Differences in Values by Generation

“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.

Millennials are considered anyone who was born between the years of 1980-2000. Most other generations such as the Baby Boomers and Generation X look down upon millennials because of how the world reacts to millennials qualities. Baby Boomers was anyone born between the years 1946-1964, after World War II. They grew up in a time of radical changes within the world that destroyed the people’s trust in

GENERATION Y was born during 1979-1994 and are in the 18–33 age range. They are in the age where they are able to buy a

This group is generally characterized by being highly computer literate, and positive and flexible in their outlook on the future.

Most baby boomers grew up watching their traditionalist parents work very hard to make ends meet and take care of the family unit. As a result of their upbringing many boomers have adopted their parent’s strong work ethics; working hard, long hours trying to climb the corporate ladder. Baby boomers still enjoy personal face to face interactions and building rapport with people

Starting with the savings and loan crisis of the 1980’s, baby boomers, a generation born between 1945-1964, made many avoidable mistakes regarding economic decisions. Although the economy is always fluctuating, the onset of the baby boomers’ adulthood caused a downward spiral and the actions of Millennials aren’t helping. As the Huffington Post demonstrates, older generations are quick to judge, blaming the economy on Millennials and Generation Yers. On the other hand Newsweek, a more credible news site, shows that had generations before planned for the long term, Millennials wouldn’t have made this transition in the first place. By turning into a more “shared economy,” meaning buying things used and renting, big corporations are taking serious hits, causing them to layoff people and raise prices. Furthermore, the generational differences in ideals and behavior are also contributing to the distress. Although many would argue that these generational differences are common throughout the ages, they are further hurting an already weak economy.

A generation can be defined as the period, cohort or age of a group of people. Age is seen as the age that the persons were when particular transitions or events in life take place. Period can be defined as the overall experience of a person’s lifetime. Lastly, cohort can be seen as the overall grouping of people who have shared events during their formative years that more than likely contribute to like-minded behavior throughout the duration of their lives. There are currently four generations in United States society: Silent Generation, Baby Boomers, Generation X and The Millennials. The silent generation was born between the years of 1930 and 1945. Significant events during this time period include but are not limited to World War II and the Great Depression. The baby boomer generation was born between the years of 1946 and 1964. Significant events for this generation include the substantial growth of the middle class as well as economic prosperity. Generation X is born in the time period of 1965-1979, this generation was brought together by the big energy issue as well as the Vietnam War. Lastly the final generation that is currently in the workforce are the Millennials. This generation was born between the years 1980 and 2001, this group is brought together by the 9/11 terrorist attacks as well as the internet

However boomers and “non” boomers alike will face social changes as this group matures into their late adulthood. Many boomers prepared for their retirement by working hard and saving money. Boomers such as my own parents are good examples of how boomers will be affected. They did not over extend themselves during the recession and they made wise financial decisions. They invested what was perceived as healthy investments in real-estate and the stock market only to take on major economic losses in the last decade. Although my parents are not struggling to make ends meet, the rising cost of insurance and health care may have negative effects on their finances in the next decade.

Seniors born entre January 1, 1933 and December 31, 1945 are described as Post-War Cohort and have a current Population of 55 million, but their population is declining. According to extension.missouri.edu, they are retirees in majority and formed the largest voting population. Seniors or veterans also called Silent Generation inherited the consequences of the Great Depression of 1929 and World War II. They feel gratified by the effort or work, they are struggling to work and usually stay for long in the same company. They are obedient and respectful to authority, they are cautious and have a sense of duty but modern technologies such as information, communication and social networks are not obvious to them and may even be refractory. They earned less than today, but in their time, the quality of work was an art. Seniors born entre January 1, 1933 and December 31, 1945 value security, comfort, and familiar, known activities and environments. Like the baby boomers, the silent generation is committed in marriage even though some divorced. This cohort is a target composed mainly of women and men widowers who live alone for half of them, especially women. This cohort had significant opportunities in education as a post-war economic boom struck America.

Currently, there are five main generations. Traditionalists are the oldest generation, being born between 1900 and 1945. They only constitute 5% of the current workforce, as most have retired (Wiedmer 2015, 51). The baby boomers are the oldest and largest generation currently in the workforce (Wong et al. 2008, 878). This generation was born following World War II between 1945 and 1964, with approximately 76 million individuals (Wiedmer 2015, 52). Generation X was born from 1965 to 1981 and is also known as the baby busters because their birth rates are vastly lower than the baby boomers (Wiedmer 2015, 53). Generation Y, or the millennials, was born between 1982 and 1995 and grew up in a very different time compared to their predecessors, with

Older colleagues to this generation is the Y generation as lazy individuals who are more difficult to manage. This generation also has a reputation for leaving their organization of employment abruptly to seek new opportunities. Generation Y has been exposed to the world in a different way than previous generations, they are more racially and ethnically diverse and they are much more segmented as they have seen the rapid development of cable, the internet, etc.

Generation Xers see themselves as a generation with its own voice and vision. They are said to be savvy consumers with an annual spending power of 125 billion dollars. Most of which they spend on electronics and computer products. However they have economic problems: the starting wages of entry level jobs are declining, housing cost are so high that 46% are still living with mom or dad. But despite their financial pressures, they are as likely as baby boomers to think about long term savings and retirement plan.

Kyles (2005) defines them as competitive, political, hardworking, and nonconformists. “Known for their workaholic ethic, Boomers will do whatever it takes to get the job done and get ahead, and they expect to be rewarded. They outnumber all generations and hold a majority of management-level positions. They are also approaching retirement and are heavily concerned with financial and job security” (Kyles, 2005, p. 54). This group is very hard working and also offers a lot of wisdom that can be beneficial to those of the younger generations.

SUMMARY OF THE ARTICLE “UNDERSTANDING AND MANAGING GENERATIONAL DIFFERENCES IN THE WORK PLACE” ( Cited from Kapoor and Solomon 2011)

To begin with, let me tell you a little bit about my generation. We are the generations that zd6was born between the late 1970s and the mid-1990s. The “Gen Y” has we are call, was raise by the “baby boomers” our parents’ generation.