Older Workers and Retirees as Volunteers: An Untapped Resource

Older Workers and Retirees as Volunteers: An Untapped Resource Bürgerengagement von Senioren June 25, 2010 Cologne, Germany Celina Pagani-Tousignant President, Normisur International Faculty, College Center for Corporate Citizenship, Center for Corporate Citizenship Deutschland Tecnológico de Monterrey Normisur International 2010

Agenda •  Time of Transformation •  Aging Process •  Retirement Plans •  Employment Patterns •  Corporate Volunteer Programs •  Best Practices: How to Engage Retirees Normisur International 2010

Older Workers Time of Transformation Normisur International 2010

What Name? Baby Boomers Older Workers Adult Experienced Workers Workers Older Citizens Veterans Senior Workers Traditionals Older Adults Mature Workers Normisur International 2010

How Old? •  45 and older •  50 and older •  55+ •  People in their 60s. 70s. 80s, and 90s •  65 and over Normisur International 2010

Changes in Society Percentage of population in U.S. ages 50 and older: 13% in 1900 27% in 2000 Over 35% in 2020 Source: Sloan Center on Aging & Work, “How Old Are Today’s Older Workers?”, 2005 Normisur International 2010

Labor Force Changes •  Past •  Present Percentage of older workers had Had most signiﬁcant increases in little impact on the age participation over a 30 year composition of labor force period U.S. older workers (45 and older) Labor force exit was predictable comprise 37% of labor force between ages (62-65) Half of working adults ages 50-64 may delay retirement 16% may never stop working Source: Sloan Center on Aging & Work, “Older Workers’ Preferences for Work and Employment”, 2009 Normisur International 2010

Dramatic Changes •  Older Workers: •  Aging process •  Retirement plans •  Employment patterns Normisur International 2010

Older Workers Aging Process Normisur International 2010

Aging Process •  Past •  Present Fear of growing old Added years longevity and health Negative perceptions Well-being and vitality Old age=role less Older workers want to keep Checked out learning, working, volunteering Time disengagement and contributing to society Want to live life to fullest Nursing home Employment is compatible with Depression and anxiety retired living Source: Sloan Center on Aging & Work, “Engaged as We age”, 2010 Normisur International 2010

Models of Aging: From Disengagement to Engagement Produc:ve Aging 1950 1960 2000 2010 1990 2005 Meaningful Aging Disengagement Successful Aging Theory Source: Sloan Center on Aging & Work, “Engaged as We age”, 2010 Engaged as We Age Normisur International 2010

Successful Aging Avoiding Disease & Disability Successful Aging Engagement High Cognitive & with Life Physical Function Source: Rowen and Kahn Normisur International 2010

Other Models of Aging •  Productive Aging •  Meaningful Aging •  Elaborates on •  Model that endows later “Engagement with life” life with dignity and value •  “Activities that produce in spite of illness and goods and services, frailty whether paid or not” •  Focuses on: work, volunteering and care- giving Source: Sloan Center on Aging & Work, “Engaged as We age”, 2010 Normisur International 2010

Beyond Involvement to Engagement: Volunteer Activities Educational Activities Engaged as Care-giving We Age Activities Paid Employment •  Source: Sloan Center on Aging & Work: “Engaged as We Age”, 2010 Normisur International 2010

Older Workers Retirement Plans Normisur International 2010

Retirement •  Past •  Present Retirement=subsidized vacation Gradual process Event Shift gears by reducing work To be or not to be in the labor hours, changing jobs to new workforce lines of work, leaving a career job, remaining on the career job, working part-time, phased retirement, going back to school, consulting, volunteering or having a bridge job Stop working altogether Source: Sloan Center on Aging & Work, “Down Shifting: The Role of Bridge Jobs After Career Employment”, 2007 Normisur International 2010

Older Workers Employment Patterns Normisur International 2010

Are Employers Getting Ready for the Demographic Changes? •  AARP (American Association of Retired Persons): “Best Employers for Workers Over 50” in 2001 •  45% HR professionals: their workplaces are just becoming aware of these changes •  SHRM (Society for Human Resource Management) reports 43% members see a problem with loss of talent associated with the retirement of baby boomers •  Source: Sloan Center on Aging & Work, “Businesses: How Are they Preparing for the Aging Workforce?”, 2005 Normisur International 2010

Why should companies care? Human Capital & Diversity Multigenerational teams Knowledge transfer Aging workforce Normisur International 2010

New Ways of Working •  Global workforce •  Competition •  Operations 24/7 •  High technology •  Pressure for innovation •  Four generations at the workplace •  Source: Sloan Center for Aging & Work Normisur International 2010

Four Generations at the Workplace •  Veterans 1922-1943 (52 million) •  Baby Boomers 1943-1960 (73.2 million) •  Generation X 1960-1980 (70.1 million) •  Generation Y 1980-2000 (69.7 million) •  Source: Generations at Work, Zemke, Raines & Filipczak Normisur International 2010

Business Case: Older Workers Higher performance Low turnover and productivity More rates reliable Stronger Higher work ethic customer satisfaction Serve as mentors rates Invaluable experience Reputation Willing to work different schedules Normisur International 2010

Quality of Employment Normisur International 2010 Source: Sloan Center for Aging & Work, “Employers of Choice in Countries of Choice”, 2007

What is His Story? Married? Are his kids in college? Middle School? New baby? How is his health? What is he looking for from his job? Normisur International 2010

Age Matters •  Chronological •  Generation •  Career Stage •  Life Stage • Source: Sloan Center on Aging & Work, “Age and Generations Study”, 2009 Normisur International 2010

Quality of Employment by Age/ Generational Groups Succesful Aging Normisur International 2010 • Source: Sloan Center bon Aging & Work, “Age and Generations Study”, 2009

Drivers of Employee Engagement Characteristics Employees Bring to Work Workplace Characteristics Age (being older) Number of hours worked (more hours) Gender (being female) Satisfaction with training & development Elder care status (not having elder acre Assessment of culture of ﬂexibility responsibilities) Perception of supervisor support Household income Perceptions of inclusion Mental health (better) Perceptions of job security Physical health (better) Core self-evaluation (having a better perception of self) Source: Sloan Center on Aging & Work, “Engaging the 21st Century Multi-Generational Workforce”, 2009 Normisur International 2010

Drivers of Employee Engagement: Older Baby Boomers Characteristics Employees Bring to Workplace Characteristics Work Mental health (better) Number of hours worked (more hours) Core self-evaluation (having a better Perception of supervisor support perception of self) Source: Sloan Center on Aging & Work, “Engaging the 21st Century Multi- Generational Workforce”, 2009 Normisur International 2010

Older Workers Corporate Volunteer Programs Normisur International 2010

Trends in Volunteerism Among Older Adults •  According to 2009 surveys by Hartford and AARP, •  50% of older adults over age 50 volunteer/over 40% of older adults expect to increase the amount of time spend in volunteer work in the next 5 years •  Older adults (55 to 64 years of age) like to provide managerial and professional assistance when they volunteer •  Collecting food and/or providing ofﬁce services are volunteer activities preferred by older adults age 65 and over •  Source: Sloan Center on Aging & Work, “Trends in Volunteerism Among Older Adults”, 2010 Normisur International 2010

Challenges •  Insufﬁcient connections between older adults and potential volunteer opportunities •  Outdated volunteer models and opportunities •  Transportation •  Cost barriers •  Source: NGA Center for best Practices, “Increasing Volunteerism Among Older Adults: Beneﬁts and Strategies for States”, Issue Brief, 2008 Normisur International 2010

Timely Study: 2005 •  Ranks of retired worker population will grow in the next decades •  Retirement is being redeﬁned as a transition between paid work and retirement (bridge jobs, phase retirement and post-retirement entry to the workforce) •  Corporate volunteer programs represent a way through which older workers, retirees and/or alumni can remain engaged and make signiﬁcant contributions •  Source: Boston College Center for Corporate Citizenship (BCCCC), “Expanding the Boundaries of Corporate Volunteerism: Retirees as a Valuable Resource”, 2005 Normisur International 2010

Corporate Volunteer Programs •  Lack of connection between employee volunteer programs and the changing nature of retirement in the U.S. •  Source: Boston College Center for Corporate Citizenship (BCCCC), “Expanding the Boundaries of Corporate Volunteerism: Retirees as a Valuable Resource”, 2005 Normisur International 2010

Core Findings •  47% of the 22 companies in the study include retirees in their volunteer efforts •  44% of 17 companies with Dollars for Doers make it possible for retirees to participate (donations from $300 to $1,000 per retiree) •  Only a few strategically target retirees (half of managers reported low level interest in retiree volunteerism/few leaders view retirees as an untapped asset) •  Source: Boston College Center for Corporate Citizenship (BCCCC), “Expanding the Boundaries of Corporate Volunteerism: Retirees as a Valuable Resource”, 2005 Normisur International 2010

Core Findings (continued) •  Shorter-term projects •  Integrate employees and retirees “intergenerational exchange” •  Need to publicize volunteer opportunities •  Important to develop volunteer DNA before retirement •  Business case for including retirees •  Source: Boston College Center for Corporate Citizenship (BCCCC), “Expanding the Boundaries of Corporate Volunteerism: Retirees as a Valuable Resource”, 2005 Normisur International 2010

Implications for Companies •  A multigenerational workforce can provide a competitive edge in the marketplace •  Companies that value older workers and offer them ﬂexible arrangements will possess an advantage in recruiting and retaining older workers •  One way of showing that value is through corporate volunteer programs that support older workers and retirees’ desire to stay engaged as they age •  Source: Boston College Center for Corporate Citizenship (BCCCC), “Expanding the Boundaries of Corporate Volunteerism: Retirees as a Valuable Resource”, 2005 Normisur International 2010

Best Practices Corporate Volunteer Programs That Engage Retirees Normisur International 2010

Best Practices State Street Verizon Cargill Corporation Cargill Johnson & Johnson Xcel IBM Energy Boeing Source: Boston College Center for Corporate Citizenship (BCCCC), “Expanding the Boundaries of Corporate Volunteerism: Retirees as a Valuable Resource”, 2005 Normisur International 2010

Thank You! Celina Pagani-Tousignant celina@normisur.com Normisur International 2010

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Older Workers and Retirees as Volunteers: An Untapped Resource

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Older Workers and Retirees as Volunteers: An Untapped Resource — Presentation Transcript