Saturday, April 01, 2017

Millennials Baby Boomers and the Battle for Jobs

Ever since the Social Security program was created in 1935, we have come to accept 65 as the age of retirement.  Back in the day, most people looked forward to it after grinding it out for 30 or 40 years and, most often, with the SAME employer.

But the times---they are a changin'.  Inflation, the Stock Market Crash, depleted 401Ks, along with living healthier lives has made the word "retirement" a bad thing to say, especially for baby boomers like me who expect to work many, many years past 65. On top of that, you have retirees in their 70s and 80s who are jumping back in the workforce in an effort to supplement what they're not getting from Social Security.

So what's the problem with that, you ask? Well, from my viewpoint there's nothing wrong with that, however, millennials might think otherwise.  They represent a changing of the guard in today's job market with their energy, eagerness, creativity and tech savviness.  As a matter of fact, "more than one-in-three American workers today are millennials, surpassing baby boomers in 2014.  By 2025, they are expected to make up 75 percent of the workforce."  What this means is, if baby boomers want to stay in the workforce past retirement, they are going to have to battle it out with their younger counterparts.  Retirees, trying to re-enter the job market, are going to find themselves chasing entry-level jobs like those they held over a half century ago.

Then you have employers who must decide who is the best candidate for the job.  Some older workers believe they will favor millennials because they want to make sure their investments in hiring and training will pay off for years to come.  They also don't want to pay for experience.  They would rather hire someone with the ability to do the job for less money than to pay top dollar to a more experienced older employee.  But what some employers fail to realize is millennials are known as the job-hopping generation so if they're not happy, they don't have any problem walking away. Baby boomers, on the other hand, will more likely stay and be miserable in order to collect a paycheck.

"Let the battle begin!"

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