One of the core theories in generational management is that generational norms exist based largely in response to the world environment during a group’s formative years. For the older half of the millennial generation (those currently 18 – 34) the rollercoaster economy seems to be making its mark. According to a report in the Los Angeles Times, Millennials are more cautious about debt than is typically expected of twenty somethings. In fact, in the past 12 years, the average debt in young households was reduced by almost half. I was especially interested in the author’s comment that this behavior is… Read More
Categories: Generations, Matures, Recession EconomyEven while being diagnosed as the most narcissistic generation ever, Millennials continue to have an altruistic streak which showed up in the results of a study by the National Society of High School Scholars, which published its 6th Annual Career Survey Results last week. Yes, the Millennials heading to college this fall have big dreams for 2017. They want to work for Apple, DreamWorks, Disney and Google. But their number one preferred company to work for: St. Jude’s Children’s Research Hospital. True to their generational traits, it is not just about the paycheck – they want to feel good about… Read More
Categories: Generation Y / Millennials, GenerationsYou have to appreciate the irony of a totally younger generation communication tool being used to explain an older generation. Check out this info graphic/comic that attempts to convince advertisers and businesses that their traditional target demographics are not aligned with the actual buying power in the country today. There are so many things I love about this. As I mentioned, an info graphic is such a Gen X and Millennial way of looking at things – content may be king, but only if it is entertaining! And yet the comic styling is classic Boomer. It really is brilliant piece. … Read More
Categories: Baby Boomers, Blog, Product DesignSecession planning is an important part of any organization’s business strategy, and the onslaught of Baby Boomers entering retirement has been woven into news reports for several years now. So why did a recent study by executive search firm Odgers Berndston find that nearly 60% of executives surveyed were unprepared for the change? Turns out they may be ignoring the cultural differences among the generations. That is, while they’ve identified who is leaving and are dutifully transferring business knowledge down the line, they may not be looking at the more subtle – but significant – differences in how each generation… Read More
Categories: Baby Boomers, Generations, Succession PlanningIn June 1997, TIME magazine ran a cover story about Generation X – “Great Expectations of So-Called Slackers” where they attempted to enlighten Boomers and Matures about the benefits of Xers in the workplace and the world in general. The discussions that piece sparked with clients, colleagues and peers were the impetus for what is now Generational Insights. This week the folks at TIME are at it again with their cover story “The Me Me Me Generation” and its companion piece “Millennials: The Next Greatest Generation.” On the one hand, this feels a little like seeing dock siders and day-glow… Read More
Categories: GenerationsJust last week we were talking about how 50% of Gen Xers are confident in their retirement savings. Today, we’re hearing that the confidence may not match up with the bank accounts. The Associated Press reported on the findings of a recent Pew study of the retirement readiness of Boomers and Gen Xers. While retirees are advised to have enough savings to replace 70% of their income, Gen Xers are on track to replace only 50%. The report seems to point to the timing of major economic events during the Gen X lifetime – where Boomers largely benefited from the… Read More
Categories: Financial Services, Generations, Recession EconomyWhen I was growing up a popular show on PBS had a song that teased “one of these things is not like the others, one of these things just isn’t the same.” It’s becoming clear that etiquette, common sense and social media just do not belong in the same sentence and it is affecting the one of the most etiquette-focused areas of the business world: the job interview. Yes, the “I can’t believe somebody actually did that” HR files include job candidates who have texted or accepted cell phone calls while in an interview, according to this story from USA… Read More
Categories: Baby Boomers, Downloadable MediaSo here’s an interesting one – at least from my perspective as a parent and as a speaker on generational topics. For 15 years I’ve been working with largely Boomer business leaders who are exasperated with the way younger generations behave in the business world. Time and again, I’ve considered – and occasionally pondered aloud – that the employees who don’t want to pay their dues and expect to be praised for showing up on time were raised with participation trophies and an “as long as you’re happy” mantra by the very people (collectively) who are now their employers and… Read More
Categories: Generations, Parenting, WorkplaceWhile tradeshow and event managers pride themselves on creativity, the basic structure and components of special events have been somewhat tried and true. A recent report by Amsterdam RAI demonstrates why savvy companies are smart to look at events and event marketing with a whole new light. Changing demographics = changing demands, and the younger generations have explicit expectations for how they wish to be engaged. According to the report, Millennials crave engagement and Generation X continues to be skeptical. This corroborates the experiences of many professional association clients that have expressed frustration with younger generations not attending their flagship… Read More
Categories: Baby Boomers, Blog, EducationAs the stock market indexes reach unprecedented heights, Millennial employment and wealth are still stuck at recession like levels. Despite the emerging “green shoots” in recent economic news, including declining overall unemployment, Millennial unemployment has been stuck around 11%, with a “real” rate of about 16% (including those who are not actively looking for work). This disparity, observers suggest, will only worsen the disconnect and distrust between the Millennial generation and the financial markets, as prosperity, in the Millennials’ view, seems to be available to everyone but them. Without the financial means to participate in the investment economy, they may… Read More
Categories: Financial Services, Generations, Recession Economy