Today’s American workforce has four distinct generations working side-by-side: Baby Boomers, Generation X, Generation Y, and Generation Z. For a company to succeed, all must coexist productively. Every generation offers distinctly different challenges, strengths and work styles. The key to working with a multigenerational workforce is understanding the needs and expectations of each generation to leverage the combined potential of the group. Gen Y (Millennials) and Gen Z are the talk of the town. But what about those that came before them? Let’s break down the generation that came before the notorious Millennials: the Gen Xers. In the following article we’ll be diving into Generation X education statistics and characteristics, as well as how to hire, manage, motivate and retain Gen Xers in the workplace. GENERATION X What is Generation X? – The span of Generation X years fall between 1965 – 1979. That means the members of Generation X age ranges are from 41 through 55. Quite often, these people find themselves squarely in the midst of adult responsibilities on two fronts. Many are simultaneously raising their own children while providing at least some level of care for aging parents. They have the means to do so, with an estimated income of $50,400, about 8 percent higher than the national average and more than either Baby Boomers ($46,340) or Generation Y ($34,430). However, even when excluding mortgages, Gen Xers walk a fine line with their finances — they hold the highest debt levels and bankcard balances compared to both their older and younger cohorts. Gen Xers spend more on housing, clothing, dining out and meals at home than Baby Boomers and Generation Y, and only trail Boomers by a small margin in entertainment outlays. Often described as “working to live,” they have a corresponding career need to produce sustainable, growing income over time. GENERATION X EDUCATION STATISTICS Twenty percent of Generation X women and 18 percent of Gen X men had completed at least a bachelor’s degree at ages 18-33, placing them between Boomers (lower) and Generation Y (higher) in terms of educational attainment. The timing of their job market entry coincided with the Read More »
The post The Generation X Workforce – Education, Characteristics & Management appeared first on Accounting Principals Blog.