How Are You Poised to Begin Welcoming GenZ to Your Workplace?
The generational changing of the guard is a fact of life as old as time. Young replaces old in responsibility, importance, control and culture. Outside of the family, the workplace is perhaps where this is seen most regularly by most people. And the transition is not always smooth. Baby boomers in their time were seen as ushering in a cultural shift. In today’s workplace, the clash of culture between boomers and millennials has been much discussed.
But this time around, some predict that there will be far less of a clash between millennials and the group just starting to enter the workplace: Generation Z. Various definitions exist, but most identify those that belong to this demographic as being born after 1995.
A blog for Deloitte titled “Generation Z will be welcomed” cites data suggesting that, “Millennials tend to have a broadly positive opinion of GenZ (those currently aged 18 or younger).” Deloitte research indicates that about 61 percent of millennials believe GenZ will have a positive impact in the workplace—67 percent of millennials in senior positions believe this will be the case; 70 percent of those in emerging markets agree. Deloitte posits that this is, “Maybe because of perceptions that they have strong information technology skills and the ability to think creatively.
This doesn’t mean that GenZ will be able to smoothly transition into an increasingly millennial-dominated business world. The post points out that millennials believe that GenZ will need to work on developing their “softer skills.” Millennials in senior positions, particularly—those most likely to be supervising their GenZ colleagues, “consider GenZ to be underprepared as regards professionalism and personal traits such as patient, maturity, and integrity.”
Nevertheless, while millennials see room to grow for GenZ, millennials appear ready and willing to welcome them with open arms and to begin showing their tech-savvy younger siblings the ropes.
Conflict can be healthy for companies, and there is certainly benefit to having different cultural points of view represented in an organization. For that reason, the conflicts — real or perceived — between boomers and millennials may not necessarily be a negative. Time will tell whether the anticipated collegiality between millennials and GenZ will be beneficial.
How are you poised to begin welcoming GenZ to your workplace? Be inclusive!
Retirement Planning Has Its Limits: How to Prepare
Retirement planning is one of the issues that commonly leads clients to consult financial advisers. One of its essential aspects is creating a plan to save and invest in order to provide a comfortable retirement income. Ideally, this starts many years ahead of retirement, even as early as your first paycheck.
As retirement comes closer, planning for it expands to take in a host of other considerations, such as deciding when to retire, where to live, and what kind of lifestyle you hope to have. When retirement becomes a reality, the focus shifts to carrying out the plan.
All of this planning is crucial. Yet, for both financial advisers and clients, it's good to keep in mind that planning has its limits. In the post-retirement years, it may be helpful to think in terms of preparing for old age rather than planning for it.
The older we get, the more important this distinction between planning and preparing becomes. Too many life-changing things can happen without regard to our best-laid plans. Often they occur unexpectedly, resulting in emergency situations where urgent decisions have to be made. A stroke or a fall, a diagnosis of terminal illness, a broken hip that leaves someone unable to go back to independent living—and suddenly, right now, the family needs to find an assisted living facility, arrange for live-in help, or sell a home.
What are some of the ways to prepare for these contingencies?
- Explore housing options well ahead of time. Find out what assisted living, home care, and nursing home services and facilities are available where you live and whether they have waiting lists. Have family conversations about possibilities like relocating or sharing households.
- Research the financial side of these options. Investigate the cost of hiring help at home, assisted living facilities, and nursing care centers. Find out what is and is not covered by Medicare and long-term care insurance. For example, people are sometimes surprised to learn that Medicare does not pay for nursing home care other than short-term medical stays.
- Designate someone to take over decision-making, and do the paperwork. Execute documents like a living will, medical power of attorney, and contingent power of attorney. Update them as necessary, and give copies to your doctors, your financial planner, and appropriate family members.
- Start relatively early to downsize. Well before you're ready to let go of possessions or move into smaller housing, start considering what to do with your "stuff." Focus on the decisions rather than the distribution. There's no need to get rid of possessions prematurely, but decide what you want to do with them—and put in writing. Do this while it's still your choice, rather than something your family members do while you're in the hospital or nursing home
- Do your best to practice flexibility and acceptance. No matter how strongly you want to live in your own home until the end of your life, for example, it may not be possible. The physical limitations of aging can limit our choices, and even the best options available may not be what we would like them to be. It is a profound gift to yourself and your family members to accept these realities with as much grace as you can muster.
Finally, please don't underestimate the importance of planning financially for retirement. Because the bottom line is that you can't plan for all the things that might happen as you age, but you can prepare to deal with them. One of the most useful tools to cope with those contingencies is having enough money.
- 1 of 1401