New research shows that technology drives how and where people work. Technology has redefined work over the past two decades.
Employers have focused on retiring Baby Boomers, while creating a workplace that attracts Millennials. The study found that Generation X employees, who account for about one-third of the workforce, have been neglected.
Key study findings:
- Employees name personal finances as the main source of stress across all demographics. But Millennials and Baby Boomers are more confident in their finances than Gen X.
- Nearly half of Gen X workers report living paycheck to paycheck.
- 68 percent of Gen X workers are happy at work, compared to 75 percent of Millennials and 74 percent of Baby Boomers.
- Only 54 percent of Gen X workers feel empowered at work.
- Less than two-thirds of Gen X workers feel respected in the workplace.
- Gen X workers are the most likely generation not to retire. More Gen X workers (18 percent) say that they won’t retire, versus 12 percent of Boomers and 14 percent of Millennials.
- Only 18 percent of employers believe that creating an inclusive environment for all employees is one of their challenges.
Why should employers care that Gen X feels unappreciated?
Gen Xers are going to be in the workplace for the next 20 to 30 years. As Boomers retire, it’s up to Gen X to fill the leadership roles because of experience, education, and longevity in the workplace.
According to the Global Leadership Forecast 2018, Gen X already has over half of leadership roles, making their salaries some of the highest in the nation.
Employee satisfaction is key to employee retention and productivity.
Gen Xers have leadership skills, but there’s a disconnect between what employees want and the priorities of employers.
Employees who don’t feel valued and appreciated will not be as engaged with work as those who do. Turnover costs for upper management are much greater than entry-level employees. For those reasons, it pays to foster engagement with all generations of workers.