It’s hard to believe we’re at a point when we’re discussing Generation X’s departure from the workforce! Just a few short decades ago, this cohort represented the newest entrants into the labor force. But the reality is, the oldest members of Gen X—born in 1965—are closing in on 60 years old.
Demand for Work/Life Balance
To be clear, retiring isn’t the only way to “leave” the workforce. Millions of workers of all ages around the globe have been placing increasing importance on life outside of work. As Leah Carroll and Paul Schrodt write for BBC Worklife, many millennials, for example, have been taking career breaks after being laid off or leaving full-time positions entirely for some recouperation.
Carroll and Schrodt note that, despite a sticky reputation as the “slacker generation,” members of Gen X aren’t nearly as likely as their younger colleagues to leave the workforce, and there may be some good reasons for that. “Experts say there are two main reasons many members of Gen X, roughly defined as people born roughly between 1965 and 1980, aren’t ready to leave the workforce,” say Carroll and Schrodt. “For one, they’re saddled with unique financial considerations rendering many largely unable to forego a consistent income. But many have also worked hard to build their careers, climbing the ladder after experiencing a series of tumultuous economic events, and may not want to pause that opportunity for continued upward trajectory.”
Varying Opportunities to ‘Take a Break’
From a purely practical standpoint, it’s a lot more difficult for a 27-year-old at the young end of the millennial cohort to take a 2-year break from their career path than it is for a 58-year-old Gen Xer. There simply aren’t as many working years left for Gen Xers to reestablish a career after a hiatus as there are for younger workers.
This hard reality doesn’t necessarily mean some members of Gen X wouldn’t mind stepping back a bit from their careers to catch their breaths—if only they could do so without entering early retirement, though.
Employers should therefore look for ways to be creative and flexible with work arrangements for this group, which may not have as many years left in the workforce as millennials or Zoomers but that does have years of valuable workplace experience younger generations lack.
Lin Grensing-Pophal is a Contributing Editor at HR Daily Advisor.