Yesterday, we spent some time learning about the perspective of Gen Y employees (age 30 and below) in the workforce. The research on this topic was consolidated in a recent article in Harvard Business Review.
The same article also highlighted some of the changes that are happening to the Baby Boomers (age 45 to 63). As you probably know, the Baby Boomer generation has been extensively studied over the years. As a result, many stereotypes remain alive and well.
While some of these stereotypes are in fact valid, views may be changing due to the aging of this generation, along with some of the profound financial struggles present in our economy. Here are some of the changes in work attitudes and expectations that Baby Boomers have expressed:
- Delayed Retirement: 42% plan to work past the age of 65. 14% report they never plan to retire
- Long-Term Perspective: 47% see themselves as being in the middle of their careers
- From "Me" to "We": 55% are involved in volunteer work
- Want Flexibility: 87% say being able to "work flexibly" is important
- Familial Obligations: 71% report having elder care responsibilities. 41% contribute to the support of their adult children.
The realities of life have a way of changing a person’s perspective. While Gen Y is more hopeful and altruistic, Baby Boomers are feeling the weight of their responsibilities and financial circumstances.
These attitudes dictate priorities when it comes to looking for work. Here are the types of rewards a Baby Boomer considers at least as important as compensation (ranked in order of importance):
#1 High-quality colleagues
#2 An intellectually stimulating workplace
#3 Autonomy regarding work tasks
#4 Flexible work arrangements
#5 Access to new experiences and challenges
#6 Giving back to the world through work
#7 Recognition from one’s company or boss
Whether you’re coaching employees or participating in the recruiting process, it is important to understand what people value. Just because these issues may not be resonating with you personally (you may be in a different generation...or just an atypical Baby Boomer), does not mean that those around you are not experiencing them.
During your next interview or coaching session, test out some of these findings. Ask some questions that get at some of these issues and see what kind of responses you get. You’ll probably have some fun doing this, but you’ll also gain some important insight...
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