Latest news with #babyboomers
Mint
an hour ago
- Business
- Mint
The Gen Xers who waited their turn to be CEO are getting passed over
When it comes to the C-suite, Gen X might be doomed to live up to its 'forgotten generation" moniker. More baby boomers are working past traditional retirement ages. By the time they are ready to pass the torch, millennials will be reaching for it. This is already happening at more companies. In the Russell 3000, 41.5% of chief executives are at least 60 years old, up from 35.1% in 2017. Over the same period, the share of CEOs in their 30s and 40s has grown to 15.1% from 13.8%, according to research by the Conference Board and ESGAUGE. That leaves Gen Xers, typically defined as those born between 1965 and 1980, with fewer chances to lead. People in their 50s held 51.1% of CEO seats eight years ago. Now they occupy 43.4%. Many Gen Xers say they operated on the belief that if they paid their dues, their time would come. But as they enter what is usually the prime, C-suite career stage, more businesses are retaining their aging leaders or skipping a generation in search of the next ones. 'We're starting to see a barbell phenomenon in the CEO role where Gen X is being squeezed in the middle," says Matteo Tonello, head of benchmarking and analytics at the Conference Board. Maybe it's fitting that workers dubbed 'slackers" in their youth would reach the top less often, though Tonello says companies don't necessarily lack faith in Gen Xers. Their predicament is largely a result of bad timing. Facing a pandemic, recession and supply-chain problems in recent years, companies prized boomers' experience. Now some are turning to millennials to navigate the advent of artificial intelligence. Gen Xers, especially those about to turn 60, might have missed their moment. The cruel thing is a lot of Xers don't realize they are headed for dead ends. 'A type of person I come across in my business all the time is the executive-in-waiting," says Shawn Cole, president of Cowen Partners Executive Search. 'They assume when their boss retires, they're going to get the seat. A lot of folks are going to be disappointed." The most vulnerable people are those sandwiched between leaders on the young side of the boomer cohort and hard-charging older millennials. Say you're a 55-year-old lieutenant with a protégé who is 44 and a CEO who is 63. If the boss hangs on for five more years, the board will be tempted to go with the younger option. One bright spot for Gen X executives whose windows are closing: Private-equity backed companies remain eager to hire them, says Bo Burch, CEO of Human Capital Solutions. A private-equity firm hoping to exit an investment in three to five years generally wants a veteran manager for a short stint. A 50-something often fits that bill. But in other settings, Gen Xers frequently get stuck in No. 2 roles. They have to fight to be seen as transformational figures by boards that want rising stars with big ideas for the next decade. 'There's a bias toward younger, future-fit leadership branding—even if Gen X has the real substance," Burch says. Brian Buckalew has spent his entire, 34-year career at Majestic Steel USA, whose baby-boomer founder was succeeded as CEO by his millennial son. Buckalew, 56, has been a road warrior for decades, traveling from his home in Georgia to meet with customers. Though he has risen from sales assistant to vice president of strategic sales, he has sometimes felt overlooked. 'I struggled with it until recently," he says. 'Why wasn't I chosen for this, or why wasn't I chosen for that?" He says Gen Xers are often viewed more as tacticians than visionaries. He notes Americans have never elected a Gen X president and doubts they ever will. Boomers have won eight of the past nine elections. (Joe Biden is part of the pre-baby boom silent generation.) And 2028 betting favorites mostly revolve around several millennials. Buckalew says he has come to appreciate having time for hobbies he might be forced to sacrifice if he climbed higher. It helps that he considers his millennial boss deserving of the post. Still, Buckalew, who grew up going home to an empty house after school, says Gen Xers' ability to figure things out on their own is underappreciated. The 'latchkey generation"—so nicknamed because its childhood coincided with a surge of women in the workforce—doesn't require hand-holding. This comfort working without guidance is arguably more valuable amid AI uncertainty than having been raised on the internet, says Megan Gerhardt, founder of Gentelligence, which advises companies on managing multigenerational teams. If AI is the biggest workplace disruption since the internet, then Gen Xers who survived the previous big shift can be a steadying presence now, she contends. 'It's this attitude of, 'Well, I figured that out, so I can figure this out too,' " says Gerhardt, who is also a management professor at Miami University in Ohio and, yes, a Gen Xer. That sounds like a decent pitch for any would-be executive whose demographic reality bites. Write to Callum Borchers at
Yahoo
a day ago
- Business
- Yahoo
Employers, beware: Gen Z is the ‘pragmatic generation' redefining success, seeing money as just a means to an end, landmark EY survey says
A seismic generational shift is underway, and its epicenter is Generation Z. Born from 1997 onward, Gen Z is coming of age in a world where traditional milestones like landing a lifelong job, buying a house in your twenties, or chasing wealth for its own sake have become difficult, or borderline impossible, in the modern economy. Gen Z has responded pragmatically, insisting, well, maybe they don't really want those things anyway. A massive new study from EY's Generational Dynamics core team, spanning more than 10,000 young adults across 10 countries and five continents, finds Gen Z is often misunderstood—and their measured approach should define them as the 'pragmatic generation.' The authors, Marcie Merriman and Zak Dychtwald, wrote Gen Z approaches 'life's traditional milestones' with a sort of 'reasoned skepticism.' According to Joe Depa, EY Global chief innovation officer, the research reveals how 18- to 34-year-olds are taking a surprisingly pragmatic approach to adulthood, finances, and their future. 'Far from being financially reckless,' Depa tells Fortune Intelligence, 'this generation is focused on long-term stability and redefining success along the way.' Money, for them, is necessary but not the be-all and end-all: 87% say financial independence is important, yet only 42% rate wealth as a primary marker of success, trailing far behind metrics like mental and physical health and family relationships. Put simply, for Gen Zers, financial stability is a tool—not a goal. They use money to open doors to flexibility, purpose, and well-being. Depa says the research 'tells a different story' about Gen Z. 'The idea that young adults are postponing adulthood is outdated.' They're approaching life milestones not with rebellion but with 'reasoned skepticism and a global perspective.' As employees and customers, Gen Z will challenge organizations that have been wired around a different way of doing things. For business leaders, understanding this shift will be vital to attracting and retaining talent. The job-hoppers Where baby boomers and Gen Xers often stuck with one employer for decades, Gen Z is dismantling that concept. EY's research found 59% of young adults globally expect to work for two to five organizations throughout their lives, and nearly 20% say they will work for six or more. This flexible approach to employment—embracing job changes and flexible gig work—reflects not only a desire for varied experiences but also a strategic response to rapid change, uncertainty, and a lifetime of economic instability. 'Younger generations are not merely reacting to financial constraints,' the EY Generational Dynamics team writes, but making rational and thoughtful decisions about what aligns with both their own lived experiences and the pitfalls suffered by previous generations. EY says it's a perspective that contrasts sharply with the 'pull yourself up by your bootstraps' mentality often espoused by older generations, with Gen Z finding that to be dismissive of their specific context. Redefining success: inside out, not outside in Success, in Gen Z's eyes, is an inside-out project: emotional well-being, strong relationships, and impact outrank titles and salaries. It's no longer about ticking the boxes of homeownership, lifelong employment, or even traditional family milestones. Landmarks such as marriage and children are being postponed—not out of rejection, but for pragmatic reasons: economic insecurity, housing unaffordability, and a desire to be emotionally and financially prepared. The rise of job-hopping has replaced the well-worn 'script' of adulthood: Only 59% see working for a single organization as a viable path, whereas nearly 20% of respondents said they plan to work for six or more employers in the course of their careers. Linear career ladders and employer loyalty are giving way to 'project-based' growth, taking new jobs, and side hustles, all in search of variety, autonomy, and purpose. 'Job-hopping is not viewed as a negative, but an essential step to open doors and advance opportunities,' the EY team writes. The average Gen Z respondent reports feeling like an adult earlier than previous generations, and as a result, more than half (51%) said they prioritize physical and mental health as their chief markers of success, with family ties also outranking wealth in many countries. The push for authenticity is also striking; 84% cite 'being true to oneself' as extremely important. Employers, beware (and evolve) For Gen Z, a job is not a life sentence, nor is money alone enough to keep them engaged. Employers used to loyalty and linear career ladders may be blindsided by Gen Z's willingness to prioritize purpose, wellness, and flexibility—even if it comes at the expense of job security or long-term benefits. Conventional incentives are losing their grip. For employers, this new pragmatism is both a wake-up call and an opportunity. Flexibility is mandatory, with hybrid and remote work, fluid hours, and support for 'micro-retirements' between jobs becoming nonnegotiable. Gen Z expects employers to have clear values around well-being, sustainability, and social justice—and to act on them. Over 70% want their employer to be transparent about values and pay, and are unafraid to challenge leadership if authenticity is found wanting. This generation will quickly leave if growth stalls: 57% would quit for better professional development. They crave mentorship, personalized learning, and a sense of upward mobility. Gen Z is less loyal to brands or employers unless that loyalty is returned; nearly half say they have 'zero loyalty' to brands, and only about 60% feel any loyalty to their employer. Empathetic leadership and honest, two-way communication are expected, not a bonus. Gen Z wants to be included in company decisions and expects a seat at the table. This finding aligns with separate research from Glassdoor, whose Worklife Trends report in June 2025 found emotional intelligence is now a standard expectation held by workers, many of them Gen Z. 'The bar on what constitutes a good manager has been raised,' Glassdoor chief economist Daniel Zhao previously told Fortune Intelligence. Employers slow to adapt to these realities won't just struggle to recruit Gen Z—they'll risk losing relevance altogether. The pragmatic playbook demands companies redesign everything from hiring and communication to values and pay structures. The flip side? Gen Z's pragmatism can also be an asset: They are technologically adept, mission-driven, and resourceful. But their skepticism can also translate into disengagement or even open dissatisfaction if workplaces fail to address their real priorities. Businesses would be pragmatic in their own right to tune into what Gen Z values most—authentic leadership, transparent communication, and support for well-being—if they want to retain this generation. For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. This story was originally featured on Sign in to access your portfolio
The Guardian
a day ago
- Business
- The Guardian
Retired baby boomers aren't responsible for national woes
While there is much of interest in Phillip Inman's article, it's a bit simplistic to suggest that national woes arise from lazy, early-retiring baby boomers (Get early retirees off the golf course and back to work – why early retirement isn't good for UK plc, 26 July). It's true to recognise that we're in an advantageous position that others aren't, but few of us have the luxurious boardroom pensions he suggests we have. Rather, many of us reached the position by long working hours, and saving for such a retirement. Putting money into saving for a future, rather than buying a new car each year, doesn't make me responsible for low growth of the UK economy. Indeed many early retirees are driving charities through their volunteering work. These charities often now fill the gap left by government austerity. This notion that we can all have happy productive jobs into our 70s is for most a fallacy. Anyone over 55 looking for a job will tell you that companies prefer cheaper 'just done the training' younger candidates over older 'with experience' candidates. For many people, even those like teachers, the sometimes hidden physical demands of their roles make being forced to work longer a frightening experience. Where are the jobs for us oldies to do? If there are any left in this artificial intelligence/technology-driven world, we'd be taking them from the young anyway. Of course for many people, the idea of early retirement is a fantasy and any retirement looks impossible. This is, however, just another example of the ever-widening inequality in society. The solution has to be a wealth tax on those who do suck money out of the economy to fund their excessive lifestyles continuously, and not just in Heydon-DumbletonPathhead, Midlothian
The Guardian
3 days ago
- Business
- The Guardian
Get early retirees off the golf course and back to work – why early retirement isn't good for UK plc
Early retirement is a wealthy indulgence that needs to be discouraged. As a minimum, ministers should strip away any inducement offered by the tax system for people who want to retire in their 50s. Every western country needs their more mature workers to keep going, if not full time, then part time. And if not paid work, then unpaid voluntary work that acknowledges the luck that flows from being a 21st-century baby boomer in good health. Communities, regions and countries cannot afford for older people to pack up and head for the golf course, or worse, book a permanent cruise and spend their cash in international waters. Last week, the government convened a pensions commission to consider a narrow question: how to boost the incomes of lower-paid workers in retirement. It is understandable that the government is worried about the increasing numbers of low-income workers who will soon spend a long retirement struggling to make ends meet. This is a genuine concern and a subject worthy of a commission. Yet there is a need to address a far wider question, which is how society will thrive when the age pyramid is inverted, with only a smattering of young people holding up a mountain of retirees. Retirement has its origins in the Industrial Revolution and the need to prevent older people from ending their years in abject poverty, not to fulfil a bucket list of expensive desires. The commission should ask why anyone in the 21st century should think they can put their feet up seven days a week when they are fit and well, and able to participate in economic life. Yet a prosperous retirement is the aim of so many – and not only when they are approaching their 60s. If you look at the strike record of full-time university lecturers you would think they obsess about their pensions every day. Council staff spend precious hours scrolling through WhatsApp groups discussing the most mundane changes to their retirement plans with a degree of attentiveness that, to give them credit, is in line with the generosity of their benefits. Company boardrooms are no different. Executives will set aside huge amounts of time to manage their complex and stunningly generous pensions. Having a financial consultant ready and available on the phone to talk about their retirement plans has become a must-have demand in the corporate world. Maybe its the lure of sailing on the Adriatic or cruising the Caribbean that captivates so many, or less positively, the frustration and anxiety from working near, with or for incompetent or venal managers in a succession of modestly paid jobs. Still, whatever the reason, too many people want to cash out of the economy, trading their pension and property gains for a long period of rest, with only the stress of remembering what day it is to bump their heart rate. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Some economists have argued that this moment – when boomers are no longer participating in the workplace – will trigger a profound shift in the economy. Those workers still in the labour market will bid up their wages, pushing up prices and making high inflation a permanent feature. Governments will find it harder to borrow money, in part because pension funds, after decades of growth, will have a declining need to buy their bonds. There are also extra bills to pay. In its latest report on the UK, the International Monetary Fund says the effects of population ageing on health and pension costs will account for a further 8% of GDP by 2050 compared with an extra 5.5% of GDP, on average, in other advanced European economies. These are important issues connected with the nation's finances. So, too, are the ways better-off baby boomers insulate themselves. First, they take most of the pension money and invest it abroad where the gains are much higher, either because their workforces are young, dynamic and more productive or because the companies are American and enjoy monopolistic strangleholds in their respective markets. Investing abroad gives the boomer a ring-fenced income no matter how clapped out the economy they call home. The second track is to import young workers from abroad, boosting the labour supply as boomers make their exit. Financial insulation is understandable when government finances are under strain. Yet one of the reasons the wheels are coming off the modern liberal state is because baby boomers, who by sheer force of numbers and their better education spurred the postwar recovery, are causing the downturn by bailing out. Worse, they are cashing out, too. Without a debate about what it means to be old and the responsibilities that come with receiving a pension, the government's commission will be left to merely tinker. We are only a few years away from the baby boomer generation all reaching retirement age. Everyone born in the years up to 1964 will be eligible to collect the state pension in 2031. It's a turning point that everyone should be preparing for, especially when all the Pimm's-drinking early retirees are added to the list. The commission's remit should be wider.
Entrepreneur
4 days ago
- Business
- Entrepreneur
Why You Should Start a Business After Retirement
Opinions expressed by Entrepreneur contributors are their own. Retirement used to be seen as the end of the hustle, a time to slow down and relax. However, retirees are abandoning that old playbook. Most retirees want to have the time to do the extra things they could not in their lifelong careers. Due to better health, economic uncertainty and the desire to stay connected to mainstream life and purpose, many people decide to start something new instead of winding down. In fact, 79% of small businesses are owned by people over 50, either baby boomers (30%) or Generation Xers (49%). Retirement can be a great time to launch a business. Whether to fulfill a long-held dream, make money from a hobby or give back while staying active — here are seven reasons why. Related: 17 Must-Attend Conferences for Entrepreneurs Ready to Scale 1. You bring experience that cannot be bought With decades of experience under your belt, imagine walking into a startup meeting. You've handled office politics, weathered economic storms and mastered the art of human interaction. It's not just theory; it's hard-won knowledge derived from experience. You know what works and what doesn't and how to pivot gracefully when things go wrong. Young entrepreneurs often learn these lessons on the fly, but what about you? You're an experienced navigator. Or, to put it another way, you understand the nuances of customer behavior and the value of a firm handshake. This is a goldmine. 2. You're freer to choose what matters to you Corporate ladders? Continually striving for promotion? Those days are behind you now. You now have the opportunity to create something that resonates with your soul. Have you ever dreamed of opening a bed-and-breakfast that reflects your love of hospitality? What about an online store where you can display your handcrafted treasures? How about a consulting gig where you share your expertise? Perhaps you should start a small nonprofit dedicated to a cause you are passionate about. Related: The Overlooked Money Moves That Help Entrepreneurs Build Long-Term Wealth It's not about climbing a ladder but creating a legacy. Ultimately, creating something aligned with your values and passions brings joy and significance to your life. 3. Time is finally on your side Do you remember when you were juggling work and family and scribbled business ideas on napkins? You are liberated from that chaos when you retire. You now have time, that precious commodity that has eluded you for so long. Whether you grow your business slowly or quickly, you can plan meticulously, experiment without pressure, and grow at your own pace. Imagine crafting your business plan over leisurely coffee breaks or testing market strategies without being hampered by immediate deadlines. It's not about rushing but building something that thrives on thoughtful cultivation. 4. It's possible to start small and smartly Don't be fooled by outdated images of sprawling offices and massive investments. In today's entrepreneurial landscape, there are a lot of options. For example, with online platforms, remote work tools and a global market at your fingertips, you can start a successful business from home. Also, many retirees start with part-time businesses. They can test the waters and grow organically without being burdened by heavy debt. You could run a shop on Etsy from your spare bedroom, offer online consulting from your garage or even develop an online product sitting at your kitchen table. 5. A built-in network is already available to you You have woven a tapestry of connections through decades of professional and personal relationships. However, it's not just about names in a Rolodex or your contacts in your phone. These are potential partners, collaborators and mentors. In addition to promoting your venture, they can provide invaluable referrals and guidance. In short, you should never underestimate the power of your network. Despite the digital age, personal recommendations continue to be extremely valuable. Related: How to Network at Events Like a Pro and Watch Your Startup Soar 6. It keeps you mentally sharp and socially active Running a business is a mental workout that requires problem-solving, learning, and strategizing on a daily basis. As such, you'll keep your mind active and engaged, avoiding the stagnation that can creep in after retirement. Furthermore, it lets you stay connected to your community, meet new people, and cultivate a sense of purpose. Imagine the thrill of learning new digital marketing strategies, the satisfaction of solving a complex business challenge or the joy of connecting with customers who appreciate your work. 7. Your legacy, your way Here's your chance to create something lasting, something reflective of your values and passions. This legacy might be a family-run business passed down to future generations. It could also be a brand that brings you immense pride. Or, maybe, it's a project that makes a tangible impact on your community. Ultimately, you can build a successful business that embodies your vision, a legacy that positively impacts the world. Related: How to Build a Legacy For Your Company You Can Be Proud Of Retirement isn't an end; it's the introduction to a new chapter, a chance to write your own story. It's a time of unparalleled freedom, wisdom and opportunity. So dust off that idea notebook, turn on your laptop, and take the leap — because being "retired" doesn't mean being done. Maybe, instead, it just means you're ready to begin living your most fulfilling and best entrepreneurial life yet.
