Wages, a millennial employee earns 34% less than a baby boomer – Corriere.it

A 30-year-old employee earns 34% less than a 60-year-old. According to a survey by Odm Consulting. With the same category, the average salaries of baby boomers (those born between 1946 and 1964), Generation X (those born between 1965 and 1980), Generation Y or millennials (those born between 1981 and 1996) and Generation Z (those born between 1997 and 2012) show significant differences, so much so as to identify a real generational pay gap. Starting from the fact that the average salary of employees of 33,514 a year, that of a baby boomer is 17.5% higher than the average, that of a Gen X employee is 12.2% higher than that of a Gen Y in line with the average (-1.6%) and Gen Z even below (-23.1%). A baby boomer takes 17.5% more than a Gen X employee and even 34% more than a millennial.

Workers

If we compare the salaries of workers, however, the average is 27,631 euros a year. Baby Boomers (+17.4%), Gen X (+12.9%) and Gen Y (+2.7%) are all above the average, below only Gen Z with -11.6% . By comparison, a baby boomer gets 14.7% more than a Gen X blue-collar worker and 24.7% more than a Gen Z blue-collar worker. which is found by comparing the salaries of executives because the majority of Italian workers see their entire professional career within these categories, so there is a greater gap between the younger and the older ones. The market recognizes and rewards greater expertise in the role by linking it to company seniority and years of experience, explains Miriam Quarti, Senior Consultant and Head of the Reward & Engagement area of ​​ODM Consulting.

Managers and executives

As far as executives are concerned, the average salary is around 119,173 euros a year. That of baby boomers is 6% above the average, while that of both Gen X (-1.5%) and Gen Y (-18.7%) are below the average. The pay gap between the older and younger generation in this case is -23.3%. In the case of Managers, whose average salary is 61,004 euros a year, both the salaries of the baby boomers (+4.7%) and those of Gen X (+1.2%) are above the average. Those of millennials, on the other hand, are below the average by 9.2 percentage points. In this category, the generational pay gap is the lowest: -13.3%. The Gen Z cluster – explains the study – was not taken into consideration for the two highest positions because, given their recent entry into the world of work, they are not significantly present among managers and middle managers.