Generation gap or mindset difference?

Not sure you folks will agree with me, but people in IT especially the one's in senior positions (Director level) guys are running companies in 2024 but their thought process is somewhere stuck in the late 90's/early 2000's. They feel like what they have experienced or what they have been through is applicable in the current generation too. Be it from the perspective of working long hours or when having discussions around respectable increments/promotions. If we start giving them reasons as to how things are not working out they will end up going like "In our times it was difficult to get even 8% hike, We worked extra hours, we had limited access to technology etc etc". How hard is it for them to realise that we live in the 21st century? Things have changed rapidly in the past 15-20 years from when they were working in the market. It's difficult to even convince them on anything as they have already made up their mind on how world was working, how it should work and how it will work in the future. Hope I was clear enough, but this is a serious problem in today's MNC (Sadly in some of the well performing startups)