The main purpose of this research was to explore and deeply understand the lived experience of Bank Melli managers regarding the phenomenon of career path displacement among Generation X, Y, and Z employees, and to present a conceptual model to explain this phenomenon within the studied organizational context. This study was conducted with a qualitative approach, within the interpretive paradigm, using a descriptive phenomenology strategy. Participants included managers of Bank Melli in Tehran, from whom 15 individuals were selected through purposive sampling based on criteria such as having at least five years of managerial experience and experience interacting with all three generations. Data were collected through semi-structured interviews and analyzed using the Colaizzi (1978) method. The trustworthiness of the data was ensured using the criteria of Guba and Lincoln (1985). The findings showed that from the managers' perspective, the meaning of career displacement for Generation X is primarily an "unavoidable deviation from stability and security," for Generation Y it is an "active search for fit, growth, and meaning," and for Generation Z it is a "default tool for exploration, optimization, and rapid adaptation." The pattern of career path navigation has also evolved from a "linear, stable, and intra-organizational" model to a "dynamic, experience-driven" model, and ultimately to a "fluid and tech-driven" model. These differences have created challenges in retention, intergenerational conflict, and structural problems, for which managers have proposed solutions at the attitudinal, managerial, human resources, and organizational levels. The lived experience of managers in this context emphasizes the need for a systemic revision of career management.