Moving Forward Together: Generational Implications of Covid-19
Covid-19 is reshaping the world as we know it and what comes next will be decided by the decisions we make today. Understanding the generational dynamics at play helps us fully grasp how our employees and customers are dealing with this pivotal moment. Generational theory examines how major cultural events and conditions shape a new generation finding their place in the world. Exploring this topic while in the midst of a once-in-a-generation moment is precisely how leaders can gain critical insight into what’s coming next.
In this presentation, we’ll explore:
- Baby Boomers, the young-at-heart generation that has defied aging stereotypes, has found themselves in an at-risk, vulnerable age segment. Up until now, 60 has felt like the new 40. How has our concept of aging changed because of Covid-19?
- Generation X, the most entrepreneurial generation, is taking a hard hit as small businesses struggle. How will this shape their perceptions of risk, saving, and employment? On the family front, many Gen Xers had recently become empty nesters but now their college-age children are back at home. How has this changed family dynamics?
- Millennials are dealing with the one-two blow of graduating into a recession and then dealing with a pandemic right as many were finding their financial footing. On top of the marketplace implications, many millennials have young children at home. What will Covid-19 and the economic upheaval mean for a generation of young parents? How does this impact their financial trajectory? How will working from home impact the way they want to work in the future?
- This, right now, could be Generation Z’s defining moment. Young people were evacuated from college campuses and stripped of their newfound independence. After cancelled graduation ceremonies, they will almost certainly enter the workforce during a recession. They are growing up with the backdrop of a global pandemic. How will this shape their perceptions of work, stability, connection, technology and risk?
When we take the time to understand how each generation will be shaped by Covid-19, we’re able to uncover where we go from here, together.
Kim has currently conducted more than 100 one-on-one interviews with high school seniors, college students and millennial parents to understand how their lives have changed during the pandemic and how they think the world will move forward. The insights from the interviews include: effectiveness of online learning and video conference meetings, shifting consumer habits, what people miss the most, what worries them the most, and what they see as silver linings. In addition to the interviews, Kim partnered with True Public on a qualitative study about how different demographics are coping during the pandemic.