Women have been part of the accountancy profession for over a century. That’s several different generations of women working in this profession. On International Women’s Day we thought we’d look at the different generations of women in the workplace over the years, and their defining characteristics.
When did "Gens” become a ‘thing’? We now hear about the generation categorisations all the time. Gen X, Gen Z, Millennials etc. And all these generations have different experiences and expectations. It turns out the generation gap, as well as the gender gap, is also a thing.
With an unprecedented four generations of women in the workforce now a regular occurrence, thanks to rising life expectancy and pension poverty, having some insight into who we’re working alongside and the different shared life experiences, expectations and ways of working could prove useful - even though it necessitates some pretty sweeping stereotypical statements. The majority of women in the workplace at the moment are the tail end of the Boomers (born 1946-64, age 60-78), the prime of Gen X (1965-1980, age 44-59), Millennials or Gen Y (1981-1996, age 28-43) nipping at their heels and older Gen Zs (1997-2010ish, age 14-27) bringing up the rear.
The current employment landscape for women is improving, slowly. Despite the cost of living, ongoing of wars, risk of pandemic, climate crisis and an air of fast-approaching Armageddon, there are some positives worth considering and celebrating for International Women’s Day. Women have not let up jostling for a seat at the corporate table, keeping up the momentum on the gender pay gap, pushing to overcome gender bias in the workplace, striving for equality in leadership (just 6% of CEOs in the UK are women, 8.2% in the US – 1 in 20 a woman of colour) and sending out a rallying call for advocates support them in the cause.
We’re seeing women’s issues that would once have been hushed up, openly discussed in parliament, raised on global platforms – things like period poverty, women’s rights over their own bodies, and the impact of the menopause on employment. And this is a big one. By 2025 it’s estimated there will be 1.1 billion post-menopausal women in the world – that’s a level of hormone imbalance no one should take lightly. By now we should all know and be concerned by the stats – 1 in 10 women leave work because of menopause symptoms, a quarter consider it. Women make up half the workforce and the other half are liable to face menopause shrapnel, so it’s only sensible that organisations should start acknowledging that. Aristotle knew about the menopause in 384 BC so it’s only taken 2,407 years to get this far… In 2023 the UK government appointed Helen Tomlinson to be the first ever Menopause Employment Champion and the Manifesto for Menopause was launched.
However, despite the many positive actions, burnt out from trying to succeed and seeing colleagues take credit for their achievements, some women are giving up banging their heads on the glass ceiling, and simply moving on in what’s being termed the great break up or great resignation. For every one woman promoted to leadership, two go elsewhere. The problem is companies benefit from having diverse leadership so we need all those key women leaders in their rightful places at the top. If you have women in leadership roles, you have a cohort who are more likely to push for diversity and inclusion, and you have representation and mentors for generations of women bringing up the rear. Diversity begets more diversity, which can only be a good thing for all of us.
So, who are the women we’re working with (here come the sweeping statements…)
Boomers
Defining life events: the rise of television Vietnam war, passing of the US civil rights act, the moon landing and the threat of nuclear war with the Cuban missile crisis, the birth of rock and roll.
Some Boomers are retired but the trend is towards working longer. The employment rate for the over 60s has increased 20% in 10 years and 31% of the UK workforce are boomers. In 2020 there were more women working age 60-64 than not. Boomers are big on social media, pro-environment and keen tech adopters. They have a wealth of knowledge and experience and traditionally their job has defined them. Goal-oriented, they expect success for their efforts, and having typically grown up in a more disciplined environment, they’re used to a more rigid, hierarchical career ladder. They appreciate company values, like face-to-face communication and are company loyal.
Gen X
Defining life events: birth of the digital revolution and the internet, the rise of mobile phones, CDs and DVDs, and PCs, the Cold war, the collapse of the Soviet Union, AIDS, the fall of the Berlin Wall, recession, high unemployment, strikes, wars in Bosnia, Afghanistan and Iraq, and the Irish Troubles, and the golden age of hip-hop.
In the prime of their work life, Gen X make up about 35% of the workforce. They hold the majority of leadership roles globally, but women hold only a third. Growing up with images of power-dressing women in big shoulder pads and a ‘women can have it all’ mantra ringing in their ears, they’ve probably had several employers to work their way up the corporate ladder. Many had working mothers and as a result they’re self-sufficient, independent, adaptable and driven by outcomes. They’re flexible, bridging both analogue and digital ages. They’re more ethnically diverse with one in five being black, Asian, mixed or ethnic minority, and value diversity and inclusion. Women maintain traditional gender roles taking on most of the household/childcare/elderly parent duties while holding down careers at the same time. Already burdened by this mental load, now comes the final kick in the teeth for them - the average age of menopause is 51, coming slap bang in the middle of Gen X.
Gen Y (Millennials)
Defining life events: rapid tech evolution, the introduction of Google, the rise of social media, September 11 terrorist attack, Friends fever, the legalization of gay marriage.
Millennials are ambitious key workforce players with 79% in full-time employment and one in four in management roles. They’re prone to job-hopping to progress their career and network to the max. They love travel - 71% of millennial women claim to want to work outside their own country. True digital natives, they’re tech savvy, social media devotees, early adopters of AI and passionate about podcasts. They thrive on instant gratification and need accomplishments to be recognised to feel job satisfaction. They work hard and play hard, are collaborators and team players. They value transparency and honest feedback, care about the environment, and 85% say an employer’s policy on diversity, equality and workforce inclusion is important to them.
Gen Z
Defining life events: YouTube and TikTok replace traditional TV viewing, Covid significantly affects education and career starts, Obama becomes first black president, Black Lives Matter, trans rights, Russia/Ukraine war, cost of living crisis.
Those Gen Z not in education make up 20% of the workforce. They communicate through technology, use it for entertainment, and are used to publicly sharing their lives through socials. They expect to use tech to work and are massive AI adopters – 68% have confidently used it in the past month according to one report. They are extremely competitive, hard workers, and expect to be heard and respected, but also want to be supported at work. They also really value face-to-face interaction and human connection, possibly a knock-on effect of Covid lockdowns. They are very prone to stress and anxiety and expect employers to support mental health and wellbeing. They prioritize inclusion – 38% say they personally know someone who describes themselves as transgender or non-binary. Numbers of Gen Z graduates moving into accountancy have dropped to 7.9% over the last decade.
Gen Alpha
Gen Alpha is expected to reach nearly two billion in size by 2025, and who knows what the next generation of women will bring. To be continued…
So on International Women’s Day 2024 we thought we’d illustrate and celebrate the mix of generations, and the women within each of these generations, that we have in the workforce, and the diversity that this, in itself, brings to working culture.
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