“What if the rules about a career that you were raised believing were untrue? The disturbing possibility has already formed in the minds of many Gen X workers. Raised in a culture that promised them a lifetime commitment from a corporation, a retirement at 65 and a gold star that comes with a college education, today’s workers are finding that a different set of rules applies in today’s work environment.”
Such members entered the labor market with typewriters and PC technology, only to face the challenges created by the recession and the changing face of the gig economy. Today, with retirement becoming imminent, this group challenges the old paradigms and models created when they were just starting out. The old models and myths created by success have been replaced by models designed for adaptability and personal growth. “Here are nine career truths that Gen X has learned the hard way.”
1. Loyalty Doesn’t Guarantee Security
Gen X used to feel that being a lifer at a company meant guaranteed promotions and a golden watch retirement gift. But that pipe dream was shattered in the ’90s with downsizing and shareholder-centric strategies affecting even venerable giants like IBM and GE. Today’s typical employee turnover is only 3.9 years, and typical careers involve multiple industries. Having a career that’s a series of startups that is, a strong personal brand and self-marketing has never been more necessary. What matters is your loyalty to your future self.
2. Salary Transparency Is a Career Tool
Talking about pay was considered taboo, but the reality is that not discussing pay just perpetuates the problem of pay inequity. According to the National Labor Relations Act, employees in the U.S. have the Legal Right to Discuss Compensation, and now certain states, including Washington, Nevada, and Rhode Island, have laws that mandate pay ranges being discussed. Gen-Xers can learn from the woman who refused to negotiate a lower pay offer in the movie “Bella.” Transparency in pay isn’t just the right thing to do, but for the Gen-X crowd.
3. Degrees Alone Don’t Ensure Financial Security
A four-year degree was pitched as the golden ticket. However, with the cost of tuition rising from $3,800 in 1990 to over $10,500 in 2020, and wages not keeping pace, the ROI has not performed well. A large number of Generation Xers have student loans above $40,000, leading to a move toward certifications, boot camps, and skill-centric learning. As Jeff Casimir, head of the Turing School, states, “We are quickly becoming a skill-based economy, and it may turn out that hands-on expertise is more valuable than credentials.”
4. The Corporate Ladder Has Flattened
Membership fees no longer guarantee access to the corner office. Flat org charts and leadership gigs means a mere 7.63% of the workforce claims a promotion in the past five years. Discrimination by age adds insult to injury mid-career. Generation X is increasingly opting for lateral career movements, career portfolios, or side hustles to add variety to their income streams while retaining control over their time.
5. Hard Work Must be Visible
Arriving early and leaving late is no longer sufficient. Nearly 70% of job openings result from networking and internal referral systems, rather than public advertisement. Office politics, networking, and visibility often count more than effort. It may be just as important to gain internal support and be visible within the firm.
6. Identity Is Bigger Than Job Titles
While job titles were the measure of one’s worth for many years, today the Generation X generation is now embracing work-life balance and finding their identity and worth beyond their profession and job titles that defined them for so many years.
7. Retirement Age is Not Fixed
The promise of retirement in their sixties is a diminishing one. With pensions all but eliminated and only 36% of generation Xers financially prepared for retirement, most must look forward to continuing to work and contribute. Financial advisors promote maximizing retirement plans, creating multiple income sources, and postponing collecting Social Security to increase benefit potential by as much as 24% entirely through planning for independence, not guarantees.
8. Job Hopping Can Accelerate Growth
Job-hopping was viewed as a risk years back but now results in faster pay raises and promotions. Job hoppers reported an average salary increase of 35% after three years, which was twice the average salary increase of full-timers. Job-hopping, if viewed as steps taken towards professional progress, could emphasize flexibility and ambition.
9. Portfolio Careers Develop Resilience
A portfolio career that involves part-time jobs, consulting work, and hobbies helps cut down on the need for a single organization. As forecasted by the OECD, the percentage of people who follow a portfolio career would rise to 50% of all professionals by the year 2030. This is very useful for Generation Xers since they avoid age discrimination while encouraging lifelong education. “Gen X’s professional evolution represents a tough transition from traditional know-how to personal know-how.”
The old myths of corporate allegiance, retirement security, and college-success correlatedness have been replaced by a set of strategies based upon flexibility, visibility, and multiple sources of income streams. “For middle-aged professionals, acceptance of these truths is no longer a survival strategy it’s a prosperity strategy in a work environment that favors adaptability over tradition.”
