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Generation X

Retirement, Communication And The Generational Shift

Retirement affects us all—personally, professionally and within an organization. On a personal level, you may be planning for that magical age, figuring out your financial goals. On a professional level, you may want to hit a certain mark in your career, leave your résumé with a stellar position on top as your last hurrah. But as an organization? Does retirement really affect you now?

Retirement affects us all—personally, professionally and within an organization. On a personal level, you may be planning for that magical age, figuring out your financial goals. On a professional level, you may want to hit a certain mark in your career, leave your résumé with a stellar position on top as your last hurrah. But as an organization? Does retirement really affect you now?

You bet it does.

Over the next few years, 40 percent of America’s workforce will be eligible to retire. With each passing year, this number will increase. This means that the Baby Boomers who are now sustaining your organization are heading out the door. What are you planning to do about that? Who will you turn to when the Boomers are snow birding in Florida and practicing their golf swing?

If you already have a good showing of Generations X, Y and Z within your organization, you’re off to a good start. Now you need to continue your engagement with these groups in order to keep the momentum of your organization strong. If you’re like most associations, however, you are probably new to this crowd—their needs, their wants—and may need some help determining how they figure into your equation.

A good place to start is with your communication strategies. Do yours match up with the generations you’re trying to reach?

L2 Think Tank just released its Gen Y Affluents Media Study which, based on responses of 535 young adults, said that digital media is replacing traditional channels at enormous rates. In fact, 81 percent of affluent Gen-Ys said they used Facebook every day. This was double the percentage of Gen-Ys who watched TV or read the newspaper. Even more telling? More than half of these Gen-Ys said that Facebook has a hand in shaping their attitudes about brands.

Statistics like this are everywhere and they are not going away anytime soon. Do your research. Educate yourself and those at your organization. As the retirement age creeps closer for Boomers, it becomes even more essential for you to have a game plan for the next generations—or three. Just as you would with someone you’re going to hire, do some background checking. Scope them out. See what they’re like, where they work, what they do for fun. Get into their social scenes and listen to what entices them to become a part of something.

Bottom line: Get to know the X, Y and Z Generations before you’ve missed the mark. They’re fast movers and won’t stand still for long.

Zs came of age in an era of disruption

In many ways, it’s symbolic that Generation Z is named after the last letter in the alphabet because their arrival marks the end of clearly defined roles, traditions, and experiences. After all, Gen Z is coming of age on the heels of what has been referred to as the most disruptive decade of the last century. America has become an increasingly changing and complex place.

For example:

  • ‍Zs were born into a “modern family era” in which highly involved dads help out at home, and the nuclear family model (two parents, married, with children) represent only 46% of American households.
  • ‍Zs are the first generation to be born into a world where everything physical, from people to places to pennies, has a digital equivalent.
  • From the time they were infants, Zs had access to mobile technology. As a result, their brains have been trained to absorb large amounts of information, and Zs are especially adept at shifting between skills and subject matter.
  • Zs tend to have crystal-clear memories of sitting up for the first time at six months old because they can easily and quickly reference the photos and videos their parents shared on social media or saved in the “cloud”. 

Members of this generation have undoubtedly been shaped by crisis and disruption. This generation will largely be responsible for confronting the aftermath of the Great Recession, high youth unemployment, the effects of climate change, terrorism, energy sustainability, and more. These dark events have undoubtedly made this generation more cautious and pragmatic, but they have also provided this generation with the inspiration to change the world – and their grit will likely allow them to do it.

Coming of age during disruption means that most Zs will be comfortable being the disruptors. While Millennials tend to be collaborative and innovative, this generation tends to be sincere, reflective, thick-skinned, and self-directed, and will likely approach work in much the same way.

Zs were raised to be competitive

In the era following World War II, Boomers (1946-1964) were born and eventually became the wealthiest, most prosperous generation in history. Raised to aspire for the American Dream, this very large generation moved into positions of power and influence, and served as the workforce majority for 34 years.

With the American Dream alive and well, Boomers had no reason to teach their children, mostly Millennials, about competition. Instead, they taught them to focus on academic achievement and to be team players because if everyone works hard, everyone can win.

Enter Generation X (1965-1981). In contrast Boomers, Xers came of age during a time when change and economic and political uncertainty began to take root. They have lived through four recessions, struggled with debt and economic decline most of their lives, and watched the best educated and accomplished generation of all time (Millennials) graduate during the Great Recession and become the most debt-ridden generation in history.

Gen Xers can be defined by their independence and anti-status quo approach to life, and they have taught their Gen Z children to be competitive, believing only the best can win. They have encouraged their children to be realists, finding something they are good at and aggressively pursuing it.

Xers have raised their Zs with an intense focus on competitiveness -- in academics, sports, and other activities. This approach to parenting has many implications, but one stands out in terms of business: Gen Z is likely to lead.

Millennials in the workplace created and aggressively advocated for collaborative work environments. In fact, their aversion to leadership has been so strong, some Millennials sought out companies that boasted boss-free or team-managed workplaces.

In contrast, Zs have been raised with an individualistic, realistic, and competitive nature. They have been taught the skills to successfully defy the norm. This means we’re going to see the pendulum shift away from collaborative workplaces towards a widespread demand for, and pursuit of, leadership development.

Zs are career-focused.

While Millennials have been criticized for their “delayed adulthood”, Gen Z is showing signs of “early adulthood”. Educators and parents often describe this generation as being more serious and contemplative about the world. Zs are thinking about their career paths and exposing themselves to career training at an earlier age than Millennials. It’s probable that some of this early onset of adulthood is caused by parents, who are pressuring their children to be competitive and successful and to avoid the debt that plagued both the Gen Xers and Millennials.

The numbers from our global research found 46% of Gen Z said they know what career to pursue and 51% have taken a class at school focused on their career interests. Forty percent joined an extracurricular program (team, club) based on their career interests.

Zs are seeking financial security. 

Zs have been shaped by the aftermath of the Great Recession. They watched Millennials become debt-ridden and are concerned about falling into the same trap. XYZ University’s survey results show 66% of Zs said financial stability is more important than doing work they enjoy, which is the exact opposite of Millennial survey results.  Also, 71% of survey-takers have a paying job.

Zs value leaders who are positive and trustworthy.

When presented a list of leadership traits, Zs ranked positive and trustworthy the highest. While Millennials and Gen Zs both value trust in a leader, Millennials usually cite collaboration and vision as most important. In other words, Millennials focus on the outcomes leaders inspire, whereas Zs are more likely to consider leaders’ attitudes and personalities. To Z, what leaders encourage others to do isn’t as valuable as how they make them feel.

 

Zs want to be challenged.

Both Millennials and Gen Zs place a very high value on feeling challenged and appreciated in the workplace. However, according to our survey results Millennials rank appreciation slightly higher than challenge, whereas Zs rank feeling challenged slightly higher than appreciation.

Time will tell how Zs go down in history, but we know this generation’s influence on history will be unlike any other.

 

Does your organization have what it takes to engage the next generation? Take this quiz to find out.

 

Sarah Sladek is CEO of XYZ University. Our generational intelligence can assist you with engaging and retaining young talent and members.

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