College Grad advice - 1980's vs Today

Recent college graduates are entering a workforce and life environment that is VERY different from the one that existed when their parents stood at the same precipice and looked out at their future. The advice from that time is no longer relevant. So many things have changed…the economy, competition, technology, workplace culture, social norms, financial investment, etc.. The list is endless.

Here is a small sample of how some of the most common advice topics from the 1980's have morphed into their 2024 counterparts. Although none of these "truths" are universal, and most of them are subject to personal variables, each has a basis of applicability in the pervasive environment of the timeframe they represent. Do any of these resonate with you?

Career Development and Job Stability

• 1980’s advice:

o??? Job Stability: The job market values long-term stability and loyalty to a single employer. It’s common to work at one or two companies throughout your career, and employees can have long-term careers at a single company, provided they perform well. Find a stable, reputable company and stay there to climb the corporate ladder. Focusing on gaining deep expertise within a specific field is key. Demonstrating loyalty and commitment to your employer is important, because that (along with your deep subject matter expertise) can provide a safeguard against layoffs. That said, if layoffs are happening, just “keep your head down,” avoid unnecessary risks, and stay out of internal politics to avoid drawing negative attention.

o??? Education: A college degree is a strong asset, often leading directly to a career in a related field. The job market is not particularly dynamic, so additional education or skill development beyond your degree is not always necessary, but could be helpful to digging deeper into your field.

• Today’s advice:

o??? Job Stability: Layoffs are now a regular part of modern business, driven by rapid technological change, automation, global competition, and shifts in business strategy. Lifelong job security at a single employer has largely disappeared. The job market is very fluid, with frequent job changes being the norm. Adaptability, continuous skill development, and the ability to pivot careers if necessary is key. Pursuing further education, certifications, and staying current with industry trends are critical to remaining competitive. Job security is now more about maintaining a competitive skill set and being prepared for a fluid job market than it is about working for any particular company.

o???Education: The job market now values a mix of skills, including digital literacy, data analysis, and soft skills like communication and collaboration. Your focus should be on not just surviving layoffs but thriving through career agility—being open and applicable to new roles, industries, or even entirely different career paths by developing a broad skill set that can be applied across various industries.

Networking and Professional Relationships

• 1980’s advice:

o???Networking: In-person networking is what it’s all about. Try to do it as much as possible through industry conferences, professional associations, and direct personal connections. Building strong, face-to-face relationships within your industry and leveraging these connections for career advancement is critical.

o???Mentors: The best mentors can be found within your own company, with experienced colleagues guiding you along a defined career path.

• Today’s advice:

o???Networking: Networking has expanded to include a significant digital component. It’s critical to build a strong online presence, using platforms like LinkedIn, while engaging in virtual professional communities. Personal branding and social media presence is also critical for your career advancement. Developing and nurturing your personal brand is critical.

o???Mentors: Networking is now global, and not confined to your current company or immediate geographic location. Engaging with your peers and mentors from around the world is easier and more important than ever.

Financial Planning and Retirement

• 1980’s advice:

o???Retirement Savings: Traditional savings methods and employer-provided pension plans are the keys to long term stability. Many companies offer defined-benefit pensions, which promise a specific payout upon retirement. Contributing to these plans (if required) and managing debt conservatively is very important, as well as possibly purchasing a home or rental as a primary long-term investment.

o??? Investing: The financial markets are not easily accessible, so the range of investment options are somewhat narrow. Your focus therefore should be on conservative investments, such as bonds and mutual funds, with a significant emphasis on risk aversion. If you feel the need, it’s not a bad idea to have “rainy day” emergency funding, however being with a stable company is the primary safeguard.

• Today’s advice:

o???Retirement Savings: Since the financial landscape has changed dramatically with defined-benefit pensions largely replaced by defined-contribution plans like 401(k)s and IRAs. It’s immensely important to start saving for retirement as early as possible to take advantage of compound interest. It’s best to diversify one’s investments, including index funds, ETFs, and even explore opportunities in digital assets like cryptocurrencies. Your goal at retirement is to have a steady stream of significant and infinite passive income that does not come from any company you have worked for.

o??? Investing: Having financial literacy and tech-savviness is critical. With the proliferation of financial technology (fintech), it’s very important to develop financial literacy and use modern tools to manage finances. This includes understanding how to budget, invest, and plan for long-term goals using apps and online platforms. Financial independence and emergency funds should be prioritized, with at least enough available to cover up 6-8 months’ living expenses in case of a layoff. Invest in diversified portfolios, understand personal finance, and actively manage retirement accounts like 401(k)s and IRAs.

Communication and Workplace Relationships

• 1980’s advice:

o??? Interaction with co-workers: What’s most important is to show respect for authority, adhering to formal communication channels, and maintaining a professional tone at all times. Interactions with superiors should be more reserved, and the expectation is that you will follow a clear chain of command.

o??? Relationships: Focus on maintaining clear professional boundaries. Personal and professional lives should be distinctly separated, and socializing with colleagues outside of work has risks, especially across different levels of the hierarchy. Relationships should be kept formal, and office etiquette should be emphasized with discretion and respect for privacy.

o??? Handling conflicts: Conflicts should be handled privately and with a certain level of deference to authority. Try to address all conflicts discreetly, involving your manager or supervisor to mediate. Feedback, especially criticism, is generally given in a top-down manner, with less emphasis on upward or peer feedback.

• Today’s advice:

o??? Interaction with co-workers: What’s most important is to be approachable, open to collaboration, and comfortable with a more casual tone, especially in digital communications like emails, instant messages, and video calls. It’s very important to understand the nuances of (and be proficient in) digital communication tools (e.g., when to use email versus chat), and being mindful of tone and clarity in written communication.

o??? Relationships: The workplace culture values inclusivity, teamwork, and building strong interpersonal relationships. Form connections with colleagues across departments and levels, including engaging in team-building activities and social events. Personal and professional boundaries may be more fluid, but should still be respected. And don't forget...you will be working with individuals that operate on relationship advice from the 1980's all the way to the current year. It's critical that you "know your audience" when speaking and interacting with others.

o??? Handling conflicts: There is a strong emphasis on transparency and direct communication. Address conflicts openly and constructively, focusing on finding solutions rather than assigning blame. Feedback is expected to be a two-way street, and you should try to provide feedback to peers and supervisors alike in a constructive and respectful manner. The emphasis is always on continuous improvement and open dialogue.

Summary

In the 1980’s, the focus was on job stability, in-person networking, and traditional financial planning with workplace interactions characterized by formality, clear professional boundaries, and a hierarchical communication style, and job security indelibly tied to loyalty and commitment to one’s employer.

Now however, the focus has shifted dramatically to emphasizing flexibility, continuous learning, digital networking, and proactive financial management with a diversified investment approach, with workplace interactions reflecting a more informal, collaborative, and digitally-driven work environment, with an emphasis on inclusivity, direct communication, and proficiency in digital tools.

I’m personally coaching my kids with these thoughts in mind, and I wonder what it will look like to them when they reflect back in 30 years!