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How Different Generations Approach Work

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How Different Generations Approach Work

How Different Generations Approach Work

View the full-size version of the infographic by clicking here

The first representatives of Generation Z have started to trickle into the workplace – and like generations before them, they are bringing a different perspective to things.

Did you know that there are now up to five generations now working under any given roof, ranging all the way from the Silent Generation (born Pre-WWII) to the aforementioned Gen Z?

Let’s see how these generational groups differ in their approaches to communication, career priorities, and company loyalty.

Generational Differences at Work

Today’s infographic comes to us from Raconteur, and it breaks down some key differences in how generational groups are thinking about the workplace.

Let’s dive deeper into the data for each category.

Communication

How people prefer to communicate is one major and obvious difference that manifests itself between generations.

While many in older generations have dabbled in new technologies and trends around communications, it’s less likely that they will internalize those methods as habits. Meanwhile, for younger folks, these newer methods (chat, texting, etc.) are what they grew up with.

Top three communication methods by generation:

  • Baby Boomers:
    40% of communication is in person, 35% by email, and 13% by phone
  • Gen X:
    34% of communication is in person, 34% by email, and 13% by phone
  • Millennials:
    33% of communication is by email, 31% is in person, and 12% by chat
  • Gen Z:
    31% of communication is by chat, 26% is in person, and 16% by emails

Motivators

Meanwhile, the generations are divided on what motivates them in the workplace. Boomers place health insurance as an important decision factor, while younger groups view salary and pursuing a passion as being key elements to a successful career.

Three most important work motivators by generation (in order):

  • Baby Boomers:
    Health insurance, a boss worthy of respect, and salary
  • Gen X:
    Salary, job security, and job challenges/excitement
  • Millennials:
    Salary, job challenges/excitement, and ability to pursue passion
  • Gen Z:
    Salary, ability to pursue passion, and job security

Loyalty

Finally, generational groups have varying perspectives on how long they would be willing to stay in any one role.

  • Baby Boomers: 8 years
  • Gen X: 7 years
  • Millennials: 5 years
  • Gen Z: 3 years

Given the above differences, employers will have to think clearly about how to attract and retain talent across a wide scope of generations. Further, employers will have to learn what motivates each group, as well as what makes them each feel the most comfortable in the workplace.

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Millennials

Visualizing the Wealth of Americans Under 40 (1989-2023)

The wealth of American Millennials hit historic highs after the COVID-19 pandemic.

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This line chart shows the growth of wealth for Americans under 40 over the last 40 decades.

Visualizing the Wealth of Americans Under 40 (1989-2023)

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Millennials have been often referred to as a “broke generation.” Whether in conversations or on the news, it is common to hear how those born in the 1980s or 1990s are struggling in today’s economy, particularly when it comes to entering the housing market or saving for retirement.

However, data shows that the wealth of Americans under 40 years old has hit historic highs after the COVID-19 pandemic, suggesting that millennials have accumulated more wealth by their 40s than previous generations.

To illustrate this, the graphic above shows the average wealth per household, adjusted for inflation, for Americans under 40 years old from Q4 1989 to Q4 2023 (in December 2023 dollars). The data is sourced from the Federal Reserve and accessed via the Center for American Progress.

Post-Pandemic Recovery

Data indicates that younger Americans have reaped the most benefits from the strong economic recovery after the pandemic, enjoying low unemployment rates and rapid wage growth.

The average wealth of U.S. households under 40 was $259,000 in the fourth quarter (Q4) of 2023, compared to $164,000 in Q4 1989 and $182,000 in Q4 2000.

QuarterAverage Wealth for Those Under 40 (USD)
Q4 1990152K
Q4 1995146K
Q4 2000182K
Q4 2005184K
Q4 2010100K
Q4 2015148K
Q4 2020231K
Q4 2023259K

Looking specifically at millennial households, inflation-adjusted wealth has more than doubled during the same period.

The increase in younger Americans’ wealth is not concentrated in a single area. Average housing wealth—house values minus mortgage debt—rose by $22,000 from 2019 to 2023. Younger Americans also saw gains in liquid assets, such as bank deposits and money market mutual funds, business ownership, and financial assets, mainly stocks and mutual funds.

Additionally, non-housing debt, such as credit card and student loan debt, fell for this age group after the pandemic.

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