NYU professor Suzy Welch on the Gen Z 'funemployment' fad
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- เผยแพร่เมื่อ 24 พ.ค. 2024
- Suzy Welch, NYU Stern School of Business professor and Brunswick Group senior advisor, joins 'Squawk Box' to discuss the new 'funemployment' trend amongst Gen Z workers, what it means for the labor market, and more. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/2NGeIvi
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Props to the older bald guy for pointing out this change came from the employers side. It started with eliminating pensions, giving yearly increases that don't keep up with the cost of living increases, and now its to the point where a corporation will layoff good employees and just dump their workload onto their coworkers for a marginal operating cost reduction. I am an older millennial in a high paying white collar position and have seen this playing out through my career starting in 2004. My dad thinks I am reckless for switching jobs every 4-5 years, but he has no clue how companies treat employees these days
Employees used to be able to unionize. America's middle class was built from valuing workers' rights.
@@D.A.OhK. Unions used to be valuable...now they encourage Work Slowdowns, Seniority...not Capabilities, Lack of Change and Non-Evolving Work Roles over Rapid Learning and Employee Development. There's still some value in Unions...unfortunately, the people in Power of those Unions want Power and Control (and wealth) over what's best for the Unions / Companies in the long run.
All of the symptoms you describe are the result of centralized, fractional reserve banking and fiat currency inflation. Did they ever mention that to you in regard to "wages keeping up with cost of living"? Have you run the numbers on how fast an employer would go out of business if they tried to keep wages up with the effects of M2 money supply inflation (the undoctored numbers are at 35% year over year starting in 2019, and were at 14% YoY prior to that). You don't give any credence to the fact that medium to small businesses have to navigate the macro-economic environment to stay afloat and even be able to provide a job. This country really needs to get back to 90% entreprenuers so people get reaquainted with economic reality, as opposed to being disconnected from it by extending the childhood dynamic of a protected caretaker (parent/employer) providing for one's livelihood.
@@EnFuego79 Small businesses have never provided pensions, so I obviously was not talking about them. And M2 money supply is related to cost of living but it is not a 1:1 correlation, you really need to think harder on that. No one is asking to be protected by a caretaker, I am pointing out how company loyalty is a two way street. Crawl back into a hole with your conspiracy theories
Always blame companies, never employees.
Always blame the rich, never the poor.
Always blame big companies, never small companies.
Always blame the successful, never the unsuccessful.
Here’s a simpler technique if all that is confusing: If it’s powerful, big, or has money, it’s bad. If it’s powerless, small, and poor, it’s good.
If you have these simple rules of judgmentalness down, you don’t have to strain your brain trying to figure out the complications of the world.
The disloyalty Gen Z feels is likely due to the reality that companies maximize their outcomes at all costs, now there is a generation that is simply playing the same game.
Not all companies do...but ones typically run by mostly older, "Corporatized" leadership certainly do run it for maximization of outcomes...at least maximization for the leadership of the company and sometimes shareholders, if it's a Public Company.
There are solid (mostly privately held) companies that actually treat their employees better, more like family or friends but that's not the norm in larger companies.
Also seeing how are parents were treated.
I remember my mom leaving a job she was at for most of my childhood. being passed up year after year for promotion even though her managers would tell her shes the backbone of the company- she knew almost everything amongst making great connections with the community and other park staff. She found a better job with way better pay and no probation period, she came during a heavy period and 3months later they fired her she did nothing wrong but they just didn’t account for her salary?!?! How thats possible Idk but now im seeing this oversight happening more in my generation.
No worries, SSI will provide rice and beans and a shoebox to live in.
And a lot of Gen Z employees are lazy compared to previous generations. Trying to integrate them into the workforce built on previous generations is hard.
No, Gen z are just lazy and have no ambition. If their parents would kick them out instead of enabling them, they would smarten up real quick
I am Gen X with 3 Masters degrees, an MBA and two stem degrees from prestigious schools. I made my former employers a lot of money, delivered on every deliverable. But they always promote people that are in their "network." They boost each others pay and we all know the game. I have helped each of my employers make millions. But despite all that, in the end, it was all for nothing, because I never truly got appreciated. Now I am tapped by companies that want to pay me pennies on the dollar despite all my education and experience. I have decided that I rather go broke or build my own business than let another employer get rich of me while paying me pennies.
Shoulda been a plumber.
@@marty906 Union plumber!
Well said
@@marty906 Yeah well, I am past the point of no return. I would have enjoyed life if I had been a plumber.
Be your own boss then. Prove that every pennies of your investment really can do more than just a common Slave is hired to do day in and day out..Stand up to make a change - jobs / markets creator.. because that's the last question i would ask.. do you see yourself as a follower or a leader? How you did it? I don't ask bs questions but sell me a real product during Stagflation
I’m 26, I guess I’m at the cusp of Genz and millennial. I make just over 6 figures at a white collar job. They started harassing me to come in 3 days a week. I told them no. They said you have to come in, there’s a dashboard and it’ll go to my manager and whatnot. I said I don’t care and I immediately started looking for a new job. Found one in under 6 weeks with same pay and better benefits and full remote, gave my 2 week notice and I’m out! This is reality people! Unemployment is at 3.4%. After Covid if your work doesn’t respect your decisions then they can find someone else to work for them. Don’t be scared to put yourself out there. You have the leverage still.
What do you do for past job reference?
@@HeyCharlieBrown you put your friend down as a reference and coach him. Make sure he doesn’t have a LinkedIn or whatever so they can’t double check he’s not a director of sales lol
love this thank you for the inspiration.
@@michaelbecerra2297 😂 got it
@@HeyCharlieBrown I work at a large fortune 500. The only thing they will say if called upon is that you worked there and for what dates. They won't disclose any further information. Could be different with smaller companies
Very narrow conclusion based on one professors experience with her students. NYU costs over $50k per year. Most of these students have parents who are able to support them or are very delusional about how life works
NYU is 125K a semester for their MBA program. These kids either have rich parents or are independently wealthy
Facts!!
Yeah I was gonna say, this professor is sampling a very small, and distinct, population. You’re questioning the privileged so you’ll get privileged perspectives. I haven’t met any Gen Z, or younger millennials (like myself) who would ever associate fun with unemployment.
Life is too expensive for any of us to risk being unemployed. We have full time jobs in university.
Unfortunately I have to agree. Poor neighborhood young adults do NOT feel the same. They also don't trust employers but still try to find work
I think you misunderstood the entire segment. She said there is a generational shift amongst young workers today where they feel they will not be staying at a company long term. They expect that they will move from company to company. That is not specific to just people with privilege. This is the mindset of most youth working today, rich or poor.
Boomers married their jobs; GenZers DATE their jobs!
😂 Best comment on here!!! That's how I treat my dating life too 😂 👏🏻
I've been doing this for the last 10 years. Have quit my job 3 times. Sold all my stuff. It never held me back. I would take 1-2 years off backpacking around the world and loving life. The lessons I learned where priceless. I hold multiple degrees in engineering from University of Michigan and currently work as a Corporate Strategy Director of a top 5 biotech company. I have a 6 month old and my frugal lifestyle has allowed me to retire whenever I want (safely living off of 2% of my portfolio). Your view (Becky) is so AMERICAN. People all over the world take "gap" years...etc. ONLY in America (and maybe mainland China, Japan, and S. Korea) do people LIVE to work. Spend a year in rural Italy or any other lovely place and you'll learn work just takes you away from really matters and bring satisfaction! Work until you have enough money and then stop working. Now that I can stop working I can do ACTUAL things that matter. I'm a guardian ad litem + tutor inner city physics. Ugh. American's view on work is hilariously small-minded.
This is more of a FIRE mindset. Most people can't make the sacrifice of living frugally, even being somewhat fiscally responsible is challenging for the average person and therefore having a profession makes sense. Also a lot of people don't want to explore the world, they just want to hang out and live locally in peace. It's not a fair criticism.
I recently left PwC big accounting firm because I was working 60-70 hours a week, I could not get my cpa because PwC would not hire anyone so I was the one pulling the weight with the tax partners. I left PwC and have been unemployed for 5 months so I can study my CPA and it was the best decision I have made. I am not having fun, I am getting my license so I can go up the corporate ladder. If you don't think about yourself you will never go up because you are just a number in the corporate life. I like the way you are thinking I wish others would think the same
On a personal basis, this sounds amazing and having the freedom to do this also happens to be an Amercian mindset because being American isn't just one thing. It's one country in name but behaves more like a variety of them shoved together.
While I wouldn't say each state is one, certain groupings of states that don't necessarily share borders, show common similarities and differences.
The larger point however is that a diverse and somewhat divergent self oriented life style is fantastic for the self, but that isn't necessarily congruent with being as great for society.
Focused specialists that spend their entire lives dedicated to advancing, maintaining and training up a force workforce in areas of society, from farmers to advanced scientists to couriers all ensure the survivial and function of critical areas.
This is not to say a more diverse lifestyle shouldn't be available, but it is saying that not everyone can do that and think it won't have a serious negative effect on society, however, we simultaneously can't just decide what is right for each individual and not expect likewise, serious negative effects.
The biggest fallacy is the idea of hording a finite pool wealth like dragons and then expecting new generations to do the same. Wealth doesn't just come from hard work, it comes from opportunity, and if the best opportunity seen is to just slay the dragon or just give up, then the concept of motivating people to produce value with wealth dies with them, and likewise the growth of society along with it. Or the worse option.
if you earn enough you can do this without any problem and people being doing it for decades, maybe more people are doing it idk, but poor people will never participate in it, unless they go from full time to part time but then wouldn´t be unemployement.
But you have credentials. It appears you could quit your chosen lifestyle and go back to the corporate world to a high-paying job any time you wish. Most people can't do this. And one day they're 70, maybe in not-so-good health, didn't (or couldn't) make investments along the way, and now they're barely getting by.
I’ve been doing this for 20+ years as a consultant. When consultants at airports brag about 98% utilization rates, I brag about how I’ve figured out how to work 7 to 8 months per year and earn more than I did as an employee. I do fun unemployment all the time and love it. When’s the last time you took a 4 month vacation?
what the?
While your unemployed, do you have health insurance? Where do u get that?
@@Xxiluv2snip3xX it used to be very difficult and very expensive to secure individual insurance but with Obamacare, it’s become so much more accessible for entrepreneurs and self employed to procure insurance. What used to cost me about $800 / month now costs $400 or less.
How?
Every summer and spring break and Christmas break, bud!
Most Gen Z'ers don't have that old mindset of - "I gotta get a stable job, get married, take a 30-year mortgage on the house in the suburbs, have kids, and retire in 50 years". They look at their parents, the way they are and they don't want that kind of life. So it's not surprising that they don't want to get trapped in that lifestyle. It's pure escapism, but you can't blame them for being like that, they grew up in the digital age, with all the pros and cons of Internet and social media. The pandemic didn't help with that at all either.
I don't think they're making a mindful choice. There simply aren't enough lifetime jobs that take care of you the rest of your life. Gen X were the last generation to have that luxury. You can't opt OUT to participate in, what's not available to you. When I was a kid, you had HS grads work for GM, make huge salaries, get huge pensions. That's barely a thing anymore. Most jobs are 2-6 year stints these days.
They don't want to live _like_ their parents, but most of 'em are perfectly fine living _off_ their parents.
@@redslate They literally can't live like their parents. They have $100K in student loans and are working at Walmart. Gen Z and Millennials want to pretend they are being free spirits, but when you have next to no long-term opportunities, you simply accept your fate. You're a permanent college student.
@@redslate I think that's what everyone's overlooking
It’s funny because the (hippies) later the baby boomers said the same exact thing about their parents, only to end up just like their parents. Millennials/GenZ are extending childhood longer than ever before, but everyone changes once they have kids and their priorities change. You’ll seek stability in work, want to buy a home for your family, and worry about your own finances/retirement when you witness your parents age.
I’m a white collar millennial who agrees with this totally. I’m never having kids, and have no desire to work at a company longer than 5 years. Agree with her totally, remote work is the only work I’ll accept anymore, as a data scientist. I have no desire to move up the corporate ladder, just want my salary and focus on my side businesses to generate passive income.
Agreed... I'm old but if I I was in my 20s I'd do the same thing. Just collect pay check and build weatlth on the side and get out of the rat race. This should be the American dream.
@@couloir1 that's what i am doing now, and traveling the world
@@CC-br9qg Awesome!! Don't ever get caught up in the corporate trap.
I'm the exact same. Not everyone wants to walk up the corporate ladder to tell you the truth. Also I take the bus and am trying to get a job near by. It took me and hour to get to one job then after the interview I had to walk 15 min to the bus stop and what do you know some weirdo tries to SA me had to call the cops and missed two buses. So embarrassing. Skipped two jobs because of these weirdos they just flock to me all the time. I definently won't be wearing a dress again. I even had to get my box cutter out and then told myself I can't go to jail. At least the cop believe me. These losers don't want to get help for the abuse they have endured but I'm not gonna put up with it anymore. So it's not only remote jobs it's weirdos out on the street.
+1. Solution Architect here. 29 years old. I'm only going to accept remote work. If they are not ready, I will wait for that company which offers remote work and I am not going to work more than 4 years at the same company.
She says "I'm worried they'll be behind the 8 ball" as if this isn't a Brave New World. The world as you knew it is gone and never coming back. The way your generation lived is not available to us, and we are playing with the cards we have been dealt. My generation will face environmental disaster, economical disaster, retirement programs collapsing and humanitarian crises like never before conceived in your lifetime. Thanks for the gifts!
And not to mention wars that will be fought over rapidly depleting resources like minerals and fresh water.
You're right.
“Wait until they have children, wait until they have a mortgage”
But we can afford neither, so let’s explore our other options.
Lol I was thinking the same. I can't even afford a home with a job.
Good point these boomers don’t get it
How can young people get a mortgage when interest rates are rising though the roof and there are very few affordable homes available for purchase?
Exactly first thing came to my mind. Boomers pushed the cost of higher education and sacked students and parents with loans that is like mortgage payment. The last thing on Z mind is having another mortgage.....
I respect people who choose not to have kids but I don't think "not being able to afford one" is a good excuse. Most ppl in the greatest generation have gone through hard times; wars, inequality and recession. However, they raised their kids right in the tough times.
I'm currently funemployed, I saved for about 3 years and now I am enjoying time of work, I decided to go back to school to pursue a different career. My job was too stressful and very demanding, I got fed up and left.
I recently left PwC big accounting firm because I was working 60-70 hours a week, I could not get my cpa because PwC would not hire anyone so I was the one pulling the weight with the tax partners. I left PwC and have been unemployed for 5 months so I can study my CPA and it was the best decision I have made. I am not having fun, I am getting my license so I can go up the corporate ladder. If you don't think about yourself you will never go up because you are just a number in the corporate life.
Studyployment
Even the highest position at any company, being not a shareholder, means to be is number. We die and next week someone comes and everyone forgets , sad but true. We all just giving all for some few more bucks. No matter how much we can make, the higher the position the less work-life- balance
Even the highest position at any company, being not a shareholder, means to be only a number. Maybe above the average, but a number. We burnout, get disable for the stress at work, or die and next week someone new comes and everyone forgets about us, sad but true.🙄 We all just giving all for some few more bucks. No matter how much we can make, the higher the position the less work-life- balance
My friend's CPA fizzled a similar way. Too much load at work, not enough exam prep, and passed exams start expiring.
It is amazing today that you have to switch companies every few years to get sizable income increases. I worked 34 years for one company and am retired on a generous pension with medical till Medicare. My son is 30 and at his third advertising agency and has almost doubled his salary. I was spoiled but got between 0-4 percent raises and I thought that was good. Times have changed
0-4% is not even keeping up with inflation these days! The best way to get a promotion is to skip jobs.
Yeah, it's a different game. They probably underpaid you years ago too but at least back then there was that pension that was worth sticking around for. Now there's nothing. If somebody else is offering you more money then there's no reason not to go take it.
Most people are lucky to get 2% raises each year, and that's even if they are getting exemplary reviews. Meanwhile, the new employee is being hired at a 5% higher wage than the loyal employee received when they were hired by the same company. So in essence the loyal employee is being penalized by their employer for doing his/her job well.
@@728huey just like being a loyal customer having your rates sneak up while new customers are offered sweetheart rates to start. You have to threaten to quit to get a proper raise.
@@ISpitHotFiyaa absolutely. We would go 4 years without a contract and be offered a zero on the front to rob us of back pay. With no interest they had no incentive to settle
Long ago when employers gave pensions and vesting was based on the number of years employed, I could see showing fierce loyalty to the company. But those days are long gone. I don't ever see a return to that employment model.
Government and union jobs seem to be the only places that still offer pensions. I have a city government job where I'm vested at 10 years.
It also pays to jump for higher paying jobs than sticking around earlier in your career and getting a standard merit increase.
100 Percent!
How privileged do you have to be to think like this? They have parents to support them.
Getting laid off from a crappy job is fantastic if one has food and shelter secured.
Listen to the histrionic attacks on work from home. CEO's want to have complete control over people in a environment where they have the big office and you have a lousy cubicle. It is about making you believe you have time for nothing else but work, to give you life for their vision, until they don't need you.
Why are they so skeptical of her?? She explained things really well
they dont want it to be true, but it be true
Because she teach at NYU, that's a private school. Try asking students in public universities.
@@thevinceberry Agreed. I wouldn't hire from private schools. These people aren't hungry for success and have no clue what real life is about.
Shws lying I never heard of this fun BS
They're older anchors on CNBC. I'm sure they are compensated very well, and have been for a long time. Most of them don't understand how reality works anymore. Give them the avg american salary and tell them to live for a year
She’s 100% on to the generational shift. Seeing it first hand as a Gen Z’er amongst peers
Na she teach at NYU, that's a private school. Try asking students in public universities.
@@thevinceberry I went to a state school and its the same. I started working remote in college (2018) and have been doing it since. Although, work from home will always be for white collar only. So, this conversation is a non starter for 70% of the population.
@@retrodripsupport7510 but she is talking about graduates taking a long break after school. You didn't do that did you
@@thevinceberry ah ok fair enough I see what you're saying now.
I’m 25 and worked at Ibm for as an intern in the office. The lawyers told me to move jobs every 2-3 years if I want to get paid/see the highest increase in income.
I left for my MBA and now work in a union and in 6-7 years plan on taking a gap year for a while when I have kids because I will be vested w my pension and annuity, own a couple rental properties and have saved/invested a bunch.
I’m a natural saver and would rather have F you money then have to listen to a mean boss (which I actually have a great boss) push me around.
The world is changing and I am with it.
I'm really worried about the current bank crisis. If a bank as big as SVB could fail, I fear for a lot more. I know a friend who is running a high-growth startup, and was badly hit by the bank run. I have pulled out more than $340k from my bank. After all, the FDIC covers only up to$250,000, and the implosion could have bad effect. Looking to invest into the stock market now. Does anyone know how I could go about it?
We underestimate the fact that banks are corporate entities also governed by greed. Since 2020, the banks have been over-leveraging their assets, which was one of the reasons for SVB's implosion. I have never been okay with keeping much money in the bank. I simply invest through my financial advisor, collect my profits, which I then spend.
@@user-hz8fm3dg6x that's impressive! I could really use the expertise of this advisors, my portfolio has been down lately....who's the person guiding you?
@@user-hz8fm3dg6x Insightful... I was curious after reading what you shared, so I Googled his name. I came across his webpage.
SCAMMER
I did it last year for like 5 months. But I could afford it. It was worth not having to stress about constantly applying for jobs or feeling the need to take the first crapportunity that came around and I had time to focus on developing my own personal skills. If I would have rushed into my next job then I would have missed the offer for the job I finally wound up accepting. Was the right job and worth the wait.
Gen X here from Canada and many of us were thinking like that already in our 20s. Is it more a "what being young" means vs a Gen Z phenomenon?
It's a uniquely American cultural shift. People in the U.S. live to work and they are just now catching up with the rest of the world.
@@cornishpasty4344 I'm waiting for the end of the '40-hour American work-week' and adoption of the 32-hour week with 6+ weeks standard vacation like Germany. This work-life balance issue in the US is terrible compared to other countries and maybe it'll be up to Gen Z to change that corporate mindset.
No one asked how these grads would support themselves. How do you rent or even buy a place with such gaps in employment? There’s more to this and it’s going unanswered.
Dude, roughly about 33% of college grads return home to live with their parents. That's the demographic that is pulling these stunts (guilty as charged, myself). There's no mystery here.
If you don't have a good system of support and family your p much screwed.
Unemployment, food stamps, section 8.
Lol, 'funemployment'. Translation: 'I'll move back with mom and dad and they will take care of me while i have fun'
They never moved out. That's why they don't care.
I live off of stocks and the GI bill atm and looking to continue for the next many years 😂
I was out of work in 2010 for 11 months. They're right, unemployment & savings kept the stress off & it was so relaxing. Get up have coffee & take the dog for a walk. I look forward to retirement in 11 years. Screw doing pointless work
Tell me daddy pays all the bills without telling me daddy pays all the bills....
Very smart. Employers want you to be frantic in finding a new job. More people applying for the same position=less pay.
I've done between summers when I was in school and I would volunteer with different community organizations at night and during the day I would work on a hobby like programming or writing. Wasn't bad for someone who also was recovering from the grind of uni + I am a cancer survivor so I get tired more than most in my generation.
They’re not wrong though. As long as young people are growing and learning in their time off, good on them. Make yourself more valuable for your next employer, and sometimes that means time off.
I worked as a electrician and the nature of the business was once a job ended you moved in so unemployment was a big part of the income cycle for me being a bit of a gypsy . I got tired of working for electrical contractors and opened up my own electrical business . I figured I did not need to work all the time to make a living so I worked part time with that . Got to hang out with my kids as they grew up and now I am retired . No I am not rich and famous but have enough for my lifestyle . If you have less you need less.
Now work is helpful for occupying ones time in life and you appreciate your free time much more .
This is why you need connections!
A student in this professor’s class said something, then the professor did a study with that class, and now she is on CNBC speaking with authority.
You could do the same but you wouldn’t be on CNBC lol
Ha! Nice point.
Exactly, and now she can associate her name with "funemployment." It is New York bro. They all scratch each other's back.
Yes connections… Marry a rich old man
..Also Gen z are also learning how to become entrepreneurs with social media like you tube, tick tock, Instagram face book, Amazon FBA etc... reading books like rich dad poor, millionaire next door, 4 hour work, millionaire fast lane. etc...work on building your own business, not your employers!
It's amazing how much effort the media will go through to paint a picture when in reality the only problem is is that people want more pay from companies that are making huge profits. It's no secret that the least paid people do all the work and the high paid people sit around doing nothing maybe that's why they're mad
I told both of my college graduates that they have to look out for themselves. They both are very frugal in that they shop at resale shop, Goodwill, and Wal-Mart. Companies are no longer loyal to their employees. You have to be flexible and ready to change companies and maybe even the state you live in. I also told them to save up enough money to live on for a year in case they become unemployed.
Unemployment isn’t fun, but if you’re unemployed, then you might as well have fun.
I get it. But that is not a recipe for long term stability
@@bronxishomenomatterwhereig3149 one issue is that the value proposition for working these days is skewed. Whereas previous generations could easily afford school and buy a home relatively easily, my generation is…to put it politely…completely screwed.
I was let go from my job during the financial crisis. I always said unemployment was the best job I ever had. My house was paid off and I had hundreds of thousands in the bank. I also had my health insurance subsidized. If I didn't it would have sucked. Money and time go by fast and if you need a job quickly, it's much harder to get one. If you have not worked in a while employers become pickier.
So basically the government "free" money made it fun?
@@ST-rj8iu No the time off made it fun. It was very little money and a dark time period but having everything paid off took the pressure away. I have paid 100's of thousands in taxes over the years. I don't feel bad.
What financial crisis..?
Not really new. I did this in the 90s as a contract computer programmer. It works as long as the employee has bargaining power, which is true right now. When the power shifts back to the employer, you'll start taking pay cuts if you don't maintain continuous employment. The big question is when will that shift occur? Looking at JOLTS this morning, it's not today.
I'm in electrical engineering and I see this quite a bit. The gen Z technicians care but only up to a certain point.
I'm a millennial who basically feels the same but I err on the side of caring way more because I selectively target if I care based on how my employer treats me.
I have complaints like everyone but if they're taking care of me then I'm taking care of them.
I treat the entire staff that way as well.
My employer is aware that I love the company AND simultaneously I will generally look out for my own self interests so they show me my value.
I greatly greatly appreciate that in my life. Go for a smaller company is my advice to young folks who want to find that sweet spot.
You'll make less but what value do you get for that? Put a number on it and remember to be grateful for what you have while climbing toward what you want.
We are disillusioned with wages not sustainable with today's cost of living and loyalty to companies who don't pay the same consideration back. I am doing this post grad now too.
I was born in 1997 and don’t fit in with these ideas of my generation. It will undoubtedly come back to haunt my peers in a couple decades when babies and houses come into the fold
I have a mortgage. I love this new term
This is more of a rich people trends, on the loyaty part i agree because in my country they are doing 6-1year contracts ,even if your a good employee they fire you after that because cheaper.
You can't afford babies and houses even if you have a job. Thank JPow for that.
It amazes me that corporation can be mad. My parents who came here back in the 90"s raised a family of 6 on 1/4 of what im making now. Corporation been cutting cost and demanding more with less ppl. Ppl move around becasue staying at 1 company to get that below average raise doesnt make sense to stay.
it's normal in some other places in the world to quit jobs for no real reason and to take long breaks between jobs. this fear of being unemployed is an american thing,. and it's largely driven by having debt, no savings and spending too much. as well as social stigma of being unemployed
Especially when you are talking about mba´s theyare going to be well payed, this trend won´´t happen with fast food employees ,unless they are reclkess expenders they can save enough money to live during unemployment.
And the bigger threat of becoming homeless.
There are a lot of things tied to employment in the US, like health insurance, which are non issues in other countries. So yeah, the fear is valid.
Bluntly past 5 years unless you are getting very constant promotions or own the business in general there arent much incentives to make someone want to stay around. Most pay increases come from changing jobs. For example i have changed jobs twice in 3 years. My pay has increased 2.5x because of it. So for the most part it becomes a situation of why should I decide to stay and currently I am given that by my company but I still talk with recruiters regularly to see what options are out there.
The company I work at there has been almost no turnover in the IT/Engineering department. The only people who haven't been there long are new employees and I'm still relatively new at 5 years. Pay is much lower than the big tech companies but I work from home and there isn't a single co-worker on any team in my department that I don't like. As of right now I would like to keep working for them for a long time and hoping that as I approach an early retirement age I can gradually reduce my hours to eventually working just 1-2 days a week (for reduced pay off-course).
Companies with 100 employees or less are great for all your points.
Engineering(not software) companies typically retain folks for entire careers, and employees love the salary, days off, retirement.
This convo is industry specific. Regional companies have made accommodations for employees going back to 2021.
Sounds like a bunch of future bankers, VC, and investment kids don’t see $250k careers right away, so they’re taking a gap year.
@@leatherelectric my company is traditional company that's become a tech/logistics company. We have far more than 100 employees and thousands of contractors in all 50 states so we're not all that small. I have no idea where you get the idea that this convo is industry specific. It's happening in all industries and it's really generation specific. Go look at the big tech companies and you'll find tons of people who have been there for decades and still plan to be there for years to come. It's primarily young people that have no loyalty.
@@wackzingo While I agree with you that there are plenty of companies that keep people for a long time and it is NOT industry specific anymore...
However, it's not just "young people that have no loyalty".
It's many young people that understand that you have to EARN that loyalty as a company...It's NOT a mandatory thing to have to be loyal to a company that isn't loyal to you.
Too simple to move from job to job nowadays...also simple to create your own "Gig Economy" or "Flexible Work" as a Well Paid Contractor or even better paid, "Independent Business".
This knowledge is available on everyone's phone or laptop and it's not hard to find out how to create a better life for yourself, if you don't want to be sitting in a cubicle farm dealing with crappy managers. I worked for a Big Corporate for a while and shot up the ranks...but left because the Bureaucracy and many other things that are part of most corporate businesses as you get into Middle and Upper Management are unnecessarily burdensome, compared to what they could be
Keep doing whatever YOU would like to do...
I built my own companies and love it!
Cheers!
Eventually ownership and management will change and so will the culture.
She sounds rich and out of touch. Kids are desperate and breaking their bodies out here for work. Smh
let’s take a 1-hour conversation group of eleven 21-year olds who have the resources enough to go to nyu and make up a whole new phenomenon based on it.
yeah. makes sense.
One of the great things about the decline of quality in corporations and a total work force is that the apparent financial threat/concern of a mortgage and children could lead a large section of a population to stop taking on mortgages and having children, leading all of humanity to having a nice hard think on how they treat each other when the threat of debt is thrown back in their face with the threat of total economic and population decline.
The lesson is to not hold things over the heads of new generations. Mutually Assured Destruction has always been one of the most powerful strategies in existence and pushing young people toward that is just....mad.
Keep in mind they won't call it that, it'll be something fresh, hip, and cool....do they even use those words anymore??
You realize your opinion was manufactured in a think tank for the purposes of reintroducing socialist, communo-fascist neo-feudalism, and dumbing people down to the point that they celebrate their own decline and demise, right? You realize that socialist policies have run the economy of the US for over 120 years when the most important plank of the communist manifesto was put into place in 1913 (central bank/fiat currency) with is the root cause of everything we are witnessing, right? Here:
Gerogetown University professor Caroll Quigley - Who started all this in motion: th-cam.com/video/1PDznjKMIeQ/w-d-xo.html
Tax exempt organizations' capture of universitites: th-cam.com/video/YUYCBfmIcHM/w-d-xo.html
Yuri Benmenov - The demoralization of America: th-cam.com/video/jFLGvaIKK2M/w-d-xo.html
The intentional dumbing down of America: th-cam.com/play/PL8v6e5jkrm1FvaQv7GuZe41o4fPfreV0O.html
Tavistock Institute - Social Engineering of Public Opionion:
- th-cam.com/users/liveBEs49PJTq5c?feature=share&t=697
- th-cam.com/video/WUl32FIVwuQ/w-d-xo.html
CIA's Programs for Social Control: th-cam.com/video/HD8W__iHqh4/w-d-xo.html
If you don't have a mortgage, you still have to live somewhere, so in most cases you will have a rent payment along with other bills. If you don't cover the rent, you'll be on the street, so what do you do?
@@realSamAndrew unfortunately many are choosing to live on the streets in order to retain as much of the little earnings they make.
@@_nimrod92 ok, but the OP was talking about debt and mortgages, and the problem is not solved simply by avoiding them. Also, note I used the phrase "in most cases".
For the person that asked about if we are worried about not having retirements and pensions, etc in our future. The response back was what future? That’s right, ignoring the larger global problems that could disrupt our societal understanding of linear progression you still have to understand- a lot of adults have watched political and corporate systems destroy pensions, eliminate retirement savings, steal from people’s safety nets. I mean there is a significant political movement in America that wants to eliminate all social security- there really are not a lot of indicators that we will have retirements or savings in our futures. It can all be taken a way for whatever excuse or political whim. So yes I would love to have a future safety net but I doubt one will ever exist if we keep our current trajectory. Our future is grim. The status quo from 40-50 years ago cant be maintained now.
I'm 45 and in my FUNEMPLOYMENT. I been laid off 3 x since the pandemic from the mortgage industry. I am doing Lyft / Uber right now while building this TH-cam Channel and my website into what I hope to be my future employment.
Must be nice having parents who can pay for you into your 40s. Not everyone comes from a background were you can leach off your parents success.
@@gunzor8717 im confused, what are you talking about? Your saying that its fine to leach off your parents or your saying those people that do that are the people your describing
@GunZoR break it down on how you'd do that with 20k a year and the quality of life you'd have.
@@gunzor8717 If your parents even have enough so that you can leach off them.sounds a bit privileged.
The anchors at this round table (especially Rebecca Quick) sound like they are 80 years old…”well, just wait until they have kids…”. To the point of the guest, they are 10-15 years away from having kids. If you are an executive, you might want to think about how to retain top tier qualified talent. I recently witnessed a software project at my company come to a stop because all of the developers walked out. Think about that Rebecca, Elon, Jaime D, etc.
I’ve worked from home since 2011 at one of the big four consulting firms. No issues and I’m the most productive when I’m at home .
Can't be productive when sitting in traffic all day.
what major did you pursue and would you describe what are the most important steps a college student should follow if they want to be a good asset for a company?
The only way I got raises was to move around! It doesn’t pay to be loyal and they will lay you off in a second. So how can you blame young people for this attitude! This was cultivated by uncaring large companies who only care about the bottom line.
That's exactly how I feel, primarily I've been working contract IT jobs but just started a fulltime position. I will probably stay for 3-5 after saving and plan to move the netherlands coming from the US. Plenty of countries in Europe offer pensions unlike the US cut them out mostly if I remember correctly.
Lol Gen X discovering terms millennials termed a decade ago and crediting it to Gen Z. Classic.
Nothing wrong with not being loyal to a company. The company won't be loyal to the employee anyway. Always look out for yourself. As long as their "fununemployment" doesnt cost them savings that they would need in latter life and future job prospects, that's fine.
Maybe this is me as a grumpy old man, but I feel like GenZ and Millennials expect instant gratification. You can take gap years, travel, and take mental health breaks when you’re young. But the trade off is that you might not be able to buy a home when it’s time, can’t afford to help your kids with college, and won’t be able to retire. You’re supposed to swap employers every few years, but that doesn’t mean taking long stretches off from employment.
Jobs are horrible. Gig is up .... Do more for workers. These companies make billions. I could understand if they are barely making it. Good for them
For real man. Can't stand how the other boomers here can't see it
Yes. I was a stay at home daughter until I landed my current job and I’m a millennial. Jobs are such a scam.
I've been on Funemployment for years.
It isn't just loyalty...It's affordability...It's just easier to be upper class poor rather than be middle class...Working long hours at a job you are content with vs. a job that doesn't pay as much but having fun...Sure, you may get paid more at a "real" job but once you include College Debt, Mortgage, and raising a family all while hating work then you're back to square one...I don't blame Gen Z...No future savings or retirement in their future...Their best bet is to find passive income sources while working a remote job.
Ya 'Funemployment' = live at home while mom and dad pay for everything
every generation had parents supporting kids, let's not say it's a new thing. Honestly, nowadays, you need to live at home to be able to afford your own first home anyway. FYI - Nothing wrong with a nuclear family either.
But there's a difference between supporting your children and having fun while you're unemployed. My parents did the same for me in the 90s when I was unemployed but I sure as hell was out looking for a job not "having fun" and living it up while my parents paid for everything. I actually paid them rent albeit it was only $100 a month but it showed them I was responsible. And to my surprise when the day came that I moved out they actually gave me all that money back which was almost $10K......
I spent 20 years in technology as a systems engineer, most people that worked around me were idiots and I hated working for stupid people and fixing their mistakes over and over. I work for Uber now I drive when I want to. I make as much money as I need and that's it, no more rushing into work to get there at 8:00 a.m. to make my boss happy.
Well it's just because if they are studying at NYU, they've got enough family money to not work 🤣
Corporate killed loyalty from their side, they shouldn't be surprised when they don't receive it in return.
I've never wanted to be desperately seeking work just for the money. Fortunately, when I've been out of work I've been able to live off my savings until I got the job I wanted, or at least a job I was comfortable with, rather than just trying to get any job I could -- if you end up in one that's a bad fit it's just going to lead to stress and maybe health problems. And you never know what the future holds. Sometimes being out of work for a while gives you the time to make changes in your life, or try a different hobby, or meet someone, and when you find a job you find a job. But try not to sweat it. As long as you don't end up starving on the street you're doing okay. And I'm Generation X, btw.
It's simple really. Money isn't the end goal..money is just the tool used to get what you want. Long gone are the times of staying at one company for all the benefits. Now we must move around to get the best benefit for us, and if our end goal is to have fun and be happy, why wait to do that at 60? We're younger, more capable, and less strapped down in our youth. Also, if the future looks bleak and we're going to be poor either way, then I'd rather do the minimum to survive and have fun while I can instead of work my butt off for a sliver of the "American Dream" that started dying long ago.
Love the honest commentary from Steve Liesman.
Stern MBA students (NYU) are a biased sample. This is a school with an $80K tuition and $40K living expenses per year. That's a $240K MBA over two years. Even if NYU is handing MBA scholarships like candy, the cost is still high. Plus the opportunity cost of two years of paycheck. It is hard to imagine paying $240K with loans and no family assistance.
Would love to understand the payback on the degree. Maybe this is the real controversy?
Imagine having THIS much trouble understanding the concept that life could be meaningful without a job. Smh.
all the rage until the layoffs begin. Then it's "OMG, they laid me off, what am I going to do, boo hoo". Not to mention being broke when it's time to buy a house, car, vacation, retire, etc.
GenX here. Worked since i was 14. Changed jobs to acquire skills. Never collected unemployment. Paid off house and became debt free at 33. About to send my 2nd kid through college. Maybe my kids can do funemployment. I had work to do.
This same conversation occurred in 1860 between the same people.
I mean unemployment is fun as long as you have money. It's fun for me right now because the gov is paying for my housing and tuition lol. Literally no responsibility for the next 4 years. I'm chilling lmao. However not everyone can have this lifestyle when u have debt, tuition, bills on the table. We're talking about one of the prestige school NYU that has a upward of 70k tuition per year. Ur probably richer than the average person lmao
As a 38 year old millennial myself, I am seeing some confusion from the older generations in this thread.
Let me put it in language you would appreciate. Loyalty doesn't matter. You could come in an hour before everyone else, leave after your boss every night, never know your children, and sleep 4 hours a night. It won't save you from the chopping block when pink slips are going around.
Rewards that come after 20 years of service basically are gimmick prizes. The same as tv's you can win from those rigged carnival games. You won't make it through 20 years, not in the same company. At least if you hop every 5 years, you can get promoted each time and make more money.
Baby Boomers, Gen X, you know this. You've been through enough lay-off cycles yourself to know that, when the pink paper is being passed around, there's no bargaining, there's no logic. No one is looking at your time card. Entire departments get chopped. Half the people you used to sit next to are just gone one morning, IF you're lucky. You just keep your head down and wait to see if you're going to survive. Your work suffers as you play out in your mind what you're going to tell your wife and kids when the inevitable happens to you. You wait and wait. Sometimes waiting is worse than just getting the news.
You're expendable. If you're really lucky, they'll keep you around for long enough to train your replacement. But you're usually not that lucky.
And when they lay you off, getting a new job is a nightmare, because they just laid off an entire department of people with similar credentials at the same time who you are now competing against.
That's loyalty. A one way street. All younger workers are doing is adapting to that brutal reality. Can you blame them for just acknowledging the reality they've been handed? They didn't ask for this. They're just living with it. They were the kids who saw their dad darken the door six hours too early in the work day, and then just stay home the rest of the year. Gen Z lived through 9/11, the meltdown, and Covid in their childhood. All they know is total economic hell every several years, where their parents were expendable. That's normal to them.
Hell, I was one of those kids. I saw my dad get laid off from two decent jobs. I saw him scramble for anything, get depressed when nothing materialized, double in weight, become isolated and sad. The arguments every day over money. All of it. As a Millennial, arguments over money problems were the soundtrack of my generation, right alongside Greenday, Tool, and Nirvana.
So, after you grow up like that, are you going to offer loyalty to your employer? No. That's a sucker's game. You do what you need to do, but don't get attached. You do what you can when you can, and resign yourself to, at some point, running out of luck. It's not like you want that, but it's basically written on the wall. You can choose to read the writing or not, but it's coming either way. Housing is never in reach, the milestones are never in reach, you're Ubering outside of work just to afford a studio apartment. There's no reason for you to buy in to a system that doesn't have room for you.
As for me, I went the opposite route, became highly trained, and got into a position that offers tenure. I live way below my means, put a third of my household income into investments, pay off all my debts, and rush and struggle to break gravity asap so that if I somehow get axed I can still survive on investments. But it comes from the same place: A deep distrust about private employers.
I am literally going through what you are talking about
@@colesmith6004 ug, I am sorry to hear that. I wish you the best.
@@Katadori09 I'm in a position like you as well. My last employer slashed all out benefits to the bone, some effectively also lowered our pay even though we had a record year. I left that job and got a permanently remote job. I plan to move to an extremely low cost of living area with no state tax and invest the rest. I would say about $1,500-$1,700/month between rent, taxes, and utilities. I want to invest ALL of that monthly to retire early. I can't do this until 65. My only goal is to retire in my late 40s. No vacations until then. If I retired at 50, I could have 30-40 years of vacation.
Stay semi-loyal to people, but not companies. People will half way take care of people.
But loyalty has been thrown out the window permanently.
This is nothing new. Gen X thought the same way.
Suzy out here speaking facts that leave the other boomers stumped loll
Attitude is everything. You can only control what is within your realm of control. Got laid off? Got fired? Take some time to reflect, start a business, network and find another job. There are great companies out there… work for those that you believe in.
“Everything is fine until you get punched in the face!”
~ Mike Tyson
A recession will fix all this non sense real quick!
The “all this will change” comment is interesting because when I was in my 20’s, as a millennial, before kids and mortgages, as a generation we did not have this mentality. Gen z has watched generations be abused by corporations, they’re rewriting the story and driving change. They’re doing what each new generation is supposed to do. Challenge the status quo. I’m here for it gen z!
Yes and they only can do it becsuse of technology. That really is the only reason they can and are taking this position. I dont disagree, i think it is a good position in alot of ways but lets not act like every generation had access to the same technology and options...this is more about timing.
@@HEllis-qu5nn I wasn’t acting or implying all generations had the same opportunities. Just leaving a supportive comment that gen z is in a unique position to bring on change and I’m here for it.
I served in Somalia 🇸🇴 while I was in the army and I realized we are privileged like no other country on earth , unemployed means death and misery anywhere around the earth
Three days a week to work, sounds great. Not five, not four, not two, not one. This generation knows they got more and it's getting disgusting.
Funemployment is working for a ski resort or a bartender gig and doing what you want! It’s fun and you don’t starve! Enjoy it! I was hired at Goldman at 22, ran a snowboard hostel and bartended and tried to make it as a pro instead! 100% with it!
yeah. I think she messed up in understanding... it is not unemployment with an F in front of it. It is employment with a fun in front of it.
This would be great, but let's not forget that this does not apply to someone who needs to work to eat and put a roof over their head.
Lmao! "Hello cell phone company, I can't pay my bill, I'm on funplyoment. "
Cell phone company "hey no worries." *disconnects phone*
Sure, if you have your parents to pay your bills, why not? lol
Me, having to have a job working 6 days a week because otherwise my ass is homeless:
“Uh huh”
Don't tolerate being treated like trash
I dont know why people act shocked. Corporations #1 goal is to make profit for stock holders. employees are expenses. They throw pizza party and all these little small things except MONEY!
I live in Los Angeles, CA. Rent is about $2000 or so for studio but you may need to pay more if you have children. Car payment of $500 plus $150 of insurance plus food cost, gas, Cellphone, Internet plan (i would consider these basic neccessities) You are looking at like $3000 worth of income needed to survive! Then boomers act shocked when younger generation is not investing, not spending, why we complain often. Add in the cost of student loans. I'm serious employers need to wake up and share in the profit. They need to take a hard look at the big executives upstairs and see if they can provide real value instead of cutting employee expenses and charging more for the same products. These restaurant jobs take advatange of the labor, but when you have family to let you live for free or reduce rent cost, when you have debt and you need money to be able to either purchase a vehicle and move these jobs of course there is demand. IDK how it is in other states but at least here in L.A , CA life is difficult. I studied IT and Businesses are squashing wages so bad for Help desk support roles.
One Rich NYU MBA student = what everyone in generation Z will do
Most people don't want kids anymore.
+1. Solution Architect here. 29 years old. I'm only going to accept remote work. If they are not ready, I will wait for that company which offers remote work and I am not going to work more than 4 years at the same company.
The value of self and time have gone up. The value of career is no longer the priority. Bless the new generation!
The comment about gen z having kids was even funnier. The likely hood of them having children is probably low as well.
how do they pay rent and eat. WTF i think this is more or a privilaged thing because I will be homeless if i lose my job.
Basically Gen Z doesn't care about family or responsibilities. A whole generation is living like a bachelor. Or like a 16 year old. Remember what it was like being 16? Carefree? Get a job, lose a job, who cares? Very akin to the laydown movement.
And it shouldn’t stop at 18. No people love your life free up into your 30s. Then go buy a house and trust theres a lot of ways to buy a house.
Gen z views the society they live in as garbage and don't want anything to do with it.
Can't generalize an entire generation. I've seen extremely hard working genZ and completely lazy genZ. I'm GenX, seen the same in my generation.
@@toddspangler6669 It's more circumstantial than ideological. When you can't buy a house, marriage and kids are unaffordable, you have $100,000s in student debt. You are forced into a box.
@@toddfarkman2177 That's for sure! I hope something turns around for all generations in terms of affordability.
I did this myself for a good 4 years. From 2016 to 2020 25 to 29yrs old. I was bouncing around state to state contracting as a aircraft mechanic. Lived minimally, traveled light. Stack up money. Quit the job and just live off savings till they got low. Then find another gig. Pack up, move and do it again.
Not gonna lie it was fun and pretty chill. I was living like a nomad. No care in the world. However it is a selfish lifestyle. You dont look towards or build for the future or anyone else.
I could've been had a home, done more to help my parents and nephews and niece. financially set things up to have a family of my own etc. It wasnt until 2020 pandemic. When i decided to be stable for a while. And 2 of my siblings his son, and my parents. Moved in with me. That i realized how much of a difference i could've always made in my family's lives.
Having that many people move in with you sounds like prison to me. My only desire in life right now is to live alone (happening at the end of my lease), have peace and quiet, work, invest an absurd amount every month, and retire early. Maybe I'm just a lone wolf. Sometimes I just want to pitch a tent in the woods and never leave.
@Andrew Sullivan it definitely wasn't always easy. At first there were arguments and fights. Things from the past being brought up and ish. But being able to bond with my nephews. Hang with my brother like we use to as kids. And begin to have a better relationship with my dad and sister was worth it.
Also when you get too use to solitude? To start to value human connections less and less. Even within your family. For some it gets to the point they begin to value human life less and stop caring about others.
I think our society today. Definitely reflects that.
@@bronxishomenomatterwhereig3149 Props to you for taking them in and seeing it as a blessing. I can easily admit I am too solitary for that. Might be fine if I had a sound proof room.
I use to think like you a bit. Admittedly I could improve my parents lives by working a 9-5 job, but I can't. I decided to pursue a different career path in something I enjoy, I agree it is a bit of selfish lifestyle but at the same time we only get one life, why not live it the way you want to.
@spiderman4657 I've learned to strike a balance. For me personally. While living that nomadic life style was fun, it also felt empty. Eventually it got to a point where I asked myself. "What am I really doing with my life?"
After my brother and I roomed together and invited our family to live with us in 2020. My life felt like it had meaning. When I was more concerned for and doing for others.
But like you said. Gotta be a lil selfish at times. To make some time for yourself and do what you want to do. As long as you have a plan that allows for both your wants, and those you're building and working for.
As long as you aren't leeching off the system or your parents , good for them.... but also realize your peers who respect the job opportunities will outpace you and in future job markets the requirements to get a job will be fierce.