Posts Tagged working longer

Budget bonanza for employers of baby boomers – or is it?

The recent Australian Federal Budget decision to reward employers of mature age workers with $1000, generated a bunch of articles in mainstream and industry press about mature workers – the barriers and the opportunities. Given our 10 year focus on the risks and challenges posed to organisations by this demographic shift  in the workforce, we are avid absorbers of all research and commentary. We would love to read something more ground breaking and insightful than a regurgitation of the barriers of discrimination, the inevitability of retirement and the general assumptions about mature workers . That said, anything that keeps mature workers firmly on the agenda is good. But in the words of Elvis, “a little less conversation, a little more action please”.

Here are our suggestions for actions and a more thoughtful approach:

  • Don’t treat ‘mature age workers’ as an homogeneous group; within this demographic there is a raft of diverse needs and ambitions. Are they long term unemployed? Are they wanting to ‘downsize’ their work responsibilities? Do they want a more flexible role? Do they want a complete career change? Are they seeking a portfolio of a career? Do they need less physical load in their role? Do they simply need more time to address caring responsibilities? Are they experts in their field whom you need to retain for their knowledge?
  • As an employer, how can you redesign roles that suit the needs and ambitions of the mature age worker you want to retain or employ?
  • As an employer, how are you supporting your current mature age workers to make decisions about their future work and retirement plans? Unless we challenge the assumption of retirement and create options for work beyond the traditional age of retirement, we won’t be successful in increasing workforce participation for this demographic. Take a look at Envisage for instance!
  • As a mature age worker, what are you doing to stay connected and current and marketable to future employers? There is plenty of free and low cost help available to help you shape your approach to your career.
  • As a manager, what deeply held stereotypes do you adhere to when thinking about employing or retaining a mature worker? What are you doing about shifting those and what will you miss out on if you don’t?

By all means, reward employers who employ mature age workers. But if they haven’t done some of the groundwork as mentioned above, it could be $1000 bucks down the drain.

Here are some of the better articles we’ve read lately – enjoy.

Adage - Mature workers feeling the love in Swan’s budget for battlers (an excellent breakdown of what the government is offering)

The Advertiser – Older workers not the retiring type (a positive article on working longer)

Human Capital Magazine – Mature age workers – added extras at no extra cost! (the argument for employing mature age workers)

Saipan Tribune (US) – Age, appearance and attitude (tackling some elephants in the room)

On-Line Opinion – Hiring older Australians – Lessons from Singapore (a compelling argument for how the money might have been better spent with better returns)

 

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The twilighters emerge….

Twilighters, people aged 63 and above, have emerged as the fastest growing workforce segment group according to the May 2012 MyCareer Employment Forecast.

I’m not sure I would ever want to be called a ‘twilighter’ – but we’ll gladly add it to our wonderful list of euphemisms for ‘mature age workers’. What’s interesting about this report is the changing face of the workforce. The number of working people aged 63 and over has doubled in the last 15 years. It would seem that ‘twilighters’ aren’t simply a group of people ‘waiting to retire’ or trapped in a ‘work forever’ cycle. People are choosing to work longer and differently – for all sorts of reasons. This is THE fastest growing workforce segment group – faster than the Gen Ys!

So – five questions for employers might be:

  1. What are you doing differently in your workplace to ensure that you employ your fair share of ‘twilighters’?
  2. How would you attract a ‘twilighter’ to your workplace?
  3. What training ,development and support would you provide a ‘twilighter’?
  4. How will you retain your current employees so that they share the ‘twilight’ of their career with your organisation, rather that somewhere else?
  5. Is it age or attitude that matters?

Organisations that have planned and invested in mature age workers already will be the ones that benefit from this dynamic workforce segment.

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Solutions for mature age workforce participation

The Australian Human Resources Institute have just released a their  pulse survey findings about mature age workforce participation. It’s a neat snapshot of the sentiments of 1212 AHRI members. No surprises, but it confirms Sageco’s findings over the last seven years.

Here are some of the key points with our ideas for solutions:

  • Just under half the respondents said the departure of older workers from their workplace has caused a loss of key knowledge or skills.
  • Approximately 20% report that the departure of older workers has caused the organisation to be less competitive.
  • More than 80% would like to see steps taken to retain older workers.

(Sageco’s Exchange program provides a strong framework for transferring knowledge between workforce generations and developing older workers as knowledge coaches. It distils the critical knowledge requirements, bolsters natural knowledge sharing and enables the intentional transfer of knowledge before older workers choose to retire. In fact, older workers may choose to continue working albeit differently – with a key component of their role as a knowledge coach.)

  • Over two thirds or respondents believe the retention of older workers would benefit productivity.
  • More than 75% see retaining older workers as a necessary precaution against the sudden loss of essential knowledge and skills.

(Sageco’s Envisage program is a visible, tangible way to support mature workers making work and retirement decisions. If you seriously want to retain mature workers, you need to support them as they plan for their career, their finances, health and relationships. Help them answer the question, “If not retirement, then what else?” Help your mature workers create a positive and productive future.)

Thank you to AHRI for providing the snapshot about this much discussed issue. This data cannot be ignored. Compare the cost of proactive investment in your current mature employees to the cost of recruiting, replacing, losing knowledge and losing competitiveness. Take action now.

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Three reasons why organisations should support retirement planning

Envisage - Create your future

Envisage journal for retirement, redeployment, career management plannign

In HR Daily today, I was asked ‘When should you talk to employees about retirement?’ It’s never too early, but we would recommend that by the time employees turn 50, their performance development review conversations should include the topics of future work intentions and retirement conversations. And organisations should be actively supporting their decision making about the future. Why?

  1. Forward planning allows for enough time to transfer knowledge. There is an opportunity to shape a mature employee’s role to support knowledge sharing activities.
  2. The more support a mature employee has in making work and retirement decisions, the more likely they are to experience a positive and productive career.
  3. By having a timely conversation about future working intentions, you may retain that mature employee for longer. They may work differently, but you can reduce recruitment and training costs and minimise knowledge risk.

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65 ain’t 65 anymore

Just as 40 is the new 30, 65 ain’t 65 anymore

writes Greg Jericho in The Drum Opinion yesterday.

Last week the Daily Telegraph ran a front page story with the cheery headline “Graveyard Shift“, bemoaning that mature workers are being ‘forced’ to work longer. Not so, says Jericho. The facts support this counter argument, we are living longer healthier lives and mature workers have been steadily ‘working longer’ since 1983. A trend quite removed from the impact of the GFC and stock market fluctuations.

we should not be running front page stories about older people having to work, we should be running front page stories about what governments and employers are doing to encourage and help those over 65 to work

SageCo echoes these sentiments in an article published by Human Capital Online last week, sharing data gained from over 2500 mature workers in the past year on their future working intentions.

It comes down to individual choice (and of course ability) to continue working. For choice to occur, there need to be options available. For options to be available, organisations need to focus on reshaping the way we work and create space for the conversation.

81% stated they would continue to work, if they could work differently. The problem is that the conversation is not taking place, said Monroe

It is integral for leaders to be talking to the mature members of the team, and gauging their future work intentions, not their ‘retirement intentions’, which sends the wrong message to the older workforce.

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