Posts Tagged retirement

A level playing field

On Monday in her speech at the National Convention Centre in Canberra (‘Australia’s Welfare 2011′), Susan Ryan called for new visionary thinking when it comes to mature age workers.

We need to create a more fluid working environment where we are encouraged to keep learning at intervals throughout our life cycle – in a workforce that lets us move in and out – at any age, without penalty.

Today at an employer roundtable luncheon convened by The Age Discrimination Unit in conjunction with Sageco, The Commissioner was therefore encouraged and enlightened to hear from organisations doing just this.

Organisations in attendance were at various stages of their age management journey, from  building the business case through to showcasing Award winning strategies. Telstra, National Australia Bank, QBE, Service First, PepsiCo, TabCorp and 2disccover shared their thoughts, their challenges, their initiatives and the positive impact of their strategies with the group and members of The Australian Human Rights Commission team.

Catalysts for taking action were explored. What was it that made these organisations move forward in developing mature age strategies and solutions?

  • the data story – including a comparison of the average age of retirement within the organisation to the national average (59)
  • health and safety – in roles with a high level of physicality and an ageing workforce
  • knowledge loss – key people in the business retiring and taking with them critical know-how
  • a wave of premature retirements and the mention by one executive that he ‘didn’t want to drop dead two years from now!’

Attraction and recruitment. Why are more mature workers not breaking through to final offer stage?

  • a triple edged sword – successful placement requires a combination of marketable mature workers, age positive recruiters, and enlightened employers
  • over qualified – the assumption being made that an experienced worker is not prepared to ‘downsize’ in late career
  • ‘language’ – communication used in job ads by agencies and employers screening out mature workers at application stage

Retention. What are some of the triggers for retirement and how can organisations enable working longer, but differently?

  • unconscious bias – unearthing myths, assumptions and stereotypes residing amongst people leaders
  • conversations – enabling authentic conversations between mature workers and their people leaders
  • flexibility – throughout the life course, all ages, all stages
  • culture – creating an environment where mature workers feel valued and acknowledged for their experience

…and so much more!

Older workers have always been, and will continue to be, an important part of the Australian workforce. We are on the cusp of a vastly changing demographic, and it is now necessary for older workers to remain in the workforce to support Australia’s society and economy

- The Hon Susan Ryan, Age Discrimination Commissioner

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Monash Older Workers and Work Ability Conference

If you are after a hearty injection of all things ‘ageing workforce’ then the 2011 Older Workers and Work Ability Conference is not to be missed!

With The Hon. Wayne Swann providing the Opening Address and presentations by Professor Philip Taylor, Susan Ryan, Professor Juhani Ilmarinen, and SageCo’s own Alison Monroe, this conference is bringing together the leading international experts on older workers.

It will be a forum for the exchange of knowledge among policymakers, employers and researchers and others with an interest in workforce ageing.

The Older Workers and Work Ability Conference will be held at the Rendezvous Hotel, Melbourne, on the 12-13 December 2011. Find out more and register now

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The big tilt tittering

I lunched last Friday with 100 others or so at South Australia’s CEDA event ‘Population Crunch’. After seven or so years of quoting Bernard’s research, it was nice to chat with the man who coins media savvy terms like ‘man drought’. Bernard’s latest book ‘The Big Tilt’ is essentially about the crunch that occurs as we have more baby boomers leaving the workforce than Gen Ys entering it. Salt’s eloquent observations and generalisations provoked a bit of a titter in the room – many of them in the Baby Boomer demographic.

It’s not new news. But it does provide another perspective to consider the social impact of this phenomenon and what it means for the workplace and baby boomers in particular. Salt talked about the need to re-engineer the space that now exists between ‘traditional retirement’ and death – a period of what could be twenty to thirty years. With our workforce participation and workforce planning glasses on, it would seem in employers’ best interests to support baby boomers to ‘re-engineer that space’.

  • How to envisage life beyond the traditional retirement date
  • How to create a transition to retirement.
  • How to construct a portfolio career or lifestyle.
  • How to work longer but differently.
  • What actions to take about money, health, relationships and career

Baby boomers invented the concept of a ‘teenager’. I wonder in later life if they will invent a new name for that phase between traditional retirement and death. They may well do it with support from their employers.

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Susan Ryan, Age Discrimination Commissioner: Redrawing the picture

There is a buzz around the SageCo office as we eagerly anticipate the November launch of ENVISAGE – our new facilitated and online solution. ENVISAGE is an evolution of our popular Create program and takes a (very!) colourful and artistic view of retirement and planning in late career.

So with this in mind, Susan Ryan’s latest opinion piece strikes a chord as she speaks of ‘redrawing’ the mature age picture.

Recently appointed as Australia’s first dedicated Age Commissioner, Susan is already making her mark, recently putting forward a suite of proposals at the federal Government’s Tax Forum held in September.  The objective? To remove negative tax impacts on older Australians.

Getting rid of age barriers in super, workers compensation and income insurance would produce more productivity. If, in the near future, we can provide successful examples, put in place by forward-looking employers, we would have inspirational models for the broader workforce.

Age caps currently leave workers over 65 uncovered for workers’ compensation and income maintenance insurance. Not conducive to the current trend of working longer and deferring retirement.

The changes put forward by The Commissioner will support employers keen to benefit from the skills, experience, knowledge and loyalty of the mature workforce.

(Published in The Equality Law Reform Project, 10 October 2011)

 

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Baby Boomers – satisfied but overlooked

Mercer’s What’s Working survey declares that baby boomers are more satisfied with the work they do, less likely to leave BUT they are overlooked for career development and opportunities. Do you agree?

Sageco always encourages employers to actively support mature workers in their late career and retirement decisions. Sometimes it is the ‘assumption’ of retirement that is the greatest barrier to this. If you manage mature workers, then follow these three easy steps to ensure that they’re not being overlooked:

  • Have a conversation about their work and retirement intentions. Ask the questions, “What would you like the next ten years working here to look like?”
  • Encourage your mature workers to think about taking charge of their own career development.
  • Make sure that performance and development reviews are constructive and don’t assume that someone is ‘just going to retire soon’ because they are over 50.

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