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Millennials are officially a majority of managers—so get ready for a combination of burnout, buddy vibes, and boundary issues

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Millennials have officially overtaken Generation X as the largest cohort of managers in the American workforce in 2025. This generational handoff marks more than a demographic curiosity—it’s potentially a major shift in how organizations are led, as millennials have a different management style than their predecessors.

According to the semiannual Worklife Trends report by Glassdoor, millennials became the largest share of the managerial workforce in late June 2025, overtaking Gen Xers, who dominated leadership during the past two decades. At current aging trends, according to projections from Glassdoor lead economist Daniel Zhao, Gen Z will provide a greater share of managers than baby boomers in late 2025 or 2026. Already, Gen Z makes up one in 10 managers.

Millennials are officially the majority of managers.

Glassdoor

Since becoming the most populous generation in the labor force in the mid-2010s, millennials have steadily risen through the ranks, propelled by demographic inevitability, retirements among baby boomers, and new attitudes toward organizational leadership. This ascent caps years of warnings and speculation about how millennial values would shape the workplace.

In an interview with Fortune, Zhao said millennials are inheriting a tough situation, but it could be worse. Workers by and large “don’t feel like they’re in a great situation” right now, but Zhao noted things have not deteriorated for workers since the last edition of the report in January 2025.

Although Zhao didn’t use this particular Gen Z slang, the state of the workforce that is now majority managed by millennials is mid. “At the very least it doesn’t seem that workers are feeling worse,” Zhao said. “I don’t know if you can call that a silver lining.”

Millennials managing through the ongoing ‘burnout crisis’

Millennials are widely credited with pushing “empathy” and “well-being” to the forefront of management culture. They prioritize policies such as remote work, mental-health benefits, and boundary-setting—yet there’s a reason millennials stress mental health so much: They are experiencing record levels of burnout, stress, and job insecurity themselves, leading some workplace experts to warn of a looming “manager crash” in 2025. Zhao agreed this lines up with anecdotes in Glassdoor reviews, but not the data in his research.

Zhao, for his part, writes that the mental-health challenges facing the current workforce show “no signs of abating.” He writes of burnout as an “ongoing crisis,” with mentions in Glassdoor reviews spiking 73% year over year as of May 2025. “Reviews about burnout often refer to the cumulative effect of several years of layoffs and understaffing wearing on employees who remain.”

Of course, the term “burnout” became largely synonymous with the millennial generation in Anne Helen Petersen’s viral 2019 Buzzfeed article on the subject, which morphed into a book and a deep vein of reporting for years to come. Speaking to Petersen’s thesis, that millennials were born into a culture and climate of constant work from a young age, the average number of direct reports per manager has almost doubled in recent years, piling burnout levels of stress onto the burnout generation, just as they become the majority of managers.

Zhao declined to comment on Petersen’s thesis directly, but on the subject of burnout more generally noted that many millennial managers, especially those in their forties and late thirties, are aging into the “sandwich generation,” with responsibilities that have been typical for Gen X: “Millennials right now are in a place where their career pressures might be highest, but there are also these other personal pressures that are really stressing millennials out.” Zhao added that “in a sense, they’re stuck between a rock and a hard place.”

Despite their ambitions, many millennial managers report receiving little to no formal leadership training, often feeling unprepared for the complexities of managing teams across multiple generations and responding to rapid organizational change. This is bound to worsen with double the reports of the historical average. And while they stress empathy, millennials are the generation that invented the term “ghosting” for their avoidant behaviors on social media, and many struggle with assertiveness and managing workplace conflict head-on. Finally, millennials are the “participation trophy” generation, and some bruising TikTok videos have argued that millennial bosses have a toxic tendency to try to befriend all their direct reports. “Wolves in sheep’s clothing,” they were called. Ouch.

The flip side of emotional intelligence

Zhao told Fortune that the well-worn cliché about millennial managers being known for their focus on empathy has a flip side. Glassdoor has seen a change in how people talk about management over the past five years since the pandemic, he said: “Reviews that discuss management increasingly emphasize terms related to emotional intelligence, like ‘respecting boundaries,’ ‘being empathetic,’ ‘promoting employee well-being,’ and ‘addressing burnout.’” Zhao noted it shows that workers’ expectations have increased: “The bar on what constitutes a good manager has been raised.”

It doesn’t mean millennials are inherently gifted at emotional intelligence, Zhao said, just that it’s an expectation of their reports, be they fellow millennials, Gen Z, or perhaps even Gen X or boomers. Zhao referenced research that the phrase “emotional intelligence” really started picking up in the 21st century. How ironic, then, that the population that mainstreamed emotional intelligence when they entered the workforce is now responsible for managing it.

Although millennials generally seek to build trust and provide recognition, generational divides persist: A notable minority of employees, especially Gen Z, remain neutral or uncertain about the recognition they receive. According to a comprehensive Deloitte survey, millennials themselves want more feedback, mentorship, and growth opportunities, both for their teams and for their own careers.

This may be why millennials are getting saddled with a dreaded moniker: the so-called cool boss. Recent reporting and viral social-media content have fueled criticism of millennial managers for blurring the line between manager and friend—sometimes to detrimental effect. Sketches and first-person accounts highlight a stereotype of the millennial manager who is eager to be seen as hip, adopting a laid-back attitude, casual communication, and a friendly rapport with direct reports. Critics argue this style can be toxic in creating a “false sense of warmth” that masks underlying power dynamics. In terms of achieving results, the cool boss act leads to inconsistent or unclear expectations, fueling anxiety among staff. And when negative feedback is necessary, the cool boss dropping the mask can come as a shock to their subordinates.

Many millennial managers report difficulties in setting clear boundaries with their teams as they struggle to code-switch from friendly to authoritative as situations demand. Setting boundaries is further complicated by generational shifts: Younger employees, particularly Gen Z, also favor fluid boundaries and a flat hierarchy, sometimes intensifying the ambiguity around roles and expectations.

While Zhao did not comment directly on the so-called cool boss meme, he said millennial managers are walking an “extremely tough line right now.” Millennials are supposed to be at the peak of their career, but many are also taking care of kids, parents, even elder family members. “On the care aspect,” Zhao said, “there’s been a lot of discussion, especially since the pandemic, on the gaps … in the American economy today.”

Are you a millennial who’s a manager, or do you have a millennial for a manager? Fortune would love to hear from you: get in touch at nick.lichtenberg@consultant.fortune.com.

For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. 



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Connecticut cashes in on Hallmark Movie status to drive kitschy Christmas tourism boom

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“Christmas at Pemberly Manor” and “Romance at Reindeer Lodge” may never make it to Oscar night, but legions of fans still love these sweet-yet-predictable holiday movies — and this season, many are making pilgrimages to where their favorite scenes were filmed.

That’s because Connecticut — the location for at least 22 holiday films by Hallmark, Lifetime and others — is promoting tours of the quaint Christmas-card cities and towns featured in this booming movie market; places where a busy corporate lawyer can return home for the holidays and cross paths with a plaid shirt-clad former high school flame who now runs a Christmas tree farm. (Spoiler alert: they live happily ever after.)

“It’s exciting — just to know that something was in a movie and we actually get to see it visually,” said Abby Rumfelt of Morganton, North Carolina, after stepping off a coach bus in Wethersfield, Connecticut, at one of the stops on the holiday movie tour.

Rumfelt was among 53 people, mostly women, on a recent weeklong “Hallmark Movie Christmas Tour,” organized by Mayfield Tours from Spartanburg, South Carolina. On the bus, fans watched the matching movies as they rode from stop to stop.

To plan the tour, co-owner Debbie Mayfield used the “ Connecticut Christmas Movie Trail ” map, which was launched by the wintry New England state last year to cash in on the growing Christmas-movie craze.

Mayfield, who co-owns the company with her husband, Ken, said this was their first Christmas tour to holiday movie locations in Connecticut and other Northeastern states. It included hotel accommodations, some meals, tickets and even a stop to see the Rockettes in New York City. It sold out in two weeks.

With snow flurries in the air and Christmas songs piped from a speaker, the group stopped for lunch at Heirloom Market at Comstock Ferre, where parts of the Hallmark films “Christmas on Honeysuckle Lane” and “Rediscovering Christmas” were filmed.

Once home to America’s oldest seed company, the store is located in a historic district known for its stately 1700s and 1800s buildings. It’s an ideal setting for a holiday movie. Even the local country store has sold T-shirts featuring Hallmark’s crown logo and the phrase “I Live in a Christmas Movie. Wethersfield, CT 06109.”

“People just know about us now,” said Julia Koulouris, who co-owns the market with her husband, Spiros, crediting the movie trail in part. “And you see these things on Instagram and stuff where people are tagging it and posting it.”

Christmas movies are big business — and a big deal to fans

The concept of holiday movies dates back to 1940s, when Hollywood produced classics like “It’s A Wonderful Life,” “Miracle on 34th Street” and “Christmas in Connecticut,” which was actually shot at the Warner Bros. studios in Burbank, California.

In 2006, five years after the launch of the Hallmark Channel on TV, Hallmark “struck gold” with the romance movie “The Christmas card,” said Joanna Wilson, author of the book “Tis the Season TV: The Encyclopedia of Christmas-Themed Episodes, Specials and Made-for-TV Movies.”

“Hallmark saw those high ratings and then started creating that format and that formula with the tropes and it now has become their dominant formula that they create for their Christmas TV romances,” she said.

The holiday movie industry, estimated to generate hundreds of millions of dollars a year, has expanded beyond Hallmark and Lifetime. Today, a mix of cable and broadcast networks, streaming platforms, and direct-to-video producers release roughly 100 new films annually, Wilson said. The genre has also diversified, with characters from a wider range of racial and ethnic backgrounds as well as LGBTQ+ storylines.

The formula, however, remains the same. And fans still have an appetite for a G-rated love story.

“They want to see people coming together. They want to see these romances. It’s a part of the hope of the season,” she said. “Who doesn’t love love? And it always has a predictable, happy ending.”

Hazel Duncan, 83, of Forest City, North Carolina, said she and her husband of 65 years, Owen, like to watch the movies together year-round because they’re sweet and family-friendly. They also take her back to their early years as a young couple, when life felt simpler.

“We hold hands sometimes,” she said. “It’s kind of sweet. We’ve got two recliners back in a bedroom that’s real small and we’ve got the TV there. And we close the doors off and it’s just our time together in the evening.”

Falling in love again… with a state

Connecticut’s chief marketing officer, Anthony M. Anthony, said the Christmas Movie Trail is part of a multipronged rebranding effort launched in 2023 that promotes the state not just as a tourist destination, but also as a place to work and live.

“So what better way to highlight our communities as a place to call home than them being sets of movies?” he said.

However, there continues to be debate at the state Capitol over whether to eliminate or cap film industry tax credits — which could threaten how many more of these movies will be made locally.

Christina Nieves and her husband of 30 years, Raul, already live in Connecticut and have been tackling the trail “little by little.”

It’s been a chance, she said, to explore new places in the state, like the Bushnell Park Carousel in Hartford, where a scene from “Ghost of Christmas Always” was filmed.

It also inspired Nieves to convince her husband — not quite the movie fan she is — to join her at a tree-lighting and Christmas parade in their hometown of Windsor Locks.

“I said, listen, let me just milk this Hallmark thing as long as I can, OK?” she said.



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Alphabet poised for another paper gain as SpaceX valuation jumps

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Alphabet Inc. is set to book another sizable paper gain after SpaceX completes a tender offer that effectively values the closely held company at about $800 billion.

SpaceX’s insider share sale was priced at $421 a share, Bloomberg reported Friday, which would mark a sharp jump in valuation from earlier secondary transactions. That is likely to lift the carrying value of Google’s long-standing investment in Elon Musk’s rocket and satellite company. 

Alphabet, Google’s parent, has been an investor in SpaceX since at least 2015, when it joined Fidelity Investments in a $1 billion funding round for a combined stake of about 10% at the time, Bloomberg has reported.

A representative for Google declined to comment, citing their policy of not disclosing or commenting on individual private holdings. 

A similar revaluation boosted Alphabet’s earnings earlier this year. In April, the company disclosed an $8 billion unrealized gain tied to its investment in a private company — widely understood to be SpaceX — after a tender offer late last year valued the company at about $350 billion. That gain helped lift Alphabet’s net income for the March quarter above Wall Street expectations.

While Alphabet does not name individual private holdings in its financial filings, changes in SpaceX’s valuation have previously flowed through earnings as “unrealized gains on non-marketable equity securities.” 

With SpaceX’s latest tender implying a much higher valuation, investors will be watching Alphabet’s next earnings report for signs of another accounting boost.

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Twelve people killed in Bondi Beach Hanukkah terror attack

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Twelve people have been killed in Australia’s worst terrorist attack, as gunmen opened fire on Jewish people who had gathered to celebrate the first day of Hanukkah at Sydney’s iconic Bondi Beach on Sunday evening. 

The shooting was a “targeted attack” on the Jewish community, Australian Prime Minister Anthony Albanese said at a late-night press conference. He described the incident as an “act of evil anti-Semitism, terrorism that has struck the heart of our nation,” and flagged an uncompromising crackdown on anti-Semitism. 

“We will eradicate it,” he said. 

Australia’s Jewish population was estimated to be 116,967 in 2021, one of the world’s 10 largest. Bondi, in Sydney’s eastern suburbs, is among key Jewish communities in the nation. 

One of the gunmen is dead and a second is in a critical condition in the hospital, New South Wales Police Commissioner Mal Lanyon told reporters at a media conference, where he designated the incident as a terrorist attack. At least 29 people, including two police officers, were injured and taken to hospitals across Sydney, he added. 

The incident is Australia’s deadliest mass-shooting since a lone gunman killed 35 people at Port Arthur in Tasmania on April 28, 1996.  

“There are nights that tear at our nation’s soul,” Albanese said. “In this moment of darkness, we must be each other’s light.”

The gunmen opened fire just after 6:45 p.m. local time as more than 1,000 people attended the Chanukah by the Sea event on a warm summer evening. 

One of the victims said he only arrived in Australia in recent days from Israel, where he had lived for 13 years, to help the Jewish community in Sydney cope with anti-Semitic incidents. Speaking with Channel Nine television, his face bloodied and head swathed in bandages, he said the community would pull even closer together in the wake of the shootings.

The Australian Broadcasting Corp. showed footage of two black-clad gunmen firing on people from a footbridge near the beach. In another unconfirmed clip, a bystander is shown tackling and disarming one of the gunmen — actions that New South Wales Premier Chris Minns described as genuinely heroic, saying the intervention likely saved many lives. 

An improvised explosive device was found in a car linked to the dead offender, Police Commissioner Lanyon said. Police are also investigating whether there was a third offender, he said. 

Mike Burgess, director-general of the Australian Security Intelligence Organisation, said the national terror level rating remains at “probable” despite Sunday’s incident.

Israeli Foreign Affairs Minister Gideon Sa’ar said the shootings “are the results of the anti-Semitic rampage in the streets of Australia over the past two years,” adding that “the Australian government, which received countless warning signs, must come to its senses!” 

Speaking at an event recognizing the extraordinary achievements of immigrants to Israel at the President’s Residence in Jerusalem, Israeli President Isaac Herzog said the shooting was a “cruel attack on Jews who went to light the first candle of Chanukah on Bondi Beach.”

Several synagogues in Australia, along with Jewish businesses and homeowners, have been targeted following the outbreak of the conflict in Gaza triggered by Hamas’s Oct. 7, 2023, attack on Israel. 

In October last year, two masked men torched Lewis’ Continental Kitchen in Bondi after dousing it with accelerant. The following month, assailants sprayed anti-Israel graffiti and set a vehicle alight in Woollahra — a suburb with a large Jewish community — damaging more than 10 cars and several buildings.

Last December, offenders broke into the Adass Israel Synagogue in Ripponlea, Victoria, and spread accelerant in what police described as a probable terrorist attack. Days later, another graffiti-and-arson attack targeted a street in Woollahra that perpetrators selected because it was considered a Jewish area.

Around the same time, about 20 members of a neo-Nazi group gathered outside a Melbourne government building with a banner reading “Jews hate freedom.”

This year, Albanese said Australia uncovered intelligence that Iran’s Islamic Revolutionary Guard Corps directed at least two of last year’s arson attacks — including the Bondi restaurant and Melbourne synagogue incidents — prompting Canberra to expel Iran’s ambassador, its first such move since World War II.

Gun Crimes

The Bondi attack has refocused attention on gaps in Australia’s gun-control framework, a system often cited internationally as a model. However, it’s still marked by uneven implementation.

A January report from the Australia Institute found that all states and territories fell short on core benchmarks for effective oversight, including transparent data reporting and limits on how many firearms an individual can legally own.

The Australia Institute report also showed how concentrated gun ownership has become: the average license holder owns more than four firearms, and two residents in suburban Sydney hold upward of 300 each.

Using scorecards to rank jurisdictions on measures such as ownership caps and data availability, the Institute assessed New South Wales — home to Sydney — as the strongest performer on transparency, even as broader national shortcomings persist.



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