People born between 1981 and 1996 are known as millennials, while those born between 1997 and 2012 are known as GenZs, and those born after 2024 are known as Generation Alpha. Millennials and Generation Z are not like their parents. They are speaking out against injustice rather than suffering in silence. They are challenging laws and the government. They are united and have chosen to empower one another. They are changemakers. They are currently on their way to transforming how the workplace functions and operates.
While the storm had been brewing for some time, the corporate world truly felt its power during the pandemic. Everything had to be made available online. Everyone realised that, given the circumstances, things had to be done offline, which was difficult but not impossible. People became accustomed to working from home while their children went to school in another room. The millennials and Gen Z realised that this could be a long-term thing. With enough flexibility, they might be able to strike a work-life balance and avoid missing their child’s first steps, annual day, or family gatherings for the next few decades. They could schedule time for self-care, reading, and catching up with loved ones.
When they realised this, they began to question things. Being strong believers in values, they wondered if they would like to live like their parents, with pent-up frustration but a large balance, with a promotion but holidays postponed for post-retirement life. Would they be better off running the rat race or settling for everyday happiness and pockets of peace? After much deliberation, they concluded that the damage had been done and that the virus of postponing joy could not be passed on to future generations.
The following are the three major points of change that will redefine retirement as a result:
- Hybrid Working Policy:
People prefer and have begun to prefer flexibility in their work schedules. If you give them a Thursday off for a family function or a Monday off to enjoy a longer weekend, they don’t mind working even on the weekend or working late. They believe that if the work is completed and the deadlines are met, it makes no difference what time they do it or where they do it. They don’t see the point in coming to work daily if they can do it from the Maldives, Macau, or Machu Picchu. They would rather work on a beach than in a cubicle surrounded by four walls.
Companies’ leaders have realised that allowing employees to choose their own hours and days increases rather than decreases their efficiency and productivity. They have lower levels of workplace stress and resentment. As a result of higher levels of satisfaction, the toxic work culture is thrown out the window, resulting in lower turnover, lower infrastructure costs, and a win-win situation. - Men participate at home:
In many countries, men are now taking maternity leave. When men choose to be bound not only by the office but also by the responsibility of raising their children, women can take charge and grow professionally. They can have their own independent career, which fuels their ambitions. Since they have that support at home, they may be able to postpone retirement. - Social Change:
The most significant way that millennials and Gen Z will redefine retirement is by gradually starting their own businesses. Their small businesses may not make as much money as industry giants, but they will be more environmentally friendly and socially responsible. They will give back to society and most likely transition out of the rat race, working until they are 80 because work does not become something you need a vacation from. It becomes something you enjoy, with a purpose that motivates and sustains you. It fulfils you.
So Generation Z and millennials are doing something truly admirable. They are change agents, bringing about something that should have been commonplace decades ago. They are reclaiming their lives by going to hobby classes, watching their children grow, watching the sunsets instead of being stuck at work, and taking trips while they are young, rather than waiting for retirement. They are taking charge of their lives and not putting off living until after retirement.
