Baby Boomers Four Generations

“Only 24% of Baby Boomers are confident they will have enough savings to last throughout retirement, down from 36% in 2012.” (Frankel) This is the reason more Baby Boomers are working longer before retiring. At the same time the Millennials were growing up through the recession, acquired student loan debt and were entering a very competitive job market. Robin Lewis captured this reality through this quote. “This is a generation that is bigger than the boomers in population, but their wallets are smaller, and they are more into the style of life than the stuff of life.” This backs up a study conducted by Bank of America Merrill Lynch that shows “A whopping 82% of millennials are investing in a retirement savings account and 75% of the baby boom generation does so.” (Abrams) The main reason for this pattern is the Millennials are investing in retirement accounts at work many of which have matching programs and Baby Boomers are skitish of the market and losing more of thier retirement.

Every generation is influenced by its period 's economic, political and social events. From the Great Depression to the civil rights and women 's movements to the advent of television and advanced computer technologies. Thus generational background/situation may also affect the way they work. The key is to be able to effectively address and take advantage of the differences in values and expectations of each generation in the workplace. The current work place consists of four different generations; The Baby Boomers (1946-1964) who are slowly retiring and existing the workforce, The Generation X (1965-1976), The Generation Y or millennia (1977-1997), and the Generation Z who are about to or are just entering the work force. Although these different generations tend to want similar things in a workplace their environment/background has shaped their character, values, and expectations (Hahn 2011).

As students, freshmen come into high school knowing that they are hated by every upperclassmen in the school, with the exception of some friends and possibly family. The freshmen don’t understand why they are disliked, and most of the upperclassmen can’t tell you why they despise the freshmen, except for some unproved responses such as: “They’re annoying”, or “They’re so immature”. This sequence occurs every year. As the freshmen turn into upperclassmen, they too develop a hate for the incoming freshmen. This relationship is common on a larger scale as well; older generations view the younger generations as annoying, dumb, and immature. Dealing with three generations today, we have the omniscient Baby Boomers (1946-1964), impious

Many people in the "baby boomer" generation are staying active as they age. By either jogging, swimming or becoming part of a sports team. They strive to remain youthful and mentally young and view retirement as an active period of their life. Theirinterest in health , fitness, looking young and attractive and longevity is quite phenomenal. They can expect to live longer due to medical advances however stress and burnout could impact on this expectation of longevity. They are well educated, thirsty for information interested in travel and will want to stay involved in the political processes. In addition they are optimistic, forward thinking and undoubtedly redefine old age. As the oldest of the nation's 75 million baby boomers approach the age of 60, a Pew Research Center survey finds many are looking ahead to their own retirement while balancing a full plate of family responsibilities either raising children or providing financial and other

Landlord-tenant law combines three areas of law; 1.) property law 2.) contract law and 3.) negligence law. Landlord-tenant law combines three areas of law; 1.) property law 2.) contract law and 3.) negligence law. Colleges nation wide have been reporting strong surges in enrollment largely due

Before we can get into the juicy information pertaining to the fascinating period of Baby Boomers, we must first take a quick glance at what was happening before this occurred.The main event that came to a conclusion that had a significance to the world and is a recent and relevant topic to the Baby Boomer period was the end of World War II.World War II had been going on since 1939 when the Nazi army and the Soviet Union united invaded Poland, resulting in the British and French declaring war on Germany.The allies allow Hitler to commit illegal actions without deciding to go after him(they just sat and watch him invade and grow as the years went by).It seems over for the Allies until the Japanese decided to obliterate Pearl Harbor December

Baby boomers grew up in a generation that had high hopes for the future of their country. More people mean’t more education, higher levels of income and thus more buying and spending than any previous generations in history. It was in itself, a generational movement of people who believed they were

Some economic observers predict financial disasters, both national and personal, when the baby boomers retire. They say that as nations of workers and investors become nations of retired consumers, withdrawals will far outweigh deposits in investment and savings vehicles.

Baby Boomers have been one of the most powerful forces in shaping the economic environment and are the wealthiest generation in the United States (Kotler and Armstrong, 2015). “In their early years, “Leading Edge” Boomers enjoyed economic prosperity, and their resulting financial power in their prime years drove rising trends in everything. However, the recessionary years of the early 1970’s also added cautionary realities to their youthful consumption and employment dreams” (“America’s Oldest Boomers”, n.d.). Baby boomers control approximately 70% of the disposable income in the United States, therefore, they are known as being one of the most influential financial forces in the marketplace (“Baby Boomers Report”, 2015). As they reach their

The generation’s project was a very interesting assignment. The project was designed with the intention for students to develop an understanding and expertise in the generations of people in the workforce and how it is important to understand the commonalities and differences between them. There are four generations currently at work in the marketplace. As learned during the research phase of this project the four generations are as follows: the Traditionalists, Baby Boomers, Generation X, and the Millennials. The generation that my group did our research on was the Baby Boomer group. I learned a lot of valuable information during the research phase of this project as it relates to, personal and professional traits, work ethic

The workplace of today involves interactions among people from four different generations often causing much conflict for leaders and organizations. Each generation represented has its own set of different values and beliefs. These differences can easily lead to conflicting barriers within the workplace. This can pose a significant problem for those in leadership. In order to combat this issue, leaders and organizations can effectively deal with these issues by offering different programs such as executive mentoring, town hall meetings, and leadership seminars for those in leadership.

“The number of employees over the age of 55 has increased by 30 percent; however, the number of 25- to 54-year-olds has only increased by 1 percent” (Claire, 2009). In 2008 the eldest of the 77 million baby-boomers turned 62. Estimates are that by the end of the decade about 40 percent of the work force will be eligible to retire. As people begin to reach the age of retirement there may be not be enough new employees to fill the gap (Clare, 2009). Companies need to find ways to attract Boomers and Millennials. Companies that want to attract Boomers and Millennials need to be creative in their culture, HR policies and work environments.

There are many reasons as to why we have such a diverse generational workforce including that people are naturally living longer so they are able to work longer hence the seventy-five year old traditionalist in the workplace. However, traditionalist and baby boomers are also not in the financial position to retire. This is perhaps due to the economic recession and the fact that boomers are supporting their adult children, who cannot obtain jobs that provide them financial security to combat the debt that they have accumulated to

Many changes are happening in the workforce today. Our labor environment consists of multiple generations, which creates fundamentally differing approaches to everything from work ethics, business management, and co-worker cooperation. The most recent generation, commonly known as “Generation Y” or the “Millennial” generation, is slowly taking over the workforce. Because they bring with them a radically new mindset and opinion of labor, the global business infrastructure should be modified to not only accommodate “Millennials,” but also to remain sympathetic to the business practices characteristic of previous generations. Doing so will provide more harmony and productivity among co-workers of different generational backgrounds.

Generation Y or “Millennials” seek value through contribution, and teamwork. Often driving by autonomy, this generation understands the 24/7 work environment, so they are resistant to rigid traditional office hours and time behind a desk. “Millennials are focused on making meaning, not just making money” (Asghar, 2014). A “work-to-live” mentality is their motto (Nelson, 2013).