Careers.....Boomers vs Millennias

[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.

 

[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.

 

[xBa380]

Originally Posted by emmett442
As a millennial, I see it a different way. 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, I leave.

In an age where employers are less likely to take care of employees, employees have to better look out for themselves.


As a millennial as well, great way to put it… I agree with you completely.

Worked at five different places or so as an intern while in school, got a really good perspective of the various types of companies and their cultures. I got hired full time six months prior to graduation with the place I liked best and stayed with that company four years. Management issues turned the place into a complete mess. No raises, no care for the employees… Had to leave. Four years in and I was quite a bit under market value for my position, they didn't care. Business wasn't good enough to pay us... Complete B.S.

Found another place that pays me a lot more, treats employees much better and is growing/successful. When I put in my notice at my old job, they tried to pay me more on the spot (but could only come half-way...), was an easy decision to leave. I will stick here until things go south or a better opportunity arises elsewhere, which given how great this job is, unlikely anytime soon… But I don't plan on staying anywhere until I retire unless they take care of me and I'm completely happy.

My mindset is "work to live". In engineering, jobs are easy enough to come by where I live. So if I don't get my work/life balance, a fair salary and feel respected/important at the job, I'll find somewhere else. Life is too short to stick with a company you don't like working for.

 

[opus1]

I think this mindset started before Millennials came along.

As someone who's on the cusp of Boomer and Gen-Xer, I've seen both worlds and have been the recipient of a company deciding to throw out the "agreement" and cut older people loose and eliminate pensions when it's convenient twice. Technically 2-1/2 times if one counts the early-retirement offer that my current employer threw at us older geezers a couple of years ago, which I had to turn down due to the insurance cost making it impossible for me to take.

Without a pension, the perceived need for someone to stay at their employer is less urgent since leaving before retirement won't affect those plans as much as if one is walking away from that pension. I still have a company-sponsored pension, but if they ever announce that they're eliminating that program, I don't see myself staying much longer after that.

And I have to add that it's funny that the corporate mindset today still seems to be that companies expect loyal employees without doing much to foster that loyalty.

 

[skyactiv]

I'm a young Gen X'er.

Very few people work a job that provides a pension and retirement healthcare benefits. Most government jobs still do and I get such benefits being a UPS full time Teamster, but there are very few private sector jobs which have gold plated benefits. I don't bank on my benefits being around like they are for someone who retires today.

But I hate my co-workers that have a union thug mentality that comes with a high wage job you cant replace if you lose it.

 

[beanoil]

I planned on staying at my job until retirement with pension and benefits. Started in 1980, still at the same place.
All was fine until the company decided to accept the millennial point of view and took away pensions, benefits, and severance pay earned.
Literally, in one swoop, the company removed 50k in severance, and health benefits for retirees.
This is what happens when millennials get into power positions.
There is no loyalty or respect for tenure and expertise. Younger people don't expect it, companies no longer provide it. The boomers got caught in the wave of change and are drowning. "Oh look, we have Bob making 14.00 an hour, while Joe is making 30.00, we are saving money!" Never mind that Joe knows what widget fixes the problem and is on to the next thing in an hour, while Bob scratches his head (and his booty) for 5 hours, then has to involve someone else to get a fix. Makes no sense, especially when Bob is looking for the next move in his work life.

 

[billt460]

Pensions are gone in favor of company sponsored 401-K plans. Some employers contribute, but many don't. So all they amount to is a tax deferred retirement saving plan. Remember, in a company pension plan the company contributed.... Not you. And even health care is being dropped by a lot of companies, because it's become too expensive. And those who have it usually have something with limited benefits, like a Health Savings Account. Just so they can say they are, "competitive" with benefits.

So when you get right down to it, there is no reason to remain long term at jobs anymore. Except for increased vacation time. And even that has been reduced across the board.

So it doesn't have anything to do with Boomers vs. Millennials. It's been dictated by employers. Another thing is good benefit union employment has all but disappeared. The labor unions have nowhere near the power they commanded back in the 60's and 70's. The Democrats don't even campaign for the union vote any longer. Most of them voted for Trump in the last election. That was unheard of 30 years ago.

All of this has resulted in a nation of job hoppers. I'm not saying it's good or bad. It's just the way it is. There are still good places that are worth remaining at long term. But the list is getting smaller all the time. I don't envy Millennials one bit. I wouldn't want to be in my 20's today, and have to look 40 years down the road at earning a living. They're going to have a really tough row to hoe. When I retired I knew many people my age who had nothing saved for retirement. I don't see that improving as time marches on. People are carrying more debt, with many having all but non existent savings of any kind.

If I were in my 20's today, I would head straight for the military. Do 20 to 30 years there, save your money, keep your nose clean, and you'll be in good shape. Nice early retirement, and full medical. All of which you'll struggle to get in the private sector. And I don't care how many degrees you have to wave around.

 

[KrisZ]

Originally Posted by opus1
And I have to add that it's funny that the corporate mindset today still seems to be that companies expect loyal employees without doing much to foster that loyalty.

Yes ,it is an interesting phenomenon and I would not necessarily blame corporations 100% for this. Brand identity is as strong as ever. People defend or criticize faceless corporations quite fiercely just because they own a product. If you say something negative about a brand, you will be labeled a "hater" mighty quick.

It's no wonder corporations are taking full advantage of this crazy behaviour.

 

[Virtus_Probi]

My dad worked at one machinery company from the mid '30s to the early '70s, with a break to serve in WWII...that industry got really rocked by computer controlled equipment from Japan and he was let go with a very small pension and not much else. Dad descended into alcoholism and sleeping in his chair for a few years before getting it back together.
I never expected to work anywhere very long and moved around to up my salary so I could raise my savings rate as well as buy the things in life I wanted for me and my family. I did end up spending over 10 years at one company that I didn't like very much but paid extraordinarily well...still wonder if the tradeoff was really worth it, but it really set the stage for my family's financial success.
The first company I worked for was unusual in providing lifelong health insurance assistance for employees who put in 20 years or more...at the time I joined them, this benefit meant absolutely nothing to me. I see now that it is a very valuable benefit, indeed...I would say that, of the people roughly my age I knew when I joined this company, 1/3 moved on pretty quickly like me for salary bumps, 1/3 got laid off sometime before they hit 20 years, and 1/3 got the benefit.

 

[PimTac]

I'm a boomer and times have changed. As mentioned already, changes are happening much faster than before

Before my generation a guy could graduate from high school, get a job at the local Big 3 automaker and spend thirty years installing bumpers or brakes or whatever. The job never changed for the most part. Then the robots came.

Now society is divided. If you keep your nose clean and head up , with hard work you can be productive and successful. The other side sticks their hands out for something or forces you to give it.

 

[StevieC]

I'm not a boomer and I'm not a millennial, I'm in between. I have worked for some horrible bosses and employers and worked for some great ones (current employment included).
The only reason I left the good jobs was for a better offer that found me that was too good to pass up and I did so after careful consideration and leaving on good terms.

I also found that because I had worked at many places with 3-5 years that some employers liked this because it gave me different insight on running things and because it was 3-5 years they know I'm not just sticking around for only 1 employee evaluation but a few. I also always leave with a great reference letter each time that goes along with my resume for the next job.

For me, working is a means to an end and I intend on retiring early and enjoying life given all the family members I have lost in my lifetime due to diseases like Cancer. It has all caused me to re-evaluate life. Material possessions aren't important to me. Seeing the world and enjoying life with family / friends is what the direction I'm headed and the faster I can climb the income ladder moving around and gaining experience (within reason) the better.

Besides nothing is "for life" any longer so you are going to most likely have to move around a few times in your working career in this modern economy anyway so you might as well learn to be flexible and adaptable.

 

[JLTD]

Originally Posted by opus1
I think this mindset started before Millennials came along.


And I have to add that it's funny that the corporate mindset today still seems to be that companies expect loyal employees without doing much to foster that loyalty.



Agree completely and quite true!


Originally Posted by billt460

If I were in my 20's today, I would head straight for the military. Do 20 to 30 years there, save your money, keep your nose clean, and you'll be in good shape. Nice early retirement, and full medical. All of which you'll struggle to get in the private sector. And I don't care how many degrees you have to wave around.


Yup.

My Dad was in the "get a good job, stick with it and the company will reward you" generation. Worked same company 37 years and retired very comfortably in '88. He is gone now 4 years but his pension is still providing income for Mom.

You can't get that today from any company that I know of.

 

[RamFan]

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.


This. If advancement and growth occur then I stay. If they don't, then I start looking elsewhere.

 

[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

 

[GenesisGuy70]

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.


As another fellow Millennial, agree as well. I bear no allegiance to any place of work. If they're good to me, I'll stay. If not, I'll leave.

 

[BMWTurboDzl]

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.


Pensions are inherently unsustainable. Young workers, like their pre-WW2 decedents, simply must do more of their own saving and are consequently comfortable with transitioning jobs. The economy moves faster today than it did even 20 years ago.

 

[Mr Nice]

30 + years at current employer and had lots of opportunities. Younger folks today might not stick with the same company and have to make the jump every few years so they continue to grow.

 

[maxdustington]

It's not a much a generational thing as it is a result of overpopulation and neoliberalism. Labour is cheap now, so there is no need for employers to try to hang onto employees. Good jobs with good pay and benefits are in high demand, as there are fewer to go around. In addition to that, there are more women in the workplace who are preferred hires due to diversity policies. Twice as many women are hired as men in STEM fields.

It sucks but I always remember this quote: Hard times create hard men, hard men create good times, good times create soft men, soft men create hard times.

I'm a millenial and if you give me 40 hours a week at fair pay you will buy my loyalty. If you have integrity and toughness you will earn my respect.

 

[MNgopher]

As a Gen Xer, its been interesting to watch some of the roosters come home to crow.

As others have noted, in the old days, getting solid benefits package now and into retirement was a great part of the relationship, along with just treating workers with fairness and respect.

Fast forward, and employers took away many of those benefits, and are surprised their employees are no longer loyal. Who knew?

For many of my coworkers, they get stuck in a slowly rising pay environment - and the only effective way to get a decent raise is to jump ship elsewhere. I went through this exact scenario with my previous employer who failed to recognize the value of more senior, tenured staff. They are still caught by surprise in exit interviews when we point out that their pay is not keeping up, and they insult us when they hire new employees off the street for nearly the same pay. We get mad enough, and jump to someplace that sees our value, and pays accordingly. And the cycle then repeats...

 

[maxdustington]

Originally Posted by MNgopher
For many of my coworkers, they get stuck in a slowly rising pay environment - and the only effective way to get a decent raise is to jump ship elsewhere. I went through this exact scenario with my previous employer who failed to recognize the value of more senior, tenured staff. They are still caught by surprise in exit interviews when we point out that their pay is not keeping up, and they insult us when they hire new employees off the street for nearly the same pay. We get mad enough, and jump to someplace that sees our value, and pays accordingly. And the cycle then repeats...
"If you treat your employees like slaves, they will behave like mercenaries"