Tapping talent aging workforce

Tapping the Talent of
an Aging Workforce

Tracy Godfrey
Kate Schaefers
TCHRA
June 1, 2012
Godfrey & Schaefers June, 2012 1

Session Overview:
• Changing Demographics
• New Models of Retirement
• Boomer Motivation
• Value Of Older Workers for Organizations
• Finding the Sweet Spot: Win-Win for
Employees and Organizations


Changing Demographics

Bringing It
Home:
Workplace
Profile


Population

“A Change Is Gonna Come” Workforce
Work
Bond

Aging Population
• Boomers are approaching retirement and people
are living longer
Aging Workforce
• The workforce is older & people are working longer
Work Itself Is Changing
• More Knowledge Economy – vs. Manufacturing
Loosening the Employer/Employee Bond
• From lifetime employment to “free agents”

Workforce Trends, 1990 - 2020
The percent over age 55 more than doubles;
100.0%
The percent age 16 – 24 declines
11.9% 13.1%
90.0% 19.5%
24.6%
80.0%

70.0%

60.0%

70.2% 55 and older
50.0% 71.1%
66.9% 25 to 54
62.9%
40.0% 16 to 24

30.0%

20.0%

10.0%
17.9% 15.8% 13.6% 12.5%
0.0%
1990 2000 2010 2020
U.S . BLS, Mar., 2012

Industries impacted by Age
Median Age of Employees by Industry Sector in the U.S.
48 47.1
46.5
45.8 46.2
46 44.9
44.1 43.7 44.5
44 43.0 43.0 43.3
42.1 42.4
42
41.6 41.3
40 41.0 40.7

38
38.0
36

34

32

30 31.2

Godfrey & Schaefers June, 2012 U.S . BLS, as of 2011 6

Age Is More a Factor for Some Fields
Farmers & Ranchers 55.9 Healthcare
Architects 46.7 • Physicians 46.3
Electrical Engineers 45.0 • Nurse Practicioners 46.9
Engineering Techs 46.5 • Med. Transcript. 50.7
Lawyers 47.2 • Health Srv. Mgrs 49.6
Education Cleaning & Maintenance
• Librarians 52.0 • Janitors & Cleaners 46.4
• Postsec. Teachers 45.7 • Maids & Hskeeping 45.2
• Teacher Assistants 44.9 Mail carriers 49.9
Aircraft pilots 49.0 Computer operators 48.9
Bus Drivers 52.6 Millwrights 49.3
Const/Bldg Inspector 50.7 Prec. Instr. Repairers 47.9
Hwy. Mntnc Worker 45.3 Tool & Die Makers 51.0
Boiler Operator 51.5 U.S . BLS, as of 2011
Godfrey & Schaefers •June, 2012 7

Business Trends - Surveys
• SHRM-AARP 2012 Study
– 430 randomly selected SHRM members
• Manpower 2006 Study
– 28,000 employers from 25 countries & territories
• Sloan Center on Aging & Work, BC
2009 Talent Management Survey
– 696 US organizations representing 10 leading sectors
of the economy, data from HR directors or CEO’s.


How Concerned are Companies?
• Sloan Study: 40% of employers projected that the aging of
their workforce would have a detrimental impact on their
business.

• SHRM/AARP survey: 72% saw loss of talent due to older
workers leaving/retiring as a “problem” or “potential
problem”

• Manpower Conclusion:
“The potential loss of productivity and intellectual capital
could have a devastating impact on many businesses
that are currently unprepared to adapt to the new
realities of the aging workforce.”

What are Companies Doing?
• Demographic Analysis
– Just starting to look at fundamental age information
about their employees
– Most haven’t analyzed projected retirement rates

• Knowledge of Workforce Skills
– About half had NOT assessed anticipated skills needed,
or assessed competency sets of employees (Sloan).

~ Sloan Center of Aging & Work (2009) Talent Management Study


Corporate Spotlight:
Created modeling tool for
anticipating workforce needs
• Workforce segmentation (5 age & 10 job level)
• Calculates future head count by segment & level
for each business

Allows Dow to:
• Staff up key growth areas
• Identify knowledge management risks for retiring
employees
Harvard Business Review, 2010

Bringing It Home: Workplace Profile
• Analyze demographics of your workforce:
– Age distribution
– Turnover and retention rates, by age ranges

• Develop a “talent bank” of skills and expertise
• Conduct a Gap and Risk Analysis
– Where are vulnerabilities for losing talent?
– Segment risks: function, skill set, department, etc.

• Anticipate changes in HOW work is done
– Impacts of technology, Telecommuting, working virtually

• Forecast Future Talent Needs

New Models of Retirement

Bringing It
Home:
Expanding the
Talent Pool


What does “Retired” look like?


History of Retirement
Von Bismarck – Germany - 1883

Social Security Act of 1935

Sun City - 1960

1900’s 1930’s 1960’s TODAY

A “New Stage” Has Emerged
1900

Now

20 - 40 40 - 55 55 - 70 70 – 85+

Longer Lives, More Years in Middle
• On average, people live 18 years beyond 65
• Frail elder stage pushed out a decade or more
• People age 60-75 remain active, healthy


Retirement – New Realities

• 20% of those “retired” are
working, some full-time
• Retirement is no longer a
stopping point.
• People see work as part of
active retirement
Work continues– but probably in a different
way

Opportunity for Organizations

• Huge potential talent base
• Fit well with “talent on demand” way of
staffing
• Significant opportunity for meeting current
and future talent needs
– Get beyond case by case approach
– Link with engagement strategies
– Examine policies that support and interfere
– Go beyond retention – need recruitment too

Spotlight:
Lexington, KY

Flexibility & Career Coaching Program
- Mid and late career nurses
- Assessed skills & career needs
- Identified career direction
- Connected with existing resources

Improvements in retention, employee engagement,
succession planning & re-careering

Sloan Center, Case report, March, 2012


Bringing It Home:
Expanding the Talent Pool
• Help Employees Navigate the “New” Retirement:
Extend career assistance to “pre-retirement” phase. Talk
with employees about their plans.
• Educate recruitment specialists about older workers:
Ensure recruiters know how to engage older workers.
• Explore Ways to Translate Employee Needs into
Workforce Priorities
– Shift from “Job” to “Work” mentality
– Job redesign to expand options
– Assistance in transitioning in & out of the organization


Boomer Motivation
Bringing It
Home:
Boomers in a
Multi-generational
Workplace


Midlife – A time of New Perspective

“The real voyage of
discovery consists
not in seeking new
landscapes but
in having new eyes.”

~ Marcel Proust


Boomers’ View of Work
• Competitive • Desire to make a
• Experimental positive difference
• Personal fulfillment • Global awareness
• Challenge status quo • Acceptance of diversity
• Put one’s own stamp on and differences
things • Environmental
• Optimism, idealism stewardship

Shaped by key shared life experiences
at an “impressionable age”

Keys to Your “Ideal Job”
AARP Survey of Workers over 50
1. Personal & Professional Development
– Use talents & skills, give back and learn new things

2. Workplace Culture
– Friendly environment, relationships, respect

3. Flexibility
– Control - Flexibility on how to do work
– Options for part-time, time off, seasonal work

4. Finances
– Fair pay; Benefits; Pension; 401(k)


Motivating Boomers: Strategies
Connect Work with Purpose

Link Work with Corporate Mission

• Focus on Task significance
• Identify ways to give back
• Promote mentoring


Spotlight:
Armonk, NY

Transition to Teaching Program
- Assistance in teacher certification for IBM
mature workers
- Financial support & flexibility
- Restructured existing HR benefits
Promoted goodwill with employees, clients, & community
Higher morale, rates of retention, market positioning

Similar Examples: Intel, HP introduction of Encore
Fellows Program to transition into nonprofit careers

Offer Career & Professional Development

Commit to Developing Boomers
• Career Development
• Use Talents & Skills
• Life Long Learning
• Upgrade Skills


Spotlight:
Career Lattice Program
- Employees can customize careers
- Dial up or down, multidirectional career
paths
- Flexibility in Ways to work
- When, where, and how to work
- Many ways to Participate
- Flatter organization with more collaboration
& transparency


Strengthen Culture & Social Relationships
Build Strong Multigenerational
Cultures
• Friendly environment
• Relationships
• Respectful culture
• Meaningful teamwork
• Affinity groups for older workers


Wells Fargo Boomer Connection
One of Wells Fargo’s Employee Resource Groups
In its Diversity & Inclusion program
Mission
To address the challenges of the team members of the
vast Baby Boomer generation in order to retain team
members, transfer knowledge and experience at work,
prepare for better lifestyles after retirement and help Wells
Fargo succeed in the Baby Boomer market.
Goals:
1. Inclusive workplace and team member engagement
2. Talent development and professional growth
3. Community outreach
4. Business development and customer insight

Flexibility & Work-Life Balance
Shift from “job” to “work”

• Flexible Appointments
• Sabbaticals to recharge
• Contracting
• Consulting
• Downshifting
• Telecommuting
• Part time, seasonal



• Flexible Work Schedules
- Compressed work weeks
- Flexible hours
- Part time work

• Ways to Work
- When, where, and how to work


Targeted Benefits & Fair Pay
Compensation tied to Work

• Fair Pay over Promotions
• Access to Benefits
• Health care
• Retirement
• Choice of Benefits
• Elder care assistance


Spotlight:

AARP list of ‘Best Employer for Workers over 50

Benefits offered to all employees, but appeal to
workers 50+
• On-site medical center
• Wellness, fitness & recreation programs
• On-site education program
• Paid sabbaticals to experienced employees
• Comprehensive financial benefits
• Retirement planning tools

Bringing It Home – Boomers in a
Multi-Generational Workplace

• Find out what your mature workers want
– Surveys, focus groups, one-on-one discussions, incorporated into
individual development plans
– Personal vision: where do you see yourself in 5 years?

• Align with factors of the “ideal job”
– Meaningful work, continued learning, welcoming, part of a nimble
workforce, rewards for the work that is done

• Create an age-friendly environment
– Redefine career paths, working relationships
– Cross-generational teams, mentoring, knowledge-sharing
– Re-examine policies for unintended consequences


Value of Older Workers
Bringing It
Home:
Maximizing
Contributions &
Knowledge
Transfer
Source: FreeDigitalPhotos.net

Value of Mature Workers –
Edge in Basic Skills (SHRM/AARP)
• Communications: Writing and Speaking in
English, Reading Comprehension, Foreign
languages
• Technical skills: computer, engineering,
mechanical
• Math and Science
• Social science connections: Government,
economics, history, geography, arts, humanities


Value of Mature Workers –
Edge in Applied Skills (SHRM/AARP)
• Professionalism: Work ethic, responsibility,
social responsibility
• Thinking ability: critical thinking, problem-
solving, judgment, creativity/innovation,
information technology application
• Working in Teams: Teamwork, collaboration,
leadership
• Learning: commitment to lifelong learning, self
direction


Older Worker: Overcoming Myths
Myths Reality

• Not committed • Loyal, reliable
• Less productive • Work smarter
• Unable to learn • Deal with
new approaches complexity
• Inflexible • Able to compromise
• Not vigorous • Conscientious,
engaged

Older Worker: Real Challenges
• Marginalized in work discussions
• Passed over for training and new assignments
• Trivialized - Given routine or menial tasks
• Unemployment – difficulty getting back to work
• Age discrimination in employment & on the job
• Unintended consequences of HR policies
established for equitable and consistent practices
• “Age-ism” - Stereotypes, assumptions, attitudes
• “Boomer Backlash” – tensions and
misperceptions among generations

What are Companies Doing?
• Planning for Talent Transfer
– Developing succession plans (38%)
– Developing processes to capture institutional
memory/organizational knowledge (17%)
– Create new roles specifically designed to bridge a skill or
knowledge gap (9%)
• Making the Workplace Climate Age Friendly
– Adapt workplace to accommodate older workers (9%)
SHRM/AARP 2012 Survey


Spotlight:

Apprenticeship Program
Wayne, NJ Plant

• Manufactured surgical grafts & fabrics
• Highly skilled workforce, lack of succession plans
• Identified critical jobs
• Developed apprentice program training new staff
alongside experienced workers


Bringing It Home –Maximizing
Contribution & Knowledge
Transfer
• What would you miss if they were gone?
– Skills? Relationships with clients?

• What are skills gaps between your older and younger
workers?
• How can knowledge be transferred and wisdom shared
– Mentorships? Projects?

• HR policies and practices: Where barriers and hurdles,
even unintentional, exist that disadvantage older workers?
• What assumptions made about older limit opportunities?


Finding the Sweet Spot

Bringing It Home:
Win-Win for Employees
& Organizations
Get Ready for Success


Choose TWO Image Cards
1) Imagine your organization in
5 years. What would it look
like if it was truly
multigenerational, engaged,
and productive?

1) What barrier(s) might get in
the way of this being a
reality?


Reflection Questions
1. Describe the scene – what is going
on?
2. Why do you think you were drawn to
this particular image?
3. What thoughts do you have for how
to connect the image to the original
question?

Implications for HR Professionals

1. Changing Demographics – Workplace profile
2. Changing Thinking - Work, Retirement; “New
Stage” of Life
3. Understand Boomers and Generations in the
Workforce
4. Value Mature Workers in the Organization
5. Finding the Sweet Spot for Both Employees
and the Organization


About Us
Tracy Godfrey Kate Schaefers
is a seasoned HR Ph.D. LP, is owner of
professional with more Encore Life Planning.
than 25 years She is a licensed
experience, leading psychologist & certified
teams & consulting on retirement coach. She
recruiting and selection offers coaching and
for major Twin Cities corporations. consultation to individuals and
Tracy holds an MBA and Senior organizations on issues related to
Professional, Human Resources work in the second half of life. She is
(SPHR) certification. He is a member an adjunct faculty member at the
of the Leadership Group of the Vital University of St. Thomas Dept. of
Aging Network (VAN) Organization Learning and
Development and Graduate School
of Professional Psychology
tgodfrey4630@msn.com encorelife@earthlink.net

Link to Today’s Presentation
on SlideShare

http://www.slideshare.net/TracyGodfrey/
tapping-talent-aging-workforce/


Appendix


Examples from “Early Adapters”
• “Prime Time” – First Horizon – flexible work option of 20 to 32 hours/week - prorated pay
- retain full benefits, including health insurance (A)
• Fewer Hours – Fidelity – Recruits 55+ for part-time in peak hours (B)
▪ Flexible work schedules – General Mills R&D – Accommodations include compressed
work weeks, flexible hours, as well as part-time work (A)
• Flexible Location – Boston College – Telecommuting options for IT (B)
▪ “Retiree Casual” – The Aerospace Corporation – Re-hire retirees to work part-time to
1000 hr. pension limits–as consultants, proj. mgrs, indiv. contributors, etc. (A)
▪ “QUEST: Qualified Employees Seeking Transfer” – Cornell University (C)
▪ Special assignments/Job Rotation – for mobility & skill-building–Deere & Co
▪ Phased Retirement – Pitney Bowes Engr. Dept. – variety of shapes, including
condensed workweeks, telecommuting & reduced workweeks (B)
▪ Apprenticeship Program – Boston Scientific – Pair up highly-skilled veteran craftsmen
& apprentices for knowledge transfer and succession planning. (A)
▪ Retirement Planning Seminars – Weyerhaeuser – Paid time away for workers over
50 for a 3 day retirement planning workshop, with partners (e.g. spouses)(A)
• Cross-Generational Networking Circle – MITRE – for knowledge-sharing
• “Encore Fellows” – Civic Ventures pilot in S.F. Bay Area – Executives from For-Profit
sector working in Non-Profit assignments
• Boomer Connection – Wells Fargo resource group
A: MetLife; B: Sloan Center, Boston College; C: AARP Top 50 Employers

Resources
Civic Venture: www.civicventures.org Information on “encore careers”
SHiFT: www.shiftonline.org Local network supporting people in mid-life who seek
greater meaning in life and work
The Sloan Center for Aging and Work, Boston College:
http://www.bc.edu/research/agingandwork/
MN Governor’s Workforce Development Council – Older Workers
Workgroup: http://www.gwdc.org/committees/older_workers_workgroup/
MN career, education & job resource: http://www.iseek.org/ - Collaboration
between government (MN DEED) & education (MN SCU)
MetLife Mature Market Institute: www.metlife.com/mmi/
AARP Foundation – Worksearch site: http://foundation.aarp.org/WorkSearch/
“Encore: Finding Work That Matters in the Second Half of Life,” Marc
Freedman (Public Affairs Paperbacks, 2008)
“The Big Shift: Navigating the New Stage Beyond Midlife,” Marc
Freedman (Public Affairs Paperbacks, 2011)
“Working Identity: Unconventional Strategies for Re-inventing Your
Career,” Herminia Ibarra (Harvard Business School Press, 2003)
PBS: “Retirement Revolution”:
http://www.pbs.org/wttw/retirementrevolution/watch/ (Sep., 2009, 2 hr. program)


Talkin’ Bout My Generation
Key Experiences Shaped Boomers
Key events at an “impressionable age”:
• Movements for civil rights, • Greater awareness of
women’s liberation, gay environment and nature –
rights – inclusion of new “Earth Day” & more
groups in society & work • Experimentation
• Vietnam, Watergate, • A sense of optimism &
Questioning authority desire to change the
• Quest for personal World
fulfillment • Striving to stand out
among a large cohort
Basically: “Sex, Drugs & Rock ‘N’ Roll”
Note: some of this is mythical. For some, it didn’t happen

Popular Views of Generations
in the Workforce
Generation Seen As Seeking
Traditionalist Dedicated Work with substance
(1922 – 1945) Duty and service Chance to pass on what
Faith in institutions they know
Baby Boomer Competitive, Optimistic Work with purpose
(1946 – 1964) Hard-working Make a difference
Personal fulfillment focus Flexibility
Gen X Resourceful Opportunity to lead
(1965 – 1980) Self-reliant, independent Career flexibility for work-life
Skeptical fit
Millenial Pragmatic, realistic Experiences for growth
(aka Gen Y) Mobile, connected Fluidity in work-life
(1981 – 2000) Collaborative Ability to work anytime,
anywhere
Tolbize, “Generational Differences in the Workplace”, 2008

Tapping talent aging workforce

Recommandé

Recommandé

Contenu connexe

En vedette

En vedette (19)

Similaire à Tapping talent aging workforce

Similaire à Tapping talent aging workforce (20)

Dernier

Dernier (20)

Tapping talent aging workforce