An Aging Workforce: Shifting from Problem to Potential

Transcription

1 An Aging Workforce: Shifting from Problem to Potential Kate Schaefers Tracy Godfrey April, 2012 Schaefers & Godfrey April,

2 Session Topics Demographic shifts in the workplace New models for work and retirement Importance of work to individual & society Career paths/runways Possibilities for what s ahead in this new environment Schaefers & Godfrey April,

3 What Do We Mean By Retired.what words and images come to mind? Schaefers & Godfrey April,

4 What does 60 look like? Schaefers & Godfrey April,

5 A Change Is Gonna Come 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 Population Workforce Work Bond Schaefers & Godfrey April,

6 100.0% 90.0% 80.0% Workforce Trends, The percent over age 55 more than doubles; The percent age declines 11.9% 13.1% 19.5% 24.6% 70.0% 60.0% 50.0% 40.0% 70.2% 71.1% 66.9% 62.9% 55 and older 25 to to % 20.0% 10.0% 0.0% 17.9% 15.8% 13.6% 12.5% Schaefers & Godfrey April,

7 Aging Workforce Population Workforce Work Workers over 50 are a growing portion of the workforce (now more than 30%) Labor force participation of those 55+ is increasing More people are working past age 65 (now 18%) In the U.S. from 2006 to 2016, workers 65+ will be the fastest growing age group (+84%); ages is next(+37%); workers will decrease by 7%; Minnesota trends show this same pattern. If trends continue, adults age 55 & up will be 25% of the workforce in Schaefers & Godfrey April,

8 Retirement New Realities One in five retired are working, some full-time No longer a stopping point People WANT and often NEED to work Most people expect to work in retirement but probably in a different way Schaefers & Godfrey April,

9 Von Bismarck Germany Social Security Act of 1935 Sun City History of Retirement 1900 s 1930 s 1960 s TODAY Schaefers & Godfrey April,

10 What are the Rewards Of Working? Love and work are the cornerstones of our humanness. ~ Sigmund Freud Schaefers & Godfrey April,

11 Working More than Financial 11 Promotions less important Want Work that: Is Aligned with Talents & Values Continued Learning Flexibility and Autonomy Source: Erdogen et all (2011). Industrial & Organizational Psychology Schaefers & Godfrey April, 2012

12 Keys to Ideal Job 1. Personal & Professional Development Use talents & skills, give back, 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) AARP Survey of Workers over 50 Schaefers & Godfrey April,

13 A New Stage Has Emerged 1900 Now 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 remain active, healthy Schaefers & Godfrey April,

14 New Stage Models include Work Engaged Aging Giving Back Impact & Meaning Schaefers & Godfrey April,

15 An Aging Population - Crisis? Finances - Lack of Financial Security for Boomers Labor Shortages Brain Drain Burden - on healthcare systems Drain- Social Security, Medicare, other Social Service programs Strain - families & society caregiving Godfrey & Schaefers April,

16 Aging Workforce Opportunity? Person improved finances, health, wellbeing when engaged Employer alleviate labor shortages, retain talent, transfer of knowledge Government extend life of social security, medicare, lower health care costs Society improved health, communities, utilization of labor, productivity, economic growth Godfrey & Schaefers April,

17 Encore Career Movement Purpose Driven Work in the Second Half of Life. Combines Income, Meaningful Work, and Social Impact Employment in social service, education, government, health, environment Schaefers & Godfrey April,

18 The Numbers Estimated 9 million people have already moved from midlife careers to Encore careers. This represents 9% of the age population in the U.S. Additional 31 million people were interested in Encore Careers. Source: Encore Career Choices 2011 Schaefers & Godfrey April,

19 Projected Labor Market Growth in Social Sector by 2018 Health Care & Social Assistance (3.9 million) Educational Services (806,000) Nonprofit Community & Religious Organizations (379,000) Performing Arts (9,000) Museums (29,000) Government (1.6 million) Schaefers

20 Are Organizations Ready? Organizations have not focused adequately on: Analysis of workforce demographics Planning for aging workforce Training for generational diversity Developing strategy for recruitment & retention National Study of Business Strategy and Workforce Development (2007) Schaefers & Godfrey April,

21 Rethinking Work Career Ladder vs. Career Lattice Defined Steps Moving Up Moving laterally - In & out of fields Schaefers & Godfrey April,

22 Rethinking Ways To Work Career continuity Keep working where you are Recombinant Career combine skills to use in a new way, in a new setting Career changer back to school, training or apprenticeship or internship to move into a new field Encore career work that combines meaning, social impact, and a paycheck Entrepreneurial start a new business or nonprofit Volunteer or community roles unpaid but meaningful work Schaefers & Godfrey April,

23 Workers: Pathways to New Work Formal Education Return to school Obtain a credential Informal, On-the-job Learning Stretch assignments to strengthen skill sets Crafting Experiments (Ibarra s concept of Working Identity) Volunteering, civic engagement Explore an internship Alternative Work Engagements Project assignments Temporary, flexible work arrangements Rebranding Understand and build on transferrable skills Schaefers & Godfrey April,

24 Need More ON-RAMPS to Career Transition Targeted Training Programs Flexibility in Structure of Work Creative HR Approaches Experiential Learning Schaefers & Godfrey April,

25 Second Half of Life A Coaching Process Clarify Identity Develop Vision Create Plan Take Action Schaefers & Godfrey April,

26 Clarify Identity Who am I at this point in my life? What are my TALENTS? What are my INTERESTS? What kind of work INSPIRES and ENGAGES me? Schaefers

27 Develop Vision What life do I want to live at this point? What are my PRIORITIES? What are my NEEDS? What kind of work IS POSSIBLE for me? The Japanese Bridge By Claude Monet Schaefers & Godfrey April,

28 Create Plan How do I get there? What are my GOALS? What PATHS will get me there? What EXPERIMENTS might help? What do I need to GET STARTED? Schaefers & Godfrey April,

29 Take Action How do I make change happen? What RESOURCES do I need? What SUPPORTS can I develop? Where are BARRIERS? How can I MAINTAIN momentum? Schaefers & Godfrey April,

30 Hurdles for Older Workers Marginalized Perception of being overqualified Passed over for training & assignments Challenges in reemployment Age discrimination, ageism Unintended consequences of policies Boomer Backlash tensions and misperceptions among generations Schaefers & Godfrey April,

31 Advice for Employers to Attract & Retain Older Workers Structure Work for Meaning Build Supportive Cultures Focus on Nimble Workforce ( talent on demand ) Embrace Career Lattices, Redefined Roles Shape Rewards for the Work that is Done Schaefers & Godfrey April,

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