions. (CNBC)
Microsoft reports that the “digital intensity” of workers' days increased dramatically between February 2020 and February 2021, a trend that should concern any manager worried about employee burnout. Among their findings: Time spent in Microsoft Teams meetings has more than doubled, the average Teams meeting is 10 minutes longer, and the average Teams user is sending 42% more chats per person after hours. (2021 Work Trend Index)
As AI and data science jobs grow in demand and importance across nearly every industry, one executive makes a strong case for a “Blue-Collar AI Workforce.” Hiring a specialized roster of two- and four-year grads with newer, ultra-focused certifications can help companies scale faster and more efficiently than bringing on only a handful of engineers and PhDs. (Forbes)
Yet another study suggests that remote work increases productivity: Fully 55% of surveyed managers say that their direct reports have become more productive, with their younger employees in particular being most likely to agree. More than half of Millennial and Gen Z employees believe that they are more productive when working remotely, compared to 48% of Gen Xers and only 34% of Boomers. (Qualtrics)
As the economy begins to reopen across the country, employers are having difficulty filling low-wage jobs in spite of high unemployment rates. Myriad pandemic-related factors (ranging from childcare issues to higher unemployment benefits) have made low-income workers hard to retain, and small business owners looking to stay competitive should consider raising wages – at least in the short term. (Chicago Tribune)
While most people appreciate positive comments on their work, employees in fields such as health care, social work, and education may be more motivated by symbolic recognition than their counterparts in the private sector. The messenger, the timing, and whether the comments are public or private are all important factors to consider when offering this style of feedback. (Harvard Business Review)
A recent survey of Utah middle and high school students revealed that the vast majority of them want to eventually live in a single family home in a suburb. This trend isn’t limited to more conservative states: Risk-averse and conventional, many Gen Zers and Millennials have chosen to pursue more traditional lifestyles at an age where previous generations often rebelled. (Deseret News)
A Message from Our CEO – April 2021
Dear Friends,
In this month's NewsWire we have to take a double take on some very compelling research reports, namely -- over half of the workforce plans to look for another job in 2021. Wait... what? Reasons range from comp and benefits to burnout to work-life balance. Add a surging job market to this, and your HR departments will be scrambling. So, the message here is that you should be checking in with your people before they check out of your company. Another double take -- Gen Z is the least satisfied for remote work. Weird, right? The tech-savvy gadget lovers actually would rather be in the office kibitzing and navigating productive work relationships. Old school. That's cool.
Retain Your Employees. Treat Them with Respect. Give Them a Raise.
Warren
April 2021
Fully 52% of employees plan to job hunt in 2021 (up from only 35% in 2020), listing “better compensation and benefits” and “better work-life balance” as their top reasons to leave. Managers hoping to implement retention strategies should take note: Respondents who plan to stay with their current company cite “good work-life balance” and “recognition for their work.” (Achievers Workforce Institute)
“Google Career Certificates” are only the beginning of Alphabet’s plan to disrupt higher education and career training. Some of the more novel initiatives include search-engine upgrades that facilitate job hunting, and the creation of a “Google Career Certificates Hiring Consortium,” a group of more than 130 employers that have pledged to hire graduates of the certificate programs. (Inc.)
Gen X’s eponymous novel Generation X: Tales for an Accelerated Culture celebrates its 30th anniversary this year. Author Douglas Coupland reflects on how many of the themes and stories still resonate in modern society, but the cohort coming-of-age today looks very different; defiant, risk-taking Xers have been replaced by a more cautious and deferential generation. (The Conversation)
As the pandemic drags on, a growing number of young people have had to grapple with starting their careers virtually. Remote work brings with it a unique set of challenges for new hires, like navigating the complexity of building rapport, establishing trust, and learning the norms and culture of their workplaces – all online. (CommercialCafe)
Upwork’s CEO points to a surge in younger users as the reason why 2020 was a banner year for the freelance platform. Although perpetually unemployed and under-employed Millennials have certainly turned to the gig-economy to make ends meet during periods of economic instability, many members of this generation of risk-averse achievers still yearn for the stability and structure of a traditional career. (CNBC)
Managers often assume that younger, more tech-savvy employees are better suited to virtual work, but recent research shows that it’s actually Gen Xers that are coming into their own during the pandemic. Working remotely requires more than just tech-savviness, and Xers have always been more comfortable operating independently than feedback-focused Millennials. (Adobe Workfront)
US church membership has fallen below 50% for the first time, a trend that has been driven in large part by younger Americans (both secular and religious). Over the past couple of decades, churches truly missed an opportunity to reach out to Millennials, a generation whose affinity for inclusivity and compassion predisposes it to support community organizations. (Gallup)
As Amazon works to automate the majority of its warehouse processes over the next few years, the company is turning to gamification to ease the tediousness of an increasingly repetitive workload. Critics are unimpressed, claiming that the program is reminiscent of a dystopian, Black Mirror episode, and that the Amazon store prizes are a callback to the days of “company towns.” (The Verge)
A Message from Our CEO – March 2021
Dear Friends,
I'm tired. And I'm finally doing something about it. Friday I'm taking the day off. One day. First day off in over a year. And I'm not alone. Millions of Americans have worked straight through the pandemic. In this edition of the C-suite Newswire, we learn that 44% of people don't have a clue when they are going back into the office, if at all. We also learn from The Washington Post that Millennials continue to prioritize diversity and inclusion in a workplace over, 'just getting a paycheck.’ Finally, Gen Z is gravitating toward automation software like a moth to the porch light. The times they are a changin'.
Book Your Travel. Use Your Points. Savor the Moment.
Warren
March 2021
Fully 44% of employees in a recent survey did not know their company’s plans to return to the workplace, a higher share than last September’s 37%. Slow vaccine rollouts, mutant virus strains, and general anxiety among workers about meeting in-person have thrown many organizations’ optimistic, springtime return-to-the-office targets into question. (The Wall Street Journal)
From an increased reliance on technology to a newfound emphasis on “purpose,” a number of emerging trends in manufacturing are popularizing the aging industry among younger workers. Another key exogenous factor: Many Millennials and Gen Z have become disillusioned with higher-education, and a growing number of them are reconsidering the trades as a viable career choice. (HR Dive)
A recent think piece contrasts Michael Jordan’s no-nonsense approach to leadership with LeBron James’ friendlier method. These two NBA legends both broke records and inspired their teammates, but their dramatically different leadership styles are emblematic of the generational gap between them (Jordan being a Gen Xer, James a Millennial.) (Fox Sports)
Despite high youth unemployment due to the pandemic, Millennials are continuing to prioritize employers with a strong commitment to diversity and inclusion. This is a marked departure from younger job-seekers’ attitude during the last recession, when “it was about getting the role and getting the paycheck.” (The Washington Post)
Night-owls, new parents, and other employees with non-traditional sleep schedules are increasingly taking advantage of the flexibility that comes with remote work. Deviating from a traditional office schedule sometimes has its drawbacks though: Workers who stray from the 9 to 5 need to communicate with co-workers, set clear boundaries, and be flexible enough to acknowledge when professional obligations necessitate an early morning. (The Wall Street Journal)
Among UK workers who can perform their job from home, nearly 20% report still going into the office. The principal reason cited by respondents is a boss who “insists employees work in [the] workplace,” a surprising statistic that has prompted the Trades Union Congress to argue for increased scrutiny and accountability for employers who flout government guidelines. (The Guardian)
When asked what would most help improve productivity while working remotely, automation software (Gen Z) and improved hardware (Millennials) topped the lists of younger workers. Managers should take note and be proactive: Inadequate resources can go unnoticed among a dispersed team, but have a huge effect on employees’ overall productivity. (Nintex)
A global shift towards virtual work is accelerating an existing trend, in which organizations eschew traditional annual reviews in favor of a more agile process. Continuous feedback helps remote teams stay connected and was already a popular approach among Millennials, who tend to respond positively to frequent check-ins and feedback. (BenefitsPRO)
A Message from Our CEO – February 2021
Dear Friends,
Speaking as a Gen Xer, I'm excited about a Boomer-free White House. Where there are Boomers, there is drama. President Biden is a member of the Silent Generation, known for their low-drama, fairness, skilled-arbitration, and bridging gaps. Let's hope. Check out the Washington Post article on this topic.
Also in the month's C-Suite Newswire, we learn about the rise of unions at Google, which we think is a sign of a much larger global trend (Amazon is next). And Millennials are entering mid-life. Yes, they are losing their hair and turning 40! Makes this Xer feel like an old man. Older, but definitely wiser.
Plan a trip. Get a jab. Mask up.
Warren
February 2021
A union has formed at Google: The “Alphabet Workers Union” hopes to address traditional labor issues like pay and safety as well as higher-level concerns like the ethics of research and software development. This unionization, a rarity for white-collar Silicon Valley firms, could signal the start of a concerning trend for brands that have long championed themselves as encouraging open discussion and intellectual dissent among employees. (The Verge)
Although only 37% of all Millennials reported being engaged at work last year, that number spiked to 75% among one group in particular. Using this data, researchers have isolated the salient variables that leaders can use to boost engagement: Allow employees to work remotely (when possible), keep them informed, and make sure that they feel well-prepared. (Gallup)
Joe Biden has tapped Boston Mayor Marty Walsh to be the next U.S. Labor Secretary; Welsh will be the first union member to serve as labor secretary in nearly 50 years. This appointment follows a decade of improving public opinion on unions and has been taken as a signal of the new administration’s pro-worker agenda. (Politico)
The first wave of Millennials are turning 40 this year, a statistic that prompts triple takes from Boomers and Xers who are used to thinking of this generation as “youth these days.” While the press has focused on the legal implications of being over the hill, employers should keep in mind that yesterday’s coachable new hires quickly become dependable, skilled workers, often looking for a different type of professional support as they grapple with middle age. (The Washington Post)
A recent op-ed muses about Gen Z’s alleged inability to craft a professional email. The piece focuses on issues in academia but the takeaways certainly extend to the workplace as well: In recent years, managers, bosses, and older co-workers have all bemoaned the lack of soft skills in the latest crop of hires. (The Guardian)
Despite high unemployment and a broad pool of remote talent, 40% of employers say they are struggling to fill technical positions. Companies that implement successful reskilling programs in these growth areas will be well-positioned as the competition for highly-skilled digital workers heats up. (Politico)
A majority of both employees and executives agree that remote work has been implemented successfully at their organizations, with most reporting improved productivity throughout the pandemic. However, many still believe that an office is key for collaboration and relationships, leaving managers without a clear answer to the question: “What does a successful return to the office look like?” (PricewaterhouseCoopers)
Joe Biden is the first member of the Silent Generation to occupy the Oval Office, a generational surprise given that the presidency skipped from G.I. George Bush Sr. directly to Boomer Bill Clinton almost 30 years ago. The average age of politicians, C-level executives, and even the U.S. electorate has been rising for decades as part of a demographic trend largely driven by the size difference between the aging Baby Boomer cohort and “Baby Bust” Generation X that follows. (The Washington Post)
A Message from Our CEO – January 2021
Dear Friends,
In this month's NewsWire, there is a fascinating article on a small revolution going on in blue collar industries. It's called "teleoperations" – it is Zoom for the physical world. Also, we learn another thing to shame Millennials about: Reckless browsing on insecure sites. Lastly, we are finally experiencing a Boomer work exodus – twice as many retiring in 2020 vs. 2019. Get ready Gen Xer, there's a C-Suite waiting for you!
Happy. New. Year.
Warren
January 2021
While technology has allowed the corporate world to shift to remote work during the pandemic, the virtual overhaul has largely missed blue collar workers – until now. Teleoperations startup Phantom Auto is bringing remote options to jobs that used to necessitate an employee’s physical presence, from industrial forklifts to food deliveries. (VentureBeat)
Millennials are most likely to have set a money-related resolution for the new year (62% compared to only 21% of Baby Boomers). This conscientious generation has been disproportionately impacted by economic crises throughout their young adult lives – their approach to personal budgeting will only become more cautious as they reach an age of major financial milestones. (Magnify Money)
After reaching a pandemic-era office occupancy high of 27%, Americans’ “return to the office” appears to have faltered, with many companies choosing to vacate their workspaces yet again amid a rise in COVID-19 cases. For those white collar employees who haven’t transitioned permanently to remote work, it seems like a widespread return to the office will have to wait. (Bloomberg Opinion)
A recent report on Gen Z as employees and colleagues highlights “gaming” as one of the five major themes that define this collaborative age group. Gamification in the workplace can help Gen Z build skills through an organized, step-by-step process that provides immediate feedback, something that will appeal to this hyper-achieving generation. (Knoll)
Only 31% of white collar workers say they would take more vacation time this December than in 2019, compared to half of professional Millennials, most of whom plan to use the time to simply destress. Salaried employees not taking paid time off has long been a concerning trend, one that Millennial’s focus on work-life balance and stress-management will (hopefully!) help them overcome. (Nerd Wallet)
Younger employees report more technical difficulties working from home than older ones, and appear to be more reckless when it comes to their browsing behavior and acceptance of tracking mechanisms. Managers overseeing remote teams may want to rethink the importance of cybersecurity training and education, even for so-called “digital natives.” (Security)
Although the labor force participation rate has recovered somewhat since bottoming out in April, it is still near a low not seen since women joined the workforce en masse in the 1970s. One contributing factor is Baby Boomers transitioning (or being pushed) out of the labor force, a major change for a generation that has been delaying traditional retirement. (The Wall Street Journal)
Productivity barriers when working from home vary drastically by age, with younger workers significantly more likely to report that it has been difficult to feel motivated, get their work done without interruptions, or find an adequate workspace. Supervisors should take note: Millennials and younger Xers often don’t have the same control over their living situation that comes with age and stability. (Pew Research Center)
A Message from Our CEO – December 2020
Dear Friends,
Joe Biden is facing some formidable challenges over the next four years. While Boomer's wealth continues to tick upward with a raging stock market and red-hot housing values, Millennials are basically screwed. Definitely read the Bloomberg article in this month's C-Suite NewsWire on the potential for radical wealth redistribution as Millennials weigh in with their perspective. Meanwhile, three out of four Gen Xers plan to delay retirement, feeling the pinch of their “sandwich generation” status. At least Xers always knew things wouldn't work out well. Xers are the Eeyore of generations.
Generation X
Hope for the Best. Expect the Worst. Eat your Vegetables
Warren
December 2020
Joe Biden is set to inherit a generational wealth gap that may shake the very foundations of capitalism. While Boomer's wealth continues to accumulate, Millennials just can't get a foothold, and this large, influential generation may be demanding a radical redistribution of capital as they age. (Bloomberg)
Nearly three-quarters of Gen Xers believe they will need to delay retirement due to the financial assistance they provide their aging parents, underscoring yet again their nickname of the “sandwich generation.” However, as the children of less financially prepared Baby Boomers, Millennials may well end up playing a similar role: Over half of them also believe they will need to delay retirement for the same reason. (GoHealth)
The COVID-19 pandemic has upended the health insurance market as consumers are deferring non-essential care. One side effect of this is that people are becoming more savvy shoppers, particularly Millennials and Gen Z who are more likely than older generations to do research on healthcare costs. These younger generations, as always, do their homework. (TransUnion Healthcare)
Research shows that the Silent Generation is faring the best with regards to their mental health during the pandemic, but it would be unwise to simply say that the elderly are more robust. A rough childhood has indeed instilled in this cohort a sense of community and duty, however their dated attitude towards mental health also certainly plays a role in their surveyed responses. (NBC)
Despite Millennials and Gen Z being overall more liberal, the president of the College Democrats has grown concerned about the disconnect between these generations and the political establishment. Young leaders from across the political spectrum urge both parties to make space for the next generation’s policies and platforms, or risk losing these young voters entirely. (Politico)
Is this the end of college as we know it? As younger Americans grow disillusioned with the costs of a four-year college degree, companies have begun to launch other credential models that threaten higher-education’s monopoly. Hiring managers are onboard: They are looking for wider applicant pools with non-college credentials and certifications that would make a prospective hire successful. (The Wall Street Journal)
COVID-19 has prompted unprecedented rates of digital adoption among Baby Boomers, and 88% agree that they will continue to use digital technology in their daily lives after the pandemic. However, these changes do not seem to extend to the office – more than half of this generation of workaholics say they still prefer doing business in-person, compared to less than a third of non-Boomers. (Mobiquity)
Young Americans across the country showed up to vote in much higher numbers this election, particularly in college towns, where Democrats’ lead over the GOP grew by 5 percentage points since 2016. Despite supporting more progressive candidates during the Democratic primaries, these younger Millennials and Gen Z were critical to Biden’s victory in battleground states like Michigan, Wisconsin, and Pennsylvania. (The Wall Street Journal)
A Message from Our CEO – November 2020
Dear Friends,
In this month's NewsWire, we learn that workers are migrating to "Zoom Towns" (small communities near national parks). We also note that the Supreme Court now has the dubious distinction of having three members from Generation X (heaven help us), and future-obsessed Gen Z is freaking out about their ability to have enough money saved for old age. Financial advisors take note – you have a wave of clients coming your way.
Oh, and if you are still in your bunker, come out. Today is November 3rd, Election Day.
Vote. Vote. Vote.
Warren
November 2020
Fully 28% of Millennials say that they are now more interested in buying a home since the pandemic started (compared to roughly 20% of Gen X and Gen Z, and only 9% of Boomers). While the survey authors are still speculating as to what caused this shift, mere interest does not equal ability – the fact remains that many young Americans cannot afford to purchase and maintain a home. (Morning Consult)
Companies trying to go back to the office are shelling out for monitors and sensors to help keep their employees socially distanced. Clever recalibration of existing technology is necessary to allow for safe coffee breaks and trips to the bathroom, as the structure of most modern offices was designed to house as many workers as possible, not keep them apart. (Bloomberg)
Trump’s third Supreme Court nomination, Amy Coney Barrett, is also the third Gen Xer selected to hold the lifetime appointment. The judicial branch is the first to exhibit a major generational changing-of-the-guard as Boomers still dominate other leadership roles, and this Supreme Court shift will likely be reflected in a more pragmatic approach in the future. (Washington Examiner)
Over a quarter of Millennials now say that taking out student loans was “definitely not” worth attending college, compared to 19% before the pandemic. This cash-strapped generation was the least-likely to view their student debt and degrees favorably pre-COVID, and have experienced the most dramatic shift in attitudes during the pandemic as well. (Morning Consult)
Untethered from urban centers where offices once were, newly-remote workers are fueling a mass exodus to “‘Zoom towns,” small communities near national parks and outdoor resorts. While a lower-stress environment will benefit employees who make the move, the trend is putting a strain on tiny towns ill-equipped to deal with traditionally urban issues like housing affordability and general congestion. (Fast Company)
Despite being farthest away from retirement age, over half of Gen Z report being concerned about the pandemic affecting their ability to save enough for their old age – more than any other age group. Like Millennials, these younger Americans are remarkably risk-averse, and organizations that can provide a sense of stability (whether as an employer or as a brand) are sure to cultivate loyalty among this generation. (Wells Fargo)
A widespread shift to remote work has brought to the forefront the issue of who exactly should be paying for an employee’s at-home office. The answer is clear: Employers who supply their staff with the technology and furniture necessary to work remotely quickly recoup their investment, avoid workers’ compensation issues, and reap the benefits of increased productivity. (Global Workplace Analytics)
Although Baby Boomers perceive the lowest risk of contracting COVID-19 (at 30%, compared to 34% of Gen X and roughly 40% of Millennials and Gen Z), they also report the highest compliance with social distancing. Researchers theorize that this inconsistency is due to circumstance: Baby Boomers tend to be retired or working remotely, while younger generations are more likely to have children or obligations that preclude strict social distancing. (PLOS One)