Gen X and Millennials in the Workforce

 

The “Company Man” Is Dead

The traditional concept of the “Company Man” that many Boomers embraced — working at the same job for 30 years and retiring with a pension — is largely dead among Gen X and Millennials. Instead of climbing the ladder within one organization, Millennials change jobs every 2.8 years on average (BLS, 2023).

This shift is driven by a combination of economic instability, changing workplace values, and the rise of remote work. A report from the NYC Comptroller’s Office found that Millennials in New York City earn about 20% less than the previous generation, with job growth concentrated in low-wage sectors experiencing declining real wages. That economic reality, coupled with a growing mindset of “working to live” rather than “living to work,” has reshaped how younger workers view their careers.

Job-hopping also pays: Millennials who switch jobs see an average pay increase of 10–20%, compared to just 3% annual raises for those who stay put. Many Millennials operate with a “grass is greener” mentality, constantly scanning for better roles instead of investing long-term in a single company. In contrast, Boomers measured professional growth in decades and valued deep loyalty to one employer.

Career Changes, Burnout, and the Rise of “Mini-Retirements”

Burnout plays a major role in why Millennials and Gen Xers pivot careers. A 2023 Deloitte survey found that 46% of Millennials and 45% of Gen Xers report feeling burned out due to work. Factors include excessive screen time, blurred work-life boundaries from remote work, and 24/7 connectivity that makes it harder to “leave work at the office.”

As a response, many Millennials are rethinking how careers are structured. The concept of “mini-retirements” — leaving high-stress jobs for sabbaticals, travel, or freelance work — has become more common. The FIRE (Financial Independence, Retire Early) movement has also gained traction. Millennials are aggressively saving and investing with the goal of achieving financial freedom and exiting the workforce well before the traditional retirement age.

Redefining Retirement and Career Stability

The old model of retirement — work full-time until 65, then stop completely — is increasingly seen as outdated. According to a 2023 Gallup poll, over 55% of Americans believe they’ll need to work past 65. For many Millennials, rigid career paths inside a single company don’t align with their values around mental health, work-life balance, or remote flexibility.

Technology has also created entirely new job categories, from social media influencers to crypto traders, that didn’t exist a generation ago. These roles often offer more freedom and fewer barriers to entry than traditional professions. As a result, sectors like medicine and accounting are seeing labor shortages, as younger workers are drawn to more flexible, digitally-driven careers.

Millennials and the Future of Retirement Planning

Job-hopping every few years has made traditional retirement planning more difficult for Millennials. They often don’t stay at a job long enough to maximize benefits like 401(k) matching or vesting schedules. At the same time, many Boomers are delaying retirement, limiting opportunities for younger generations to advance into senior roles. This lack of upward mobility can reinforce the cycle of job-switching as Millennials look elsewhere for growth.

With fewer relying on employer pensions or counting on Social Security, younger generations are redefining retirement entirely. Many Millennials and Gen Zers believe Social Security won’t be around for them and are instead building investment portfolios, buying rental properties, and exploring alternative assets to hedge against future uncertainty.

Retirement is no longer one-size-fits-all. The social construct of retiring at 65 — first established by FDR with the creation of Social Security — is losing relevance. While approaches vary, one thing is clear: today’s generations are skeptical of the traditional retirement model and are taking proactive steps to create financial independence on their own terms.