Careers.....Boomers vs Millennias

[StevieC]

Originally Posted by maxdustington
"If you treat your employees like slaves, they will behave like mercenaries"


This should be the first thing taught to them in the MBA program and then ask them during their final exam if they can remember the first thing taught to them and if they can't they fail.

 

[WhizkidTN]

Originally Posted by emmett442
As a millennial, I see it a different way as far as "planning". We live in a much more dynamic time than the boomers did. That said, I don't "plan" on staying or leaving. I just work day by day, week by week, month by month, year by year. If things are working, I stay. If they aren't but will elsewhere, I leave.

In an age where buying power is much tighter and employers are less likely to take care of employees as they did in the boomer's heyday, employees have to better look out for themselves. And no one has time to wait around for that.


Very well stated, sad that it is that way but "it is what it is". So I'm at the tail of the boomers and have been in some very fast moving (and now dead) companies over my EE career and really enjoying where I'm at now (11+ years) and God willing, will retire from there (years into the future). You have to put your family first and the company second and keep a watchful eye to when it may be time to move to your next best opportunity due to poor management decisions, market conditions, etc.

In my career, I've worked for seven high tech companies (large and small including startups), six are now dead. I never was caught "off guard" by a companies decline and moved to better situations each time. Eyes Open!

 

[grampi]

I'm a boomer that's retired military, and next year I will also be retired civil service. I will be set with multiple pensions and great healthcare benefits. I can't imagine what the younger generations will do when they become seniors. Few employers today provide pensions or adequate healthcare coverage. People today need to stick as much away as possible or they may not be able to retire, and I doubt many are doing this...

 

[UncleDave]

Except the gen in between is where it started - not with Millennials.

Us Genexers saw all the incentives go away that made it worth staying in one place like our parents - like pensions and actual employment contracts.

Only government and Union employees get these anymore.

Loyalty to companies use to be met with reciprocity.

Corporations did away with these years ago now you get your 401K maybe get some match and will let you goat a whim or hire you as an at will employee without any inherent protections.

Our kids - the millennial saw us go through it - and know loyalty to companies is rarely if ever returned - so they go where the opportunities are.

UD

 

[Virtus_Probi]

Originally Posted by NO2
The pension/lifetime employment thing that everyone talks about NEVER existed outside of government and extremely large employers. Those of us who worked for ourselves or in small businesses have been aware of that for a very long time. The shift had to do with increasing regulatory burden and increased competition for large firms, changing market conditions with more competition, and the rise of viable alternatives for workers, especially in high growth non-unionized sectors like tech.
The last recession merely accelerated the trend. This isn't a bad thing and could be a lot better with some simple reforms, like removing the contribution cap on private pensions/IRAs

My dad worked for a relatively small company and got a pension, but he was very bitter about the amount as the "big boss" was going to set one up pre-WWII and then got mad and took it away as punishment before it was finalized...he finally set one up post-WWII, but the payouts were much smaller as a result.
I also have some union electricians in the family and they get a pension from the union itself, not from an employer.

 

[Mr Nice]

Originally Posted by grampi
I'm a boomer that's retired military, and next year I will also be retired civil service. I will be set with multiple pensions and great healthcare benefits. I can't imagine what the younger generations will do when they become seniors. Few employers today provide pensions or adequate healthcare coverage. People today need to stick as much away as possible or they may not be able to retire, and I doubt many are doing this...

Attention young folks:
401K + Roth IRA = $2M over 35 years.

Both my sons contribute the max to both and they plan to do 20 years in the AF Reserve / ANG.

Its not all Doom & Gloom for younger folks....
They just need some discipline , common sense and continue to further their education. As others have said, keep your eyes open and if you are stagnant at your job, update your resume and look for better opportunities in your career field.

Too many people get pigeonholed into a dead end job because they are afraid of the unknown. They worry the grass is not greener on the other side and remain miserable at terrible a job.

 

[Shannow]

As a Gen Xer, I watched as the Boomers atthe top of the wall pulled the ladder up after them,...Oz examples
* Higher education was free - Gen X had to pay
* demarcation - Boomers dismantled that
* retirement plans - boomers got them, then dismantled them (that said, I snuck in in the last year on one of the last part defined benefit/part contribution schemes) - rest of my cohort onwards are all contribution schemes...and the rules keep changing every three years for what has to be a 45 year plan
* Health care...was free, now you either carry insurance, or pay more taxes to match.

During the 80s and 90s, Gen X were being told that there were no jobs for life, and to move to where the work is, and expect to do it multiple times.

Late Gen Xers and the Millenials took that to heart, and within a decade, employers where whining about lack of loyalty and rising wage expectations of skilled players.

Millenials can't seem to remember anything that they were taught at their chosen degree...they can "re-obtain" that information on line as they need it (*). Seem more happy than previous generations to clock watch.

Half way through reading "LinchPin" by Seth Godard...it's a good book, and explains exactly why there are no longer any skilled pin makers, churning out 6 to 8 pins per day on a handsome wage.

 

[dlundblad]

A guy called Rush Limbaugh today complaining about millennials. Though it wasn't the case in this situation, he hit the nail on the head by asking the guy how he felt about the "old people" when he was younger.

The guy answered in a way that I would saying he got along with people his fathers and older.

 

[Skippy722]

Millennial here... I got in to a great manufacturing company that has amazing benefits. I don't plan on leaving. Company match on 401k, deferred comp into 401k, been here 5 years and have gotten a killer bonus, based off yearly wages, for those 5 years. They even give you a bonus based on how much overtime you worked during your anniversary year! Hours of OT worked x weeks of vacation time x OT pay rate.

 

[Powerglide]

This situation didnt happen overnight. Its genesis is rooted in the late 1960s. Women wanted careers and financial independence-a good thing. But, the labor supply doubled. The process and the results were and are COMPLETELY predictable.

 

[SlipperyPete]

Millennials are giving the same level of loyalty to their employers that they are receiving from their employers.

 

[Rolla07]

Im 36, been laid off twice by Best Buy corp... Id be happy to stay long term for the same employer but doing different roles along the way. After I master a role, I like to take on new challenges. I dont think job security exists much anymore. I work for a big corp in Canada and asking for more pay is and will likely be my biggest motivator for finding a new employer. Alot of cuts happening to the little ppl, while the big dogs keep making bigger paycheques. Im always looking for other opportunities and ways to advance my career. Prepare for the worst and hope for the best. Been with my current employer for 10 yrs but my patience is getting thin...but will need my next role have better pay or perks to make it worth switching. Work/life balance is challenging with daycare and young kids too. Home repairs, need a new car etc etc
..currently looking to take on a 2nd job. Im no stranger to hard work either.

 

[Alfred_B]

Originally Posted by ZZman
Read an interesting article about how Boomers and Millennias see jobs/careers.

It said Boomers worked planning on staying for life and expecting security in return (healthcare/pension)

Millennials don't plan on staying for life. They plan on jumping jobs or getting let go etc. They look for things that can help them advance to that next job or meet current needs.

What are your thoughts?

I being a boomer did almost all my career at one employer. I did retire with 1/2 of my healthcare paid for and a pension. I never wanted to relocate or jump jobs.

In a modern workplace the young people do not have pension and will take all the risk of 401k plans while being poorly skilled on how to manage it. They will get a garbage high deductible health plan that is almost useless. They will be viewed as a valuable human resource that will be rightsized if the need arises without consideration for the person behind that resource.

So their attitude for not planning to stick around is understandable.

 

[Alfred_B]

Also, the best way to increase your earnings is to switch a job every 2-3 years.

 

[Rolla07]

Originally Posted by Powerglide
This situation didnt happen overnight. Its genesis is rooted in the late 1960s. Women wanted careers and financial independence-a good thing. But, the labor supply doubled. The process and the results were and are COMPLETELY predictable.


Great point. Id bet all wages in turn decreased, cost of living is also higher..my salary in the 80s would of supported a nice big house in the burbs, 2 new model cars, and 3-4 weeks vacation trips a year, while wife stays home to raise the kids. Now, I couldnt even have my wife stay home and raise my kids even though she wants to...but the govt needs their tax revenue, i was lucky to have my mom raise me, now its not even possible. Frustrating to work so hard, make what seems should be a good wage and yet still struggle. 100k + a year combined and just getting by= sad.

 

[4WD]

Originally Posted by SlipperyPete
Millennials are giving the same level of loyalty to their employers that they are receiving from their employers.


That's part of it … I'm an odd man out with 35 years and counting with one company … moved up a few times … well paid … pension … and a respectable employee if my performance and ranking stays where it is …
But … what external "leaders" don't understand is that last part I mentioned … like the slowest Zebra analogy …

 

[02SE]

As I say every time in these subjects: Life has never been easy.

There have been better times throughout history for some, and worse times for some. Mostly MUCH worse.

Nobody who is talking about this online has a hard life. If our lives were truly hard, we'd be spending all our time trying to find food. Not killing time posting on Bitog.

As always: Make wise decisions, plan for the unforeseen, and if you aren't happy with your situation, do something to change it.

 

[PimTac]

Originally Posted by Alfred_B
Originally Posted by ZZman
Read an interesting article about how Boomers and Millennias see jobs/careers.

It said Boomers worked planning on staying for life and expecting security in return (healthcare/pension)

Millennials don't plan on staying for life. They plan on jumping jobs or getting let go etc. They look for things that can help them advance to that next job or meet current needs.

What are your thoughts?

I being a boomer did almost all my career at one employer. I did retire with 1/2 of my healthcare paid for and a pension. I never wanted to relocate or jump jobs.

In a modern workplace the young people do not have pension and will take all the risk of 401k plans while being poorly skilled on how to manage it. They will get a garbage high deductible health plan that is almost useless. They will be viewed as a valuable human resource that will be rightsized if the need arises without consideration for the person behind that resource.

So their attitude for not planning to stick around is understandable.




People need to learn about finances and investments. Just like everything else, one has to work for these things. They are not handed to you.

 

[Silk]

Totally the opposite for me (as usual for this site) I'm a boomer and shift from job to job - 1970 to 1990, 20 years, and 20 jobs. Since 2007...10 jobs, it just never seems to stop. Always plenty of opportunity for me job wise, and I've always drifted from job to job.

 

[PandaBear]

Companies go out of businesses, and you expect employees to stay there for life? Case closed.

Don't blame millennials for it, just because boomers got lucky that doesn't mean gen Xers and millennials can repeat it again.

I work my best so my employers can get their money worth and I get the best I can. When that stop in either direction (happens every couple of years) it is time to move on or get laid off. No hard feeling, just business. Employees and bosses keep in touch, he may work with you again together in another place.

You are in charge of your own job security, learn your own skills, and save for your own retirement.