Generational grumbling is as old as time itself.
There is probably a cave painting about how the younger generation destroyed the hunter-gatherer economy through “fancy farming”. Since then, each successive generation has found a new way to express their disappointment in “these guys.”
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One recent example comes from a comments section on TikTok when a young lady explained why Gen Z and Millennials don’t exactly share the same values when it comes to work.
“Older generations are very confused about why we don’t want to work hard anymore or prioritize our careers,” says Demi Kotsoris. in the clip. “We know how short life is now.”
Kotsouris explains that the pandemic and increased access to information have reshaped the perspective of younger generations and made them question whether work should be the focus of their lives.
Of course, the response was heated. One comment on Kotsoris’ video reads: “This mentality makes you regret those decisions later (“You only live once”).
“People are just so selfish and lazy now,” says another.
But the responses may have missed the point of the video. Here’s why Koutsouris’ message has been receptive to so many young workers and why her experience sheds light on some deeper truths about modern work.
Work is not rewarding anymore
For baby boomers, there were clear rewards for working hard. Doing average effort allowed the average worker to buy a nice home, raise children comfortably, and travel the world. In the 1980s, the median home price was four or five times the median income. Now it’s close to 7.5 times.
Getting a college degree was much rarer in the 1980s. Now, almost everyone in the job market has a degree, eroding that advantage for workers. Meanwhile, the dollar has also eroded. Wages have not kept pace with inflation for decades, so an hour worked today is not worth what an hour worked in the 1980s.
Upward mobility has also seen a decline. A person born into a middle-class family in their 40s was 93% likely to outpace their parents by the age of 30. And for those born in the 90s, that rate is just 45%.
Some boomers can beat the odds and create wealth for generations through Investing in stocks. However, even this was not as easy as before. The S&P 500 traded at nearly 10 times its earnings during the 1980s. It is now traded in the lowest 20 seconds.
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The relationship with employers has changed
The relationship between employee and employer has also changed since the 1980s. Defined benefit pension plans are on the brink of extinction. A major company that went public before the 1970s had a 92% chance of surviving in the next five years. By the early 2000s, that rate had dropped to 63%.
Unions have also fallen back, which means workers have now fallen back Much less bargaining power than their parents did.
All of these factors have made younger workers question the value of company loyalty and lifetime jobs.
Changing perspective on the epidemic
The global pandemic may also have changed the work culture for everyone, not just younger employees.
The crisis led to a retirement boom. Meanwhile, younger workers have seen how short life can be, and how their way of life can easily be disrupted by a global crisis such as a pandemic or climate change. A study conducted by Deloitte found that Gen Z and Millennials are more likely to prioritize work-life balance, flexible work arrangements and meaningful work.
The pandemic has highlighted this Remote working is a viable option for many companies. In fact, a survey conducted by Buffer found that 98% of remote workers would like to continue working remotely at least some of the rest of their careers.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
