Integrating the Aging Workforce: Optimizing and Valuing Older Workers Throughout the Employment Life Cycle, Resulting in Maximum Business Impact

Transcription

1 Integrating the Aging Workforce: Optimizing and Valuing Older Workers Throughout the Employment Life Cycle, Resulting in Maximum Business Impact MT-SHRM Williamson County January 9, 2014

2 Your employees are getting older What are you going to do about it?

3 The Silver Tsunami By 2030, 72.1 million Americans over 65

4 The Tsunami is Coming

5 What s It Mean To You Over next 20 years, 78 million Baby Boomers eligible for retirement By 2020, 27% of age females and 8% 75+ females work By 2020, 35% of age males and 13% 75+ females work Boomers+ compromise 40% of workforce 50% or more in government sector Older employees in management and professional positions, sales 35 to 44 year olds declining by 19% First time in history U.S. has more older people (over 50) than younger people (under 21) Statistically not enough people to replace retirements Sources: The Future of the American Workforce, by Dr. Stephen F. Barnes, San Diego State University Interwork Institute. The Aging US Workforce: A Chartbook of Demographic Shifts, by Stanford Center on Longevity.

6 Biggest Hits The four largest industries healthcare, retail, manufacturing and education employ 44% of all U.S. workers and 46% of workers are age 55+ This represents 26 million retirements/ replacements in these four industries alone Source: The Aging US Workforce: A Chartbook of Demographic Shifts, by Stanford Center on Longevity.

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8 The Generations Years of Birth Name Characteristics 1901 to 1924 Greatest Generation Coming of age in Great Depression, WWII 1925 to 1942 Silent Generation Lucky Few, Too Young for WWII, Korean War 1943 to early 60s Baby Boomers Sharp increase in births, grew up in affluence, rejected or redefined traditional, materialistic Early 60s to early 80s Gen X Highly educated, active, happy, family-oriented Early 80s to early 2000s Millenials Civic minded, entitlement, narcissism, trophy kids Early 2000s to Present Generation Z or igen Digitial, connected, most diverse

9 Five Generations in Workforce by 2015

10 What s Your Mix?

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12 Benefits of Older Workforce Dedicated Punctuality Honesty Detail-oriented, focused and attentive Good listeners Communication skills Source: AARP Pride in job well done Organizational skills Efficiency and confidence Maturity Sets an example

13 Reward Experience Brain Drain Introduce as professionals, focus on strengths & what they can contribute, set stage for respect and value, hire in groups Mentorship Opportunities Educate on generational difference, coaching training, co-learning Marketing Pieces Does in reflect older workforce? Outcomes-Based Work Flexibility, focus on opportunities with specific outcomes and timelines, inclusivity on team Source: AARP Attracting Older Workers

14 Six AARP Recruitment Strategies Pay attention to words used in job postings Explain why interviewees didn t get job Train interviewers on assessing skills Ageism exists make sure it s not in your company Transferability of skills and experiences Avoid making assumptions Appeal to a broad customer base Use social media to find top talent Source: AARP

15 82% over 50 say they will work for pay in retirement 47% plan to retire later than expected When thinking about when to retire: 78% cited financial needs 75% health 68% ability to do their job Retirements 67% need for health insurance and employer benefits Source: Associated Press-NORC Center for Public Affairs Research

16 Retirement Predictions What s the retirement age in the U.S.? SSI at 65 Life expectancy at 78 25% say work until die (or at least 80) Too Sick to Retire Instability in Social Security and Medicare/ Medicaid Source: The Future of the American Workforce, by Dr. Stephen F. Barnes, San Diego State University Interwork Institute.

17 Workplace Modifications Slip and fall prevention Falls alone account for more than onethird of all injuries sustained by workers 65 and older, and it takes an older worker two to three times longer to recover from an injury than a younger counterpart. Ergonomics Ergonomic evaluations of workstations and workspaces can identify causes of fatigue and strain for older workers. Safe driving Death rates for work-related roadway crashes increase steadily beginning at around age 55, and older drivers (55 and above) are more likely than other drivers to have a crash at an intersection or when merging or changing lanes on a highway. Return to work Because claim statistics reflect a connection between increased healing time and age, there is a need for highly responsive return to work efforts for older workers. Source:

18 Rewirements Re-routing your energy into new activities that could include work, play, learning, and a variety of other experiences Not about filling time about fulfilling time AARP s Life Reimagined website Source:

19 Supporting Family Caregivers Economic Impact 1.65 million TN provide care to adult relatives Estimated at 1.08 billion hours per year at $11 billion value Physical and Emotional Impact 20-30% of family caregivers suffer serious health declines as a result Workplace Impact 87% made telephone calls for caregiving responsibilities from work 64% say they arrived late or left early 70% took time off because of their caregiving responsibilities 20% reduced their hours 16% quit their jobs 13% retired early. 56% developed health or stress problems that affected their work productivity. Source:

20 Presenteeism The estimated cost to employers for full-time employees with intense caregiving responsibilities is $17.1 billion, with the average cost per employee of $2,441. The total estimated cost to employers for all full-time, employed caregivers is $33.6 billion, with an average cost per employee of $2,110 Researchers say that presenteeism the problem of workers being on the job but, because of caregiving responsibilities, not fully functioning can cut individual productivity by one-third or more. In fact, presenteeism appears to be a much costlier problem than its productivity-reducing counterpart, absenteeism. And, unlike absenteeism, presenteeism isn t always apparent Source:

21 The Sandwich Generation

22 How do we help the Bologna? Offering flexible hours, paid sick time and family leave. Educating and training supervisors and managers about the needs of caregiving employees. Hosting on-site support groups. Referring employees to community-based caregiver resources. Providing access to discounted backup home care for emergencies. Offering multimedia training options and hands-on training at convenient times. Encouraging health care providers to play an active role in supporting family caregivers needs for information and training on the complex tasks they are expected to perform. Having plans and policies for issue, including crisis times Source: How Employers Can Help Their Caregiving Employees, CareGiving.com

23 Too Busy with Today

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25 The College of Professional Studies Questions or Comments: Dr. Charla Long, Dean 615/ office