At Last, A Guide To The Generations At Work

PONTE VEDRA, Fla. — Pick one. Millennials are:

1. Entitled
2. Lazy
3. Powerful

If you were compelled to pick one or two, most likely you are a boomer or Gen Xer. Again, pick one. Boomers and Gen Xers are:

1. Inefficient
2. Unbalanced
3. Precious snowflakes of wonder

If you picked three, you just might be a boomer or Gen Xer.

Obviously, to quote from a favorite boomer movie, “What we have here is a failure to communicate.”

That’s according to Kim Lear, author and researcher on demographic issues speaking Thursday at LIMRA’s Distribution Conference for Financial Services. Although her presentation was called “Building Stand Out Client Experiences in the Age of Empowerment,” she focused most of her discussion on defining boomers, Gen Xers, millennials and Gen Zers.

Boomers (born 1946-1964)

They may be more gray than tie-dyed, but boomers still have a bit of the flower child mindset. Despite the craziness of the past 50 years, they have retained a glimmer of hope.

“They are still more receptive to positive messages rather than fear,” Lear said. “There are agents out there selling by fear: ‘you could die and what will happen to your family?’ It’s more about generosity. It’s more about legacy and care-giving.”

The most stark illustration of the difference in perspective can be found in their views of NASA. The most significant memory of NASA for boomers was the moon landing. It taught that generation that anything was possible. The horizon was limitless.

For Gen Xers, it was the Challenger disaster. That event taught that generation to trust no one. If mighty NASA can mess up that badly, anyone can.

Boomers’ formative years were marked by competition for resources in a world not prepared for their numbers.

Schools were not big enough. Jobs were not plentiful enough when they went to work. Soon, they learned to work harder for longer hours because they knew a long line of people were waiting to take their place.

Although they retained some of the idealism from their hopeful era, other generations are not as impressed with their legacy.

Others see a promise unfulfilled, Lear said. “ ‘You were supposed to change the world and you let us down.’"

Gen Xers (born 1965-1979)

The “slacker” generation before millennials came along, Gen Xers got the worst of both worlds.

Their early years were shaped by economic disasters and terrorism. They came into the work force often into a recession punctuated by meltdowns such as the 1987 crash, tech bubble and the 2008 collapse. The Oklahoma City bombing, Columbine High School shooting and 9/11 were key events in their early lives.

Some of them saw President Richard Nixon topple from a throne of lies and all of them remember who President Bill Clinton said he did not have sexual relations with.

They inherited the drive to work long and hard from the boomers, but not the glow of hope.
Skepticism is the coin of that realm. They are blunt and direct.

Lear recounted he first job working for a Gen X boss she admired. When she brought up a series of ideas during a meeting within two weeks of her starting, the boss was merciless.

“‘I wouldn’t call these ideas but more like words you know that you put together,’” she said was his mortifying response.

Gen Xers grew up in two-earner households with distracted parents, so they learned independence.

They are not looking for consensus and constant contact. When they work, they want the expectations, parameters and to be left alone to do the job.

“‘I am going to go away to do this,’” Lear said of Gen Xers responding to boomer bosses. “‘Hopefully, you will, too.”

Millennials (born 1980-1994)

Often maligned as malingerers, millennials are seeking the work/life balance that boomers learned to regret not having.

They see their elders putting in 70 to 80 hour work weeks, but rather than feeling respect, millennials shake their heads.

“‘Do they not know how to use tech?’” is the typical response, Lear said.

Boomers are saying in their 50s and 60s that they want to find meaning. Millennials aren’t waiting. They want to do their work and then live an actual life.

What might look like a lack of assertiveness or ambition is more likely to be risk-aversion. Their childhoods were shaped by catastrophe, such as 9/11 and the subsequent never-ending war.

Their parents and life prospects were slammed by the 2008 crash. Their story is playing out against a backdrop of fear.

Given all this, they might even have more in common with the silent generation of their grandparents who were formed by The Depression and World War II more than the succeeding generations.

They are more receptive to the social proof of endorsements not only from family and friends, but from the social media they grew up using. So, they may not be the remote, digital-only crowd that others expect them to be.

Many still live with their parents or as singles, which means even though they are young, they have greater buying power. That helps explain the obsession that marketers seem to have with them.

“They have the wallet and mind of an adult without the adult responsibility,” Lear said.

Gen Z (born 1995-2010)

The key to Gen Z is their parents, the blunt and brutally honest Gen Xers. They inherited the thick skin of Gen X but also the desire for meaning from the millennials.

They are much closer to their parents than preceding generations were. Lear noticed that with parents in their 40s and their teenage kids.

“The clothes that they were wearing and the music they were listening to were not that different,” she said. “Fifty-eight percent of teens think their parents are their best friends.”

They are less rebellious and influential with their parents as much as their parents are on them.

All Together Now

The first Gen Zers are graduating college this year and bringing a mix of the preceding generations to the labor market.

Lear said she hopes they can go into world where each generation is valued for their unique characteristics rather than disparaged.

“Every generation brings something great to the work place and market place,“ Lear said. “It brings a sense of competition and will breathe new life into our workplaces.”

Steven A. Morelli is editor-in-chief for InsuranceNewsNet. He has more than 25 years of experience as a reporter and editor for newspapers, magazines and insurance periodicals. He was also vice president of communications for an insurance agents’ association. Steve can be reached at [email protected].

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