My Generation…

Posted 24th Nov 2023

Are you a Gen X, a Gen Y, or a Gen Z? Don’t know of the top of your head, don’t worry, you’re certainly not the only one and if, like me, you’re ever so slightly on the more mature side, it sure gets confusing doesn’t it.

While you are of course one of these too, if you're herding a team with a mix of these generational alphabets, brace yourself: managing them is like juggling cats, each with their own favourite type of yarn. They're as different as rock, paper, and scissors in what makes them tick.

Some of the following may ring very true for you or you may disagree completely, indeed this overview does of course paint some broad strokes as such and, as with much similar commentary, there are always exceptions. It does though provide a solid basis of what these ‘generations’ generally prioritise and so focus on in the workplace in relation to how it then impacts their lives.

Gen X (43 - 58): The Latchkey Legion

• Grew up as the 'latchkey kids', many perhaps mastering the art of fending for themselves while their parents were off working.
• Came of age amid the economic roller coaster of the '70s and '80s, making them financially cautious and pragmatic in their overall approach Job loyalty? Big time. They stick to their jobs like super glue, valuing stability over the thrill of the unknown.

What bosses should know then:

• Work-life balance isn't just a fancy phrase for them; it's their holy grail. Family time is precious.
• They quite possibly eye retirement like a cat watching a laser dot - with intense focus. Financial perks in a job? Music to their ears.

Gen Y (27 - 42): The Digital Dreamers

• Born into the digital revolution and economic turbulence. Many perhaps witnessed their parents in struggling in jobs, or even careers, that didn't spark any real joy.
• They tend to crave experiences like a kid in a candy store. They're after growth and purpose, not just a big paycheck or a shiny title.

What bosses should know then:

• Flexibility is their best friend. Hybrid work and self-development opportunities? Yes, please! Gen Yers prioritize personal goals over corporate success.
• And taking risks during uncertainty or a recession is, for them, is like surfing on a wild wave – a bit scary but exhilarating all the same.

Incidentally, resignations in the workplace really took off as Gen Ys became more prominent in the global employment market. A Manpower Group Survey (2023) found that 87% of Gen Y’s (27 – 42) do not want to work from the office full-time*
A Gallup survey (2023) found that 41% of responders would change the 'engagement and culture' of their workplace to improve it...compared 28% who cited pay instead and 16% who cited wellbeing instead of that*

85% of Gen Y employees prefer full remote working opportunities according to data from Liquid Space (2023).* They also found that 35% of them are ready to resign in favour of fully remote job opportunities*
 

Source: Bureau of Labor Statistics, authors calculations

Gen Z (11 - 26): The Global Game-Changers

• The diversity-aware, entrepreneurial hopefuls. Financially savvy, some of them thanks to growing up in a recession.
• They're the chameleons of the workforce, adaptable and quick to learn new tricks.

What bosses should know then:

• Diversity, culture, and purpose are their trinity. They're driven by financial wellbeing and staying ahead of the game.
• They're glued to the internet and value transparency, and involvement from their bosses at all levels.

Some additional insight…
...oh, and the most common reasons for quitting a job (April 21 - April 22) 41% Lack of development and career advancement
36% Inadequate compensation
34% Uncaring / uninspired leadership 31% Lack of meaningful work
29% Unsustainable expectations
26% Unreliable / unsupportive colleagues 26% Lack of flexibility
26% Lack of wellbeing support

Source: McKinsey & Company

In summary, each generation is somewhat unique and understanding their distinct tastes and preferences is key to creating a harmonious, productive team, as well as the right incentives.

 

Gavin Ibell

gavin.ibell@ibellrecruitmentandstaffing.co.uk

01908 929042

07786 175589