Generation X, those born between 1966 and 1979, are known for their cynical worldview, grunge music and anti-establishment sentiments expressed in movies like Office Space. Many employers think these middle aged folks are still raging against machines. But the truth is quite different. Back in their 20’s they expressed their frustration with the state of the world through music and ideologies in Fight Club. Now in their 40’s and 50’s, they’re serious, stable, and desire security.
For many, the recession of 2008 hit them just as they should’ve been rising to management positions, but were instead laid off in droves. Retirement savings and emergency funds were depleted in efforts to keep their house from entering foreclosure, and keep them afloat until they found new jobs. Now most are finding their way out, focused on paying their mortgages, raising their kids, and filling out that retirement fund again.
As baby boomers retire, Gen X low and middle managers are looking to fill those vacant positions and gain the financial and job security they’ve been working towards for decades. It’s still an uphill battle, though. As Millennials have fully entered the workforce, with the youngest graduated college in the last couple years, and Gen Z starting to enter the workforce, Gen X is finding themselves overlooked for those big promotions in lieu of younger, more tech-savvy Millennials. Only 58% feel they are advancing within their organization at an acceptable rate. Known for being loyal almost to a fault, they are growing more and more unsettled by the lack of employer care and upward mobility in their jobs. Increasingly, this generation is willing to change jobs for the opportunity to advance. This could spell trouble for employers.
How to Retain Gen X
Financial Planning and Education
Now that their children are a little older and they aren’t planning on having more, Gen X is ready to devote their extra cash to their future financial success. Employers can help feed this drive by offering a competitive 401(k) match. Their search for stability now and for the future lends itself to their desire for employer support and contribution. Financial calculators, seminars, and courses are also desired ways for employers to show their support for their employees and help them to visualize what retirement will look like.
Flex-time or Remote Work
Most Gen Xers still have children they’re supporting and who still live at home. Flex time to be home with sick children and not sacrifice a sick day for it would be a wonderful benefit if the company can accommodate out of office work. As their children age, their desire to spend as much time with them as they can before college increases. A healthy work/life balance is just as important to Gen X as it is to Millennials and Gen Z, if not more so.
Data-driven Promotions
As more Gen Xers are overlooked for top promotions, the more frustrated they become. Having learned from generations before, their work ethic is based in company loyalty and doing things for the betterment of the team. But this loyalty leaves them conflicted when promotion after promotion passes them by. 66% of Gen X leaders have received only one promotion or none at all, compared to 52% of Millennials. Often employers promote the younger Millennials for their creativity or belief they are more tech-savvy. These are intuition or feelings-based decisions. By utilizing data regarding employee success rates, accomplishments, and a variety of other variables, the promotion will go to the actual best fit.
Mentorship and Leadership Development
They’re looking for mentorship programs to be part of – either as a mentor, helping to nurture upcoming talent, or as mentees. As loyal and longstanding, responsible employees, they are great candidates for mentoring new faces in the workplace. Their communication skills allow them to connect both with Boomers and Millennials, and work as a bridge between the two. Further, the work ethics they learned from boomers, regarding team spirit and loyalty are qualities Millennials and the incoming Gen Z can benefit from. Those Gen X seeking executive level leadership roles would also benefit from the knowledge and experience of soon-retiring executives as mentees.
Gen X, now nearing the midpoint of their careers, are looking for job and financial stability from their employers. As Boomers retire, this generation is looking for promotions and the peak moments of their careers. But often they are overlooked for promotions for younger, more hip workers. Gen X possesses much of the same tech-savvy as Millennials, being in their teens and 20’s during the dot-com boom, but are often regarded as less tech knowledgeable as the younger generations. By offering financial planning strategies, retirement matches, flex time and mentorships, employers can retain their most loyal employees.
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This blog is part of a series on generational differences in the workplace. Critical Research is committed to providing educational information for our clients and readers. We are here not only to service your background screening needs, but to educate on hiring practices, policies, and current events. Please contact us for more information on how we can help you make smart hiring decisions.