As restrictions ease, how can companies find the life-blood they need and buck the inequality that might otherwise rear its ugly head? – PanPod #14 

By  Henry Rose Lee

Hi, I’m Henry Rose Lee and Welcome to my Podcast.

This podcast is full of hints and tips for companies, especially those who need to start trading again and don’t want to wait.
And, we also look at generational differences – which right now, are significant and wide!
Older people have more options, whereas younger people are far more vulnerable.
GenZ are the most likely to lost their jobs during the recession, and so we must all support young people whenever we can.
GenZ wants to work hard and save for their future. Let’s help them to do that.

This is Podcast (PanPod) #14 – each one is designed to support, inform or entertain you during the Covid-19 pandemic.

You can listen to PanPod#13 HERE

Or simply relax and go straight to Episode #14 here…

And HERE FOLLOWS a transcript – in case you prefer reading:

Henry Rose Lee
Hi I’m Henry Rose Lee. Welcome to my podcast. Today we’re talking about how the slight easing of lockdown restrictions is having different impacts on different generations.

Well it sounds very timely Henry, the latest news we’re getting globally is that various countries are beginning to emerge from total lockdown. We’re starting to see restrictions easing, there’s more freedom of movement and some businesses are starting up again, in your view Henry is that good news all around.

Henry Rose Lee
Well if I was generalising I would say yes of course it’s good news. It’s great that some companies can start trading again, some industries have never stopped trading or functioning from the NHS to delivery companies from pharmacies to supermarkets and all tech companies have managed to keep going for obvious reasons. And I’m delighted if anyone can work and earn money that’s going to stimulate the economy and we all need that.

Okay, if it’s generalising to say it’s good news. That’s the macro picture. So what is the micro picture. Is it not good news for everyone then.

Henry Rose Lee
No, it’s not. It’s much better news if you’re older. If you’re a baby boomer or Gen X you’ve been working for decades, you will have amassed some kind of wealth, it might not be much but it will be made off of your salary, perhaps some savings even a pension, you’ll have experience and that’s also worth something. Perhaps even helping you to keep your job, get another job or get promotion. You might also be on the property ladder, with a house that’s accrued some value, even if you have a huge mortgage. Long story short, the older you are, the more chances you’ve had to build up some financial protection or security. You may even have managed to keep going pretty much as normal, despite eight weeks or more of lockdown.

Some of older people doing probably doing okay. Does that mean that younger people are not doing as well,

Henry Rose Lee
broadly Yes, of course some young people have already started earning money and amassing wealth. But as for our youngest generation, they’re far more vulnerable. They may still be living at home or they might have a flat share and be trying to find enough money to pay the rent statistically Gen Zed are far more likely to lose their jobs during recession, and many of them have lost any chance of work during the COVID-19 lockdown Gen Z are often working in retail, travel, hospitality, leisure and recreation, arts, pubs, restaurants, and all of these have been very badly hit by the crisis. Some Gen Zed choose casual work because they’re still studying, and they’re even more vulnerable financially.

So, in your opinion, what can be done to help our youngest workers.

Henry Rose Lee
Well at the risk of sounding overly simplistic, it’s about us all supporting younger people whenever we can. As employees and contractors Gen Zed actually cost us far less than older more experienced workers, and there’s plenty of research from Pew, the US equivalent of the RNs, and others to indicate that generation Zed wants to work hard. They want to find a safe and secure job and start saving for their future. So if companies can look to take on more apprentices graduates post grads and other young potential. They may find them to either very lifeblood they need for the future of their business.

Hmm. Is it really that simple.

Henry Rose Lee
Well no, it’s not research from everyone from McKinsey to Dell has pointed out that Gen Zed are the most entrepreneurial generation we’ve ever had. but they lack business and commercial skills and soft skills, and even social skills because they’ve literally grown up online and done so much virtually and through social media, so they don’t know how to present an idea or develop a plan. They don’t know how to deal with conflict or manage difficult relationships. So training on interpersonal skills will be required for most Gen Zed in the workplace. But the company that takes on our youngest talent and trains them so that they can hit the ground running will get lots back in return, productivity performance, even loyalty.

Thanks very much, Henry. That’s very interesting. Thank you.

Transcribed by https://otter.ai

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About the author

Henry Rose Lee

Henry is a recognised authority on Generation Z, Millennials, Generation X and Baby Boomers in the workplace. She helps businesses to recruit, engage and retain their younger employees, and helps individuals to ignite their talents and carve out an outstanding career, whatever their age.

Through her keynote speeches, workshops and coaching, you will understand the evolution of leadership in what is sometimes called β€˜the Shift Age’, so you can avoid common pitfalls and help your organisation (and yourself) to thrive.

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