Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Can you define what a micro retirement is for me?
Speaker 2 (00:03):
Yes, I can. It's one of those buzzwords that was created.
It creates a lot of confusion when we think about retirement,
we think about people finishing their career. We think about
people basically going on so security or having some retirement
plan to basically cover the loss of revenue. Micro retirement
is not any of that. It's also typically retirement, you know,
(00:25):
various typically lovetime, the world, retirement fifties or sixties. Micro
retirement is really related to what gen zs are doing
in response to making sure they have a work life balance.
And it's not necessarily funded retirement unless they're going to
be able to use their benefits from their job. A
lot of it's going to be unpaid. So it does
(00:45):
create a dilemnent in regards to what people think of
typical retirement.
Speaker 1 (00:49):
Yeah, we talked I think I talked earlier this week
also about just there's a pretty high percentage of people
in gen Z I think it was like seventy three
percent of gen Zers and seventy percent of millennial who
said that they were kind of burned out or they
felt like, you know, their job was kind of sucking
them dry a bit, whereas only like fifty percent of
Gen X and even less than of that number Baby
(01:10):
Boomers felt the exact same way. So how does that
kind of attitude toward work and the jobs that maybe
Gen Z has that makes them feel like they want
to step away from work for you know, even if
it is just a week or two. What kind of
correlation are you seeing in terms of just work attitude
(01:31):
that leads to what these micro retirements are.
Speaker 2 (01:34):
Sure, I think it's very interesting. The older generation. I
am a baby boomer and some of the older generations
basically have created kind of a pattern of behavior based
on what the expectation was, you know, in the particular generations,
and how they view work and what that looks like,
and so they were pretty much compliant to that because
that's all they knew. So you have your younger generations
(01:55):
that grew up in a COVID environment or right around
that timeframe, and so they were brought up an environment
that's remote where it's work life balanced, and so one
it was a mandated across the world, people didn't work
in some cases up to two years. They worked in
remote environment. So they have been conditioned much like the
older generations have been conditioned. So that's why you're seeing
(02:18):
the difference in the stats with the one generation, the
older generation, versus the newer generation. They grew up in that,
so that's the expectation. And so even the older generations
work kind of rock because I have to work from home.
I don't know how to do that, and so it's
created a paradigm shift in regards to how you now
look at work, in regards to now adding in the
(02:39):
family component of what working out. Like for me, I
work out at home, which works out great, but a
lot of industries don't allow that simply because of what's
required of them.
Speaker 1 (02:48):
We're talking about Paul Peters. He's a podcast host, best
selling author, business owner, a workplace expert. I got to
look at this from you know, I'm a millennial, so
I kind of fall into this. I don't know if
the term burned out is something that I would use
to describe myself, but if i'd be lying, like if
I hadn't thought about, you know, just stepping aside for
a little bit, you know, and trying to just you know,
(03:12):
kind of get my brain in the right spot or
something like that. Right, So what about this. At least
for gen Z has given them some sort of freedom
to make that determination, actually make that decision and decide
I'm just not going to work for a bit when
I'm taking a break, or I'm going to leave for
a few weeks, or I'm going to be gone for
a couple of months. What freedom do they have or
(03:35):
have they empowered themselves with and how are they even
making it work where they can just step aside from
a career or their job to completely recharge their batteries
instead of kind of just sticking with the grind.
Speaker 2 (03:47):
Well, I think if they have the ability to step away,
you know, they're a younger generation, you still have the
process of maturity. And you know because typically the gen
zs or I think eighteen nineteen to about twenty nine,
so you have the normal progression of already anyone in
any ways into the workforce. And so you know, when
they grew up growing up in the COVID, you know,
(04:07):
depending on the what their interests were, but many of
them were into computers, IP gaming kinds of things, and
so you know, they have opportunities because like myself, I'm
a baby boomer, I am not a techy person. Thank
God that my children aren't got three in the gen Z.
So there's some flexibility in regards to type of entrepreneurial
entrepreneurial or contracting or consulting work they could do. But
(04:30):
if they have the freedom to step away without having
the financial requirements that many too because they're still young,
maybe they don't have homes, they don't have the financial obligations,
so they have that ability, and it's challenging because if
they can step away from an employer standpoint, like myself,
that's not necessarily someone I'm interested in hiring unless they
have a unique niche, gift or talent that I would
(04:51):
be willing to invest in. Because employers want people are
going to be around for a while. They want people
who are going to be committed to work. But employers
have to be flexible to the mindset of of the
work life balance.
Speaker 1 (05:01):
Yeah, especially when you've got an entire generation that seems
to be, you know, seventy five ish percent, like the
three out of four workers in this generation have this
kind of concern or want their work life balance. They
really want to make sure that their lives outside of
work are valued over pay. Is this something you can
(05:21):
I mean it's hard without a crystal ball. But do
you think when they turn thirty five, forty fifty, you
think those are still going to be priorities for that generation?
Or as they get older, as they are family building
or they're looking to try to have more money to
buy a nicer house and settle down a little bit,
they'll be a little bit more stabilized in what decisions
(05:42):
they make or is this something you think could continue
for their entire work career.
Speaker 2 (05:47):
Well, you have to figure in the AI component, because yes,
with the stability as you get older, as you get
more responsibility, you're going to want to make sure you
have the security of an income that's steady, whereas a
lot of times right now of the flexibility. A lot
of times you have families, parents that are supporting them.
But you're going to have a mixture of both. You're
going to have people looking at different careers that are
(06:09):
more creative in line with their gifts and talents and passions,
which is what my podcast is about. But it's going
to be a decision they're going to have to make.
But I, as an employer, need to be flessible to
a changing environment of a workforce that's younger more keyed
into caring for their mental health and ie the stress.
I think younger generations, like all of us, you know,
(06:31):
we're still trying to figure things out and stress, were
more sensitive to the stress but and the mental health components,
whereas people who are the older generations that just you know,
we're just going to get there and do it. You know,
screw the stress. We got to get the work done,
We've got to pay our bills, and so I think
that's that's some of the factors as well.
Speaker 1 (06:50):
We're speaking with Paul Peters. His podcast is called On
Purpose with Paul Peters, and he's also a workplace expert.
Last thing for you, Paul, As I look at this,
I'm so fascinated by it because there just seems to
be kind of this freedom that a person can carry
around saying, if I am struggling or I want to
step away and I need time away from this, I'm
(07:12):
willing to do that for myself, even with the risks
that potentially could be involved. And we can debate whether
or not that's a good decision or a bad decision.
But if you were coaching someone and you might have
some people who are listening to us, and they have
gen Z kids or gen Z nieces or nephews, or
maybe they're a gen Z or a millennial themselves that
have had these thoughts and haven't acted on them. Right,
(07:33):
what would be kind of the career advice you would
give to somebody, or even just the advice to somebody
who's close to someone who is in this generation who
might be thinking about Man, I'm really burnt out lately
about ways to be constructive in that decision making process
to balance that work life issue with you know, how
much money they're making and paying all their bills while
(07:55):
also making sure that they don't do anything that's going
to drastically alter what they're could have looked like, Yeah.
Speaker 2 (08:01):
I have an answer for that. So, first of all,
I would definitely advise people to get and become a
master at something based on your gifts, talents, and passions,
because that's your leverage that you can then approach an
employer with and say because they want somebody who has
that particular skill and you just have a good matchup.
(08:22):
And then if you develop a good work ethic and
have good work ethic, you're going to be communicating to
your boss that you're valuable. So when those times come up,
when your stress, whatever happens, then you can approach your boss.
And I think transparency is vital. I think trust and
relationship with your employer so they see your efforts. Then
you can approach them and say, basically, you know, this
is what's going on. I want to be here for
(08:43):
a long time, I want to be productive, but this
is what I'm going through. Would you allow me some
time to just take some time off and address this?
And I think if you've already showed your value, the
employer will be more apt to give you some time off.
That is my approach I've shared with others. You know,
have a philosophy of the business owner God first, family, second,
business third, and I think if you communicate that to
(09:04):
your staff, they're going to be very responsive and want
to be very committed after you've give them that opportunity
to take some time off within reason.
Speaker 1 (09:10):
You know, Yeah, there's no doubt. That is so fascinating.
The podcast On Purpose with Paul Peters and he's got
books out, Workplace Expert, Big Time Information Today. Paul Peters,
thank you so much for being on the show. Great
stuff and really appreciate the time today, thank you, Bye,
Can you define what a micro retirement is for me?
Speaker 2 (00:03):
Yes, I can. It's one of those buzzwords that was created.
It creates a lot of confusion when we think about retirement,
we think about people finishing their career. We think about
people basically going on so security or having some retirement
plan to basically cover the loss of revenue. Micro retirement
is not any of that. It's also typically retirement, you know,
(00:25):
various typically lovetime, the world, retirement fifties or sixties. Micro
retirement is really related to what gen zs are doing
in response to making sure they have a work life balance.
And it's not necessarily funded retirement unless they're going to
be able to use their benefits from their job. A
lot of it's going to be unpaid. So it does
(00:45):
create a dilemnent in regards to what people think of
typical retirement.
Speaker 1 (00:49):
Yeah, we talked I think I talked earlier this week
also about just there's a pretty high percentage of people
in gen Z I think it was like seventy three
percent of gen Zers and seventy percent of millennial who
said that they were kind of burned out or they
felt like, you know, their job was kind of sucking
them dry a bit, whereas only like fifty percent of
Gen X and even less than of that number Baby
(01:10):
Boomers felt the exact same way. So how does that
kind of attitude toward work and the jobs that maybe
Gen Z has that makes them feel like they want
to step away from work for you know, even if
it is just a week or two. What kind of
correlation are you seeing in terms of just work attitude
(01:31):
that leads to what these micro retirements are.
Speaker 2 (01:34):
Sure, I think it's very interesting. The older generation. I
am a baby boomer and some of the older generations
basically have created kind of a pattern of behavior based
on what the expectation was, you know, in the particular generations,
and how they view work and what that looks like,
and so they were pretty much compliant to that because
that's all they knew. So you have your younger generations
(01:55):
that grew up in a COVID environment or right around
that timeframe, and so they were brought up an environment
that's remote where it's work life balanced, and so one
it was a mandated across the world, people didn't work
in some cases up to two years. They worked in
remote environment. So they have been conditioned much like the
older generations have been conditioned. So that's why you're seeing
(02:18):
the difference in the stats with the one generation, the
older generation, versus the newer generation. They grew up in that,
so that's the expectation. And so even the older generations
work kind of rock because I have to work from home.
I don't know how to do that, and so it's
created a paradigm shift in regards to how you now
look at work, in regards to now adding in the
(02:39):
family component of what working out. Like for me, I
work out at home, which works out great, but a
lot of industries don't allow that simply because of what's
required of them.
Speaker 1 (02:48):
We're talking about Paul Peters. He's a podcast host, best
selling author, business owner, a workplace expert. I got to
look at this from you know, I'm a millennial, so
I kind of fall into this. I don't know if
the term burned out is something that I would use
to describe myself, but if i'd be lying, like if
I hadn't thought about, you know, just stepping aside for
a little bit, you know, and trying to just you know,
(03:12):
kind of get my brain in the right spot or
something like that. Right, So what about this. At least
for gen Z has given them some sort of freedom
to make that determination, actually make that decision and decide
I'm just not going to work for a bit when
I'm taking a break, or I'm going to leave for
a few weeks, or I'm going to be gone for
a couple of months. What freedom do they have or
(03:35):
have they empowered themselves with and how are they even
making it work where they can just step aside from
a career or their job to completely recharge their batteries
instead of kind of just sticking with the grind.
Speaker 2 (03:47):
Well, I think if they have the ability to step away,
you know, they're a younger generation, you still have the
process of maturity. And you know because typically the gen
zs or I think eighteen nineteen to about twenty nine,
so you have the normal progression of already anyone in
any ways into the workforce. And so you know, when
they grew up growing up in the COVID, you know,
(04:07):
depending on the what their interests were, but many of
them were into computers, IP gaming kinds of things, and
so you know, they have opportunities because like myself, I'm
a baby boomer, I am not a techy person. Thank
God that my children aren't got three in the gen Z.
So there's some flexibility in regards to type of entrepreneurial
entrepreneurial or contracting or consulting work they could do. But
(04:30):
if they have the freedom to step away without having
the financial requirements that many too because they're still young,
maybe they don't have homes, they don't have the financial obligations,
so they have that ability, and it's challenging because if
they can step away from an employer standpoint, like myself,
that's not necessarily someone I'm interested in hiring unless they
have a unique niche, gift or talent that I would
(04:51):
be willing to invest in. Because employers want people are
going to be around for a while. They want people
who are going to be committed to work. But employers
have to be flexible to the mindset of of the
work life balance.
Speaker 1 (05:01):
Yeah, especially when you've got an entire generation that seems
to be, you know, seventy five ish percent, like the
three out of four workers in this generation have this
kind of concern or want their work life balance. They
really want to make sure that their lives outside of
work are valued over pay. Is this something you can
(05:21):
I mean it's hard without a crystal ball. But do
you think when they turn thirty five, forty fifty, you
think those are still going to be priorities for that generation?
Or as they get older, as they are family building
or they're looking to try to have more money to
buy a nicer house and settle down a little bit,
they'll be a little bit more stabilized in what decisions
(05:42):
they make or is this something you think could continue
for their entire work career.
Speaker 2 (05:47):
Well, you have to figure in the AI component, because yes,
with the stability as you get older, as you get
more responsibility, you're going to want to make sure you
have the security of an income that's steady, whereas a
lot of times right now of the flexibility. A lot
of times you have families, parents that are supporting them.
But you're going to have a mixture of both. You're
going to have people looking at different careers that are
(06:09):
more creative in line with their gifts and talents and passions,
which is what my podcast is about. But it's going
to be a decision they're going to have to make.
But I, as an employer, need to be flessible to
a changing environment of a workforce that's younger more keyed
into caring for their mental health and ie the stress.
I think younger generations, like all of us, you know,
(06:31):
we're still trying to figure things out and stress, were
more sensitive to the stress but and the mental health components,
whereas people who are the older generations that just you know,
we're just going to get there and do it. You know,
screw the stress. We got to get the work done,
We've got to pay our bills, and so I think
that's that's some of the factors as well.
Speaker 1 (06:50):
We're speaking with Paul Peters. His podcast is called On
Purpose with Paul Peters, and he's also a workplace expert.
Last thing for you, Paul, As I look at this,
I'm so fascinated by it because there just seems to
be kind of this freedom that a person can carry
around saying, if I am struggling or I want to
step away and I need time away from this, I'm
(07:12):
willing to do that for myself, even with the risks
that potentially could be involved. And we can debate whether
or not that's a good decision or a bad decision.
But if you were coaching someone and you might have
some people who are listening to us, and they have
gen Z kids or gen Z nieces or nephews, or
maybe they're a gen Z or a millennial themselves that
have had these thoughts and haven't acted on them. Right,
(07:33):
what would be kind of the career advice you would
give to somebody, or even just the advice to somebody
who's close to someone who is in this generation who
might be thinking about Man, I'm really burnt out lately
about ways to be constructive in that decision making process
to balance that work life issue with you know, how
much money they're making and paying all their bills while
(07:55):
also making sure that they don't do anything that's going
to drastically alter what they're could have looked like, Yeah.
Speaker 2 (08:01):
I have an answer for that. So, first of all,
I would definitely advise people to get and become a
master at something based on your gifts, talents, and passions,
because that's your leverage that you can then approach an
employer with and say because they want somebody who has
that particular skill and you just have a good matchup.
(08:22):
And then if you develop a good work ethic and
have good work ethic, you're going to be communicating to
your boss that you're valuable. So when those times come up,
when your stress, whatever happens, then you can approach your boss.
And I think transparency is vital. I think trust and
relationship with your employer so they see your efforts. Then
you can approach them and say, basically, you know, this
is what's going on. I want to be here for
(08:43):
a long time, I want to be productive, but this
is what I'm going through. Would you allow me some
time to just take some time off and address this?
And I think if you've already showed your value, the
employer will be more apt to give you some time off.
That is my approach I've shared with others. You know,
have a philosophy of the business owner God first, family, second,
business third, and I think if you communicate that to
(09:04):
your staff, they're going to be very responsive and want
to be very committed after you've give them that opportunity
to take some time off within reason.
Speaker 1 (09:10):
You know, Yeah, there's no doubt. That is so fascinating.
The podcast On Purpose with Paul Peters and he's got
books out, Workplace Expert, Big Time Information Today. Paul Peters,
thank you so much for being on the show. Great
stuff and really appreciate the time today, thank you, Bye,
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