The Age Employment Forecast

October 8, 2009: Jobs shock for Generation Y, Jobs boost for Twilight Careers: After having it easy, Gen. Y is experiencing a job shock, while for older workers (Twilight Careers) jobs are booming…

Gen Y is the Technology Generation segment and they have grown up without ever knowing
hard economic times. But for this generation, the employment market has changed rapidly.
Michael Emerson (spokesperson for the The Age Employment Forecasts) says: “Not having a
large choice of jobs in a more challenging environment is a shock to this segment.

Traditionally, this has been a very mobile segment, easily moving jobs (three in three years is
not unusual) as they have sought career advancement opportunities. Even though times are
tougher, they still expect rapid advancement”. This will result in a clash of cultures within
organisations as the days of rapid promotions are a distant memory.

Michael Emerson says: “On top of the challenge of slower promotions, their desire to organise
their work to accommodate their other lifestyle goals rather than focusing one–eyed on the
employer’s goals, will also prove much more challenging to manage as business comes under
pressure to deliver profits in more difficult economic times.”

The analysis in the The Age Employment Forecast shows that this generation is not immune
and would be wise to adapt to the changing job market as they did actually experience a big
decline in jobs in the last recession we had. The job market for this segment is falling as
organisations concentrate on keeping generally older and more experienced staff who also
exhibit more loyalty.

In fact the fastest growing segment of the workforce is “twilight career” workers. This
segment is aged 63+ and is by far the fastest growing segment in the workforce. This is due
to the recent falls in their retirement savings thanks to the stock market crash encouraging
them to work longer. They also have a desire to stay “engaged” and “active”. This segment
works mainly in part-time roles. “Their experience and loyalty is becoming more highly
regarded when compared with Generation Y”, says Michael Emerson.

Other generational segments are adjusting differently to the workplace ... Generation X are
more realistic than their Gen Y counterparts, and carefully consider before moving, although
their confidence is growing as the economic outlook improves. Among the Boomers, the
dream of the “faraway beach and walking-in-Europe early retirement lifestyle” has faded
somewhat under the weight of disappearing superannuation balances. As Michael Emerson
says: “Many have had the benefit of living through hard times before, and can make the
necessary adjustments to their lifestyles, knowing that the good times will come around
again. This segment is also planning to delay retirement — even into their seventies — to
keep funding their lifestyles.”

Release Date: 8 Oct 2009 00:00