Where Did Everybody y Go?

Transcription

1 Where Did Everybody y Go? Retaining Boomers and Their Knowledge A Practical Response Presented by: Kathryn W. Davanzo, SPHR President, Pelorus Leadership Group, Inc. President, CODA Partners, Inc. HR Florida Workforce Readiness Chair kdavanzo@peloruslead.com

2 Boomers Are Once Again Changing the World Retirement Retiree Older Worker Baby Boomer

3 Like it or not, the most predictable surprise of the 21 st century is that a major retirement wave is about to hit most industrialized countries. MetLife Mature Market Institute

4 Not only will older The Bad workers be exiting in News record numbers, but there also will be fewer middle aged workers to replace them. MetLife Mature Market Institute- 2007

5 Only 12% of HR Managers said knowledge The Bad News retention is a high priority it in their organization Monster Survey, 2006

6 Nearly 4 in 10 workers between the ages of 50 and 64 plan to continue to work beyond retirement t age. Chartered Institute of Personnel and Development Survey The Good News

7 31% of respondents who planned to retire at 65 would reconsider if their employers allow them to work flexibly. Chartered Institute of Personnel and Development Survey The Good News

8 More than 75% of baby boomers have no intention of seeking a traditional retirement. The Merrill Lynch Retirement Study The Good News

9 Why is this news important to baby b boomer? 1. Living i longer and healthier hi 2. Economics realities Cost of fhealth lhcare Inadequate retirement savings 3. Need for social interaction 4. Need for meaning They are able to and/or they need to!

10 Why is this news important to employers? 1. Turnover trend may increase exponentially 2. Recruiting costs and time will increase 3. The next generation is smaller 4. Transfer of knowledge to new workers 5. Multigenerational l issues 6. Supervision issues

11 Where is this news? Industries Professions 1. Aerospace 1. Engineers 2. Education 2. Middle Managers 3. Energy 3. Nurses 4. Government 4. Scientist 5. Healthcare 5. Skilled Trades 6. Manufacturing 6. Teachers

12 Where is this news? Education The simultaneous increase in student enrollment and retirement eligible teachers has contributed to the nationwide teacher shortage. National Council on Teacher Retirement

13 Where is this news? Education 29% of K-12 teachers in the US are over 50. US Department t of Education, 2000

14 Where is this news? - Government nearly half of all supervisors and nearly 40% of all government employees expected to retire by the year 2016 T&D, April 2008

15 Where is this news? - Healthcare Within the next 10 years, the average age of RNs is forecast to be 45.4 years, an increase of 3.5 years over the current age, with more than 40 percent of the RN workforce expected to be older than 50 years. By the year 2020, the RN workforce is forecast to be roughly the same size as it is today, falling nearly 20 percent below projected RN workforce requirements. Peter Buerhaus of Vanderbilt University 2004 in Health Affairs

16 Where is this news? - Manufacturing 40% of managers in US auto manufacturing will be eligible to retire within the next five years. Deloitte Research Study, 2005

17 Is this news in your company? 1. Who is/will soon be eligible to retire? 2. Who is/will likely retire? 3. Where do these people work geography? 4. What do these people p do critical jobs? 5. What do only these people know?

18 Older Workers Categories Age 55+ Mature Workers with financial resources Mature Workers- without financial resources Working Retired Traditional Retirees

19 What Will Influence Them to Stay New Work Schedules Different Work Responsibilities Alternative Roles A Change in Employment Statue Benefits Challenge Them Ergonomics and Accommodations

20 How Can You Make It all Good News! Downsizing Large Boomer Employee Group Growing Large Boomer Employee Group Downsizing Small Boomer Employee Group Growing Small Boomer Employee Group

21 What Will Influence Them to Stay Work Schedules Work Schedules Flex time Flex hours Flex days Flex weeks Flex seasons Reduced hours Compressed weeks Telecommute

22 What Will Influence Them to Stay New Roles Historian, Technical Writer (documenter), Mentor, Trainer, Project Leader Older workers often tell me they d be glad to teach from their experiences, but they don t know where to begin or how to make sure they re effective. They need tools and a process they can follow, plus some way of measuring their success. Steve Trautman, Teach What You Know

23 What Will Influence Them to Stay Relationship to Employer: Part-time time Substitute Volunteer Contractor t Consultant

24 What Will Influence Them to Stay Benefits: Pension/Saving Plans Health Care Long Term Care Time Off

25 What Will Influence Them to Stay Challenge Them: New career tract Training Special projects

26 What Will Influence Them to Stay Ergonomics & Accommodations Lighting h i Lifting Hearing Traveling

27 Our Challenge Retain high performing older workers longer. Transfer and retain critical knowledge. Transfer and retain historical knowledge. Create positive transitions for retirement. Recruit older workers. Get out of your box! Get creative!