Latest news with #babyboomer
Yahoo
5 days ago
- Business
- Yahoo
Sorry Gen X: Boomers are making millennials their successors for CEO jobs instead because they're down with AI
Gen professionals patiently waited their turn for the coveted CEO role, but baby boomers leaders are skipping them in favor of millennials taking the throne. The proportion of Gen X chief executives in the Russell 3000 has steadily decreased—and it may have to do with the 'forgotten generation' being hesitant with AI. Meanwhile, Red Lobster, Lime, and Kickstarter have all appointed millennials to the CEO job in recent years. Many employees put decades of blood, sweat, and tears into climbing the corporate career ladder—but the top rung is missing the 'forgotten generation' of workers, and it may be knocked out from their AI hesitation. About 41.5% of CEOs in the Russell 3000 are at least 60 years old, part of the baby boomer generation, up from 35.1% in 2017, according to research by the Conference Board and Esgauge. Meanwhile, the number of millennial chief executives, in their 30s and 40s, has increased from 13.8% to 15.1% over those eight years. But Gen Xers, entering the senior-level stages of their careers, aren't seeing that same rise in representation. About 43.4% of people in their 50s are CEOs—a fall from 51.1% during that same period. While Gen X still represents the greatest proportion of CEOs, they face dwindling opportunities compared to their millennial counterparts. Instead of giving their jobs to the next generation below them, baby boomers are skipping over Gen X in favor of promoting younger talent into their spots. Much of this change can be linked back to AI's rising prominence in the workplace, experts say. Nearly all companies are integrating the advanced tech into their business strategies, and millennials by and large have the digital skills to lead that change. The 'forgotten' and unappreciated generation skittish on AI It's no secret that AI is here to stay—and CEOs are adamant that the only workers who will thrive are those who embrace the technology. However, older generations are a lot more hesitant to use ChatGPT and other tools compared to digital-native youngsters. Millennials are leading the way when it comes to embracing advanced technology. About 50% of millennials use generative AI at work, compared to just 34% of Gen X, and 19% of baby boomers, according to a 2024 report from recruitment agency Randstad. Plus, younger workers are more positive about the tech; 55% of millennials are optimistic about AI-driven solutions, as opposed to 37% of Gen X, and 36% of boomers. While the oldest generation is the least prepared and hopeful when it comes to using AI themselves, they're looking for successors who are more willing. And millennials perfectly fit the bill: they're old enough to have industry experience, grew up with the internet, and are more forward-thinking about AI use in business. Gen Z are too young, and Gen X are more skittish on the technology. But there may be another factor at hand: Gen X is simply being overlooked at work in general. Due to workplace ageism and the expectation they'll retire soon, Gen X is being passed up on career opportunities. About 22% of employees aged 40 and up say their workplaces skip over older workers for challenging assignments, and 16% say they've witnessed a pattern of being passed over for promotions in favor of younger staffers. The millennials being tapped as CEOs of billion-dollar companies Billion-dollar companies are already on board with the next wave of millennial CEOs, promoting them to the position in lieu of Gen Xers who waited their turn. Last August, Red Lobster made history by appointing their youngest CEO in history: Damola Adamolekun. At just 35 years old, he took the reins of the struggling seafood chain, having previously been chief executive of P.F. Chang's when he was 31, and an investment banking analyst at Goldman Sachs. The millennial CEO marked a fresh new start for Red Lobster's leadership strategy—and his spirited can-do energy has made him an executive darling admired by fellow CEOs and customers alike. Project fundraising company Kickstarter also appointed a millennial to its chief executive position in 2022, when he was just 33 years old. Serial entrepreneur and millennial CEO Everette Taylor has since become a force to be reckoned with, making Forbes 30 Under 30 list for his efforts to build equity in the arts and marketing realms. There's also electric scooter and bike company Lime, which appointed then-36-year-old Wayne Ting as its CEO in 2020. The millennial had been the chief of staff to Uber's CEO, also serving as a senior policy advisor for The White House and a private equity associate for Bain Capital. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
Sorry Gen X: Boomers are making millennials their successors for CEO jobs instead because they're down with AI
Gen professionals patiently waited their turn for the coveted CEO role, but baby boomers leaders are skipping them in favor of millennials taking the throne. The proportion of Gen X chief executives in the Russell 3000 has steadily decreased—and it may have to do with the 'forgotten generation' being hesitant with AI. Meanwhile, Red Lobster, Lime, and Kickstarter have all appointed millennials to the CEO job in recent years. Many employees put decades of blood, sweat, and tears into climbing the corporate career ladder—but the top rung is missing the 'forgotten generation' of workers, and it may be knocked out from their AI hesitation. About 41.5% of CEOs in the Russell 3000 are at least 60 years old, part of the baby boomer generation, up from 35.1% in 2017, according to research by the Conference Board and Esgauge. Meanwhile, the number of millennial chief executives, in their 30s and 40s, has increased from 13.8% to 15.1% over those eight years. But Gen Xers, entering the senior-level stages of their careers, aren't seeing that same rise in representation. About 43.4% of people in their 50s are CEOs—a fall from 51.1% during that same period. While Gen X still represents the greatest proportion of CEOs, they face dwindling opportunities compared to their millennial counterparts. Instead of giving their jobs to the next generation below them, baby boomers are skipping over Gen X in favor of promoting younger talent into their spots. Much of this change can be linked back to AI's rising prominence in the workplace, experts say. Nearly all companies are integrating the advanced tech into their business strategies, and millennials by and large have the digital skills to lead that change. The 'forgotten' and unappreciated generation skittish on AI It's no secret that AI is here to stay—and CEOs are adamant that the only workers who will thrive are those who embrace the technology. However, older generations are a lot more hesitant to use ChatGPT and other tools compared to digital-native youngsters. Millennials are leading the way when it comes to embracing advanced technology. About 50% of millennials use generative AI at work, compared to just 34% of Gen X, and 19% of baby boomers, according to a 2024 report from recruitment agency Randstad. Plus, younger workers are more positive about the tech; 55% of millennials are optimistic about AI-driven solutions, as opposed to 37% of Gen X, and 36% of boomers. While the oldest generation is the least prepared and hopeful when it comes to using AI themselves, they're looking for successors who are more willing. And millennials perfectly fit the bill: they're old enough to have industry experience, grew up with the internet, and are more forward-thinking about AI use in business. Gen Z are too young, and Gen X are more skittish on the technology. But there may be another factor at hand: Gen X is simply being overlooked at work in general. Due to workplace ageism and the expectation they'll retire soon, Gen X is being passed up on career opportunities. About 22% of employees aged 40 and up say their workplaces skip over older workers for challenging assignments, and 16% say they've witnessed a pattern of being passed over for promotions in favor of younger staffers. The millennials being tapped as CEOs of billion-dollar companies Billion-dollar companies are already on board with the next wave of millennial CEOs, promoting them to the position in lieu of Gen Xers who waited their turn. Last August, Red Lobster made history by appointing their youngest CEO in history: Damola Adamolekun. At just 35 years old, he took the reins of the struggling seafood chain, having previously been chief executive of P.F. Chang's when he was 31, and an investment banking analyst at Goldman Sachs. The millennial CEO marked a fresh new start for Red Lobster's leadership strategy—and his spirited can-do energy has made him an executive darling admired by fellow CEOs and customers alike. Project fundraising company Kickstarter also appointed a millennial to its chief executive position in 2022, when he was just 33 years old. Serial entrepreneur and millennial CEO Everette Taylor has since become a force to be reckoned with, making Forbes 30 Under 30 list for his efforts to build equity in the arts and marketing realms. There's also electric scooter and bike company Lime, which appointed then-36-year-old Wayne Ting as its CEO in 2020. The millennial had been the chief of staff to Uber's CEO, also serving as a senior policy advisor for The White House and a private equity associate for Bain Capital. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Chicago Tribune
6 days ago
- Business
- Chicago Tribune
Editorial: Millennials are avoiding divorce. But their American Dream has changed.
We're tempted to cheer that divorce rates have (so far) decreased for millennials who married in the 2010s, according to new research from the Institute for Family Studies. But behind that trend lies a deeper story — one that raises some questions about the future of the American Dream. Yes, divorce rates are lower than in previous generations, but fewer people are getting married in the first place, a trend that's persisted for years as more people opt out of marital unions — not surprising, given many of these young adults themselves grew up with divorced parents. But it's not just coupling trends that are shifting. So are the other traditional markers of adulthood. Fewer young adults own their own home today than ever before, even though three-quarters of millennials surveyed by still view buying a home as part of the American Dream. Lower marriage rates and lower homeownership among younger adults seems to indicate the increasing elusiveness of what we have long considered the American Dream of owning your own place and building a family. So what's going on? Is this a generational shift in values — or the predictable result of a system that's become too expensive and too precarious for anyone to gain a foothold? If millennials learned anything from the Great Recession, it's that owning a home can be risky, especially if you take on more than you can comfortably afford. Too many of their baby boomer and Gen X parents did that, and many lost homes to foreclosure. Student loan debt is also a big factor. Yes, millennials are the most educated group of buyers in the marketplace, but that pedigree didn't come cheap. Average student loan debt per borrower is nearly $39,000. Unsurprisingly, fewer young people are opting to go to college at all these days, explaining why universities the nation over now are scrambling to scrounge up enough students. So is the American Dream disintegrating? Or is it changing shape? We think the answer is a bit of both. Affordability plays no small role in explaining why fewer young people buy a home or choose to go into debt for a degree. Also, millennials with their higher levels of educational attainment, want something to show for their hard work — which has led more to pursue careers before the stroller and the white picket fence. COVID also shifted priorities and how they define 'success,' with many opting for paths that yield independence and flexibility over status. Marriage may come back into vogue — a recent New York Times study suggested Gen Z is more pro-marriage than previous generations with most therein expecting to marry. If Gen Z does bring marriage back into fashion, it won't be a return to tradition so much as a reinvention of it — one that values stability, yes, but also flexibility and purpose. That's the American Dream now.
Reuters
6 days ago
- Politics
- Reuters
In Australia's housing war, political shift picks newbies over NIMBYs
SYDNEY, Aug 7 (Reuters) - Australia's affordable housing push has arrived in the wealthy Sydney suburb of Mosman, where new planning laws now challenge longstanding resistance to development in the leafy area known for mansions and sweeping harbour views. State authorities in Sydney and Melbourne - Australia's two biggest cities - are stripping some planning powers from suburban councils, including ones like Mosman that have created national headlines over opposition to new housing from older, wealthier constituents. The broad policy shift comes as political deference to NIMBY (Not In My Backyard) sentiment gives way to demands for more housing from younger voters whose electoral heft now rivals the traditionally powerful baby boomer bloc. In Mosman, there are fears the reforms will ultimately alter the character of the suburb, which boasts natural beauty, high-end stores and a median house price of over A$5 million ($3.23 million). "We're surrounded by water with harbour views so there are people who are going to have literally millions of dollars knocked off the value of their property because their view will be blocked," said Simon Menzies, an elected Mosman councillor of 20 years. The new laws are designed to allow more housing at key transport and commercial hubs and give the New South Wales state government powers to override council objections to large developments. Similar rules to fast-track three-storey apartment blocks have been introduced in Melbourne's state of Victoria. Five kilometres from Mosman, a new metro line in the suburb of Crows Nest means the state government has given a 22-storey apartment building the green light, overriding years-long council opposition. In Mosman, objections from neighbours to one such proposal are already pouring in, but the council said there is little they can do about it. The government intervention tracks a broader international trend, particularly in high-demand markets like London and California where soaring costs have hampered home ownership for young people. Sydney's house prices have surged more than 30% over the past five years, outpacing wage growth. New South Wales Premier Chris Minns warns Sydney, the state's capital, risks becoming "a city with no grandchildren". It is already the second-most unaffordable city globally after Hong Kong. "Their narrative is get out of our way. We want to build as many homes as possible to enable young Sydney residents to buy their homes," said Kos Samaras, director at polling firm Redbridge. "I think the political ballast that was there to protect the interests of homeowners is now gone." Australia's sprawling cities are among the world's least densely populated and historically built to accommodate suburban aspirations of owning detached houses with large backyards, not apartment living. That has shifted in recent decades, particularly as waves of immigrants and students settle in high-rises around public transport hubs. The latest housing push is designed to fill in the "missing middle" - townhouses, terraces and low-rise residential flats, which typically meet opposition from councils. Research from the Productivity Commission showed industry is only building half as many homes per hour, compared with 30 years ago, hampered in part by approval processes that can stretch more than a decade. Federal Housing Minister Clare O'Neil said 40 years of state, local and federal government regulations have created an impenetrable "wall of bureaucracy" for anyone trying to build a house. "I think we've reached a tipping point here where the majority of our population are actually in housing distress themselves or are deeply concerned about the people that they know, especially that younger generation," O'Neil told Reuters. After her party's landslide victory in the May federal election, O'Neil is pledging "bigger and bolder" policies. A productivity roundtable this month presents an opportunity to remove some of those requirements, she added. The turnaround may have already started. Building approvals of apartments surged almost 90% in the first half of the year, driven by a 33% jump in New South Wales. Construction jobs jumped 20% in the three months to May and construction starts of higher density homes rose over 20% in the first quarter. Peter Tulip, chief economist at the Centre for Independent Studies, expects a substantial step-up in construction in New South Wales and Victoria from 2026 onwards. However, supply will still struggle to meet demand, pushing prices higher. Indeed, national home prices have hit fresh records each month, fuelled by rate cuts and the expectations of more to come. Justin Simon, chair of housing advocacy group Sydney YIMBY, said Mosman had great amenity and was exactly the sort of place where new housing was needed. "There is no way an ordinary person, essential workers, cleaners, nurses or anyone else could ever afford to live in Mosman and that is because for decades they have stopped new homes being built and we need to turn that around," he said. Some Mosman property owners impacted by policy changes are joining forces to sell entire blocks to developers, capitalising on strong demand for higher-density housing in the harbourside suburb. The first application under the new policy, for example, is a six-storey residential building near the main town centre, comprising 29 dwellings, most of which are the family-sized three-bedroom units Sydney lacks. Objections cited issues such as traffic, road safety, parking and privacy concerns, public submissions to the council showed. "These are mainly three-bedroom units, each with double beds, so the total number of eyes that will be looking into this area (my backyard) would be 110," said a neighbor of the development, who has lived in Mosman since 1999 and asked to remain anonymous. "If they're all occupied, it's 110 eyes looking every time I hang my underwear outside." While that local backlash could yet create wider pressure for the government, politicians for now are siding with what they see as demographic inevitability. "Sydney, Wollongong, Newcastle - these cities aren't museums," said Paul Scully, New South Wales planning minister. "They need to grow and evolve and adapt and change in the same way our population changes." ($1 = 1.5482 Australian dollars)
Vancouver Sun
6 days ago
- Health
- Vancouver Sun
Victoria woman's months-long wait for long-term care bed could turn into two-year ordeal
Barbara Donaldson has been waiting months, including six spent in a hospital bed, to get into a long-term care home. But this could just be the start of the 84-year-old Victoria woman's journey, as the Vancouver Island Health Authority has warned her and her family she could be facing up to two more years on a waiting list. 'I have raised my fist and shouted from the hilltop within the system to try to raise awareness and get something different for my mom, something better for my mom, and it has just been met with roadblocks,' said Laura Kyle, Donaldson's daughter. 'I know that the government has known about this influx of seniors that was going to start happening in the last couple of years, and now, I mean, we're on the front lines of it, witnessing it, and going, 'I can't believe that this problem was ignored.'' Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Donaldson's case illustrates the findings of the B.C. seniors advocate, Dan Levitt, whose latest report outlined how the waiting list for long-term care has exploded from 2,381 people in 2016 to 7,212 in 2025 — a 200 per cent increase — with the average waiting time increasing to 290 days from 146 days. Levitt says this has resulted in a large number of hospital beds being taken up by seniors who are unable to take care of themselves at home. Jennifer Baumbusch, a professor in the UBC school of nursing, said she has been a nurse for 30 years and that experts have been warning ever since she started her career about the lack of long-term-care spaces and the coming influx of seniors as the baby boomer generation reached old age. 'If we had built places 20 years ago, we'd be in good shape, but that wasn't done. All of the money tends to get sucked up by the hospitals. The other piece that really needed to be done were huge investments in community-based care, and that also didn't happen,' said Baumbusch. 'So now we're here, not surprisingly, with hospital beds that are often filled with people who are waiting to move into a long-term care home, or people who are at home waiting to move in amid really long wait lists.' Donaldson has an advanced stage of Parkinson's disease and needs specialized care that is only really available in a long-term care facility, but instead she has been bounced around from an assisted living facility to acute care at Victoria General Hospital to her present residence in a transitional facility. Kyle says she has been advocating for her mother since last summer, when Donaldson's condition started to worsen and it became evident she would need more care than her independent living facility, run by provider Amica Senior Lifestyles, could provide. Kyle says Amica does have long-term care facilities but it would have cost $18,000 a month. However, her mom's case manager told her in November that if Donaldson moved into private long-term care and was running out of money, she could be placed on Island Health's priority placement list based on financial need. This would have allowed her to get placed into a publicly subsidized long-term care facility within a couple of months. However, in February, a medical emergency put Donaldson into the hospital for six weeks and Kyle decided it was time to put her mom into long-term care at Amica with the goal of getting her on the priority placement list and into a publicly subsidized long-term care home. That plan became untenable when Island Health informed her they no longer allow seniors to apply for priority placement due to financial need. 'There's my mom sitting in the hospital, medically stable, not needing to be taking up a bed. And so I went to VIHA and said, 'OK, what do I do?' Because my mom can't stay in the hospital (and) she can't move into Amica's long-term care indefinitely, because it costs $18,000 a month,' said Kyle. She said she was told that Island Health could provide a 24/7 care aide for Donaldson, which would allow her to stay in her independent living suite but that a separate sleeping space, including a bed, would need to be provided. Kyle sold a bunch of her mom's furniture to make space. A week later, Kyle was told they couldn't provide a 24/7 care aide but could provide three shifts of eight hours and the aide wouldn't need a bed, just a comfortable chair. A week after that, it was downgraded to two shifts of eight hours with a mobile team for overnight care. The following week, Kyle was told the health authority couldn't provide any home care. By this time, Kyle says her mom had been languishing in hospital for a month longer than planned. 'She had been stable, excited to be leaving the hospital and go back to her home, and she was, luckily in a private room, in the hospital. But like a lot of seniors who spend extra time in the hospital, she was kind of going a little crazy, having a lot of cognitive issues and hallucinating,' said Kyle. Months more passed and Kyle heard from Island Health about the possibility of placing her mom in a convalescent home, only for the health authority to realize it wasn't the best place for somebody with a degenerative disease. She was also told about a transitional program called STEPS, which turned out to no longer exist. Neither the Ministry of Health nor Island Health responded to a request for comment about the long waits for long-term care in Greater Victoria and lack of care aides. Eventually, Donaldson was placed in the transitional wing of the Gorge Road Health Centre but Kyle says that it still feels very much like a hospital and her mother is only getting a day of programming a week, leading to a further deterioration of her mental state. She said she wonders how many others are in the same situation as her mother, waiting for over two years for long-term care, and what the situation is going to be like for her three other parents when they start needing additional support. 'What's their state going to be within this broken system?' said Kyle. alazenby@
