The older generation in terms of workforce experience, obviously, and work ethic tends to hold a decent advantage over the younger generation of employee. The boomers work harder, and are mostly already in positions of power, making considerably more money. But now, in a struggling economy, boomers are just not stepping away from those positions, even as they reach retirement age. That is now creating some problems.
The next generation of worker, Gen Z and millennials, are finding themselves stuck in the same position now, with no ability to advance upward in their companies. While they may not attain the same work ethic, many of them are great employees who deserve to be moved up. Yet, they get pushed down because people simply do not want to leave their spot.
A retirement survey from 2023 shows 33 percent of workers planned to retire after age 70, or never at all. That is up from a similar survey just two years earlier, where than number was 26 percent.
Workforce culture expert Joshua Evans says a lot of the blame falls squarely on Bidenomics, and its complete failure of the people.
"A lot of the older generations...they are not comfortable with their retirement...so they are working longer to make sure they are comfortable," he says. "Inflation plays a huge impact...I see this becoming a big point of contention between older and younger employees."
Stepping into the younger generation shoes, it is frustrating that you can spend hundreds of thousands of dollars on a college degree, just to be paid barely enough to survive. All while not seeing many raises, or promotions.
But the chickens might be coming home to roost sooner than alter for older employees. As mentioned, they make quite a bit more money usually than the younger counterparts. That, in turn, becomes a financial burden on companies, and they might be looking at ways to stop that bleeding.
"Organizations will end up using economic troubles, and difficulties in the business, to start laying off older workers who are costing them a lot more money," he says.
That does not necessarily mean younger people will then start being paid more, probably the opposite in fact. That saved money will likely just end up as a bonus for the upper-level management.
Evans adds that the concerns of retirement go beyond just finances. Many see their friends retire, and see health declines in them, and many wonder what their purpose will be.