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The Upcoming Retirement Wave

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Dr. Dickson Dawson presented The Upcoming Retirement Wave: What HR Needs to Know at the 2009 Cleveland HR Star Conference. This presentation was sponsored by Ease@Work and Dr. Dawson is available for …

Dr. Dickson Dawson presented The Upcoming Retirement Wave: What HR Needs to Know at the 2009 Cleveland HR Star Conference. This presentation was sponsored by Ease@Work and Dr. Dawson is available for individualized retirement coaching for companies through the Ease@Work EAP.

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  • 1. The Upcoming Retirement Wave: What HR Needs to Know Presented by Dickson R. Dawson, PhD. Retirement Intentions and 09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 2. What you might find interesting today:
    • The new face of retirement and the world of the older employee
    • Boomers and organizations = WIN-WIN
    • The aging workforce and working in retirement
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 3. What you might find interesting today (continued):
    • Myths about older workers
    • Aging boomers and opportunity
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 4. Shameless Commerce Division
    • Retirement Intentions
    • [email_address]
    • CareerCurve
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 5. How I start every program:
    • Please stand up.
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 6. Retirement Has Changed
    • Organizations will feel Baby Boomer Wave
    • Baby Boomer Wave is real, just not hit with full force, yet
    • The Baby Boomer Wave – a benefit, not just a problem
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 7. Baby Boomers and Organizations Both Win
    • Y ou need : talent, skill, savvy, integrity and reliability.
    • Boomers need : income, engagement, working with others, flexibility and feeling valued.
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 8. The World of the Older Employee
      • Not your father’s or mother’s retirement
      • “ 65 and out” with pension or Social Security
      • … and a life expectancy of a 2-5 years
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 9. The World of the Older Employee
      • So many things have changed, mostly:
        • Longevity
        • Illnesses associated with living longer
        • Health care
        • Social Security, pensions, 401ks
        • The need to work for money and activity
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 10. The World of the Older Employee
      • More than just golf, babysitting grand kids, and Adirondack chairs
      • Another 20, 30, even 40 years
      • Another stage of life
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 11. The World of the Older Employee
      • Unpredictability = fears and worry
      • Becoming ill with not enough $
      • The average out-of-pocket expense for retirees healthcare costs is $250,000 per person
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 12. The World of the Older Employee
      • . ..more than one-quarter of boomer households thought "hardly at all" about retirement and that financial literacy among boomers was "alarmingly low."
          • National Bureau of Economic Research quoted in Boomers Going Bust, By David Ignatius ,Thursday, May 7, 2009, The Washington Post .
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 13. The World of the Older Employee
    • Guaranteed retirement funds and healthcare are only part of the retirement package…and not for all
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 14.
    • What do you know about our aging workforce?
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 15.
    • What is a “Baby Boomer”?
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 16.
    • What is a “Baby Boomer”?
      • Person born between the end of World War II and 1964.
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 17.
    • How many Baby Boomers are there?
        • About 79 million!
        • (think of the brain power ……think of the buying power!)
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 18.
    • How many Baby Boomers are there?
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 19.
    • What is the average age of first retirement in the US?
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 20.
    • What is the average age of first retirement in the US?
      • About 62, up from 58 a few years ago
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 21.
        • What is the life expectancy in the US?
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 22.
    • What is the life expectancy in the US?
      • US = 45 out of 195: ( CIA World Factbook )
        • Rank/Country/territory   Life expectancy at birth (years)  
        • Overall Male/Female World average 67.26
          • 43 Bermuda (   UK ) 78.13
          • 44 Saint Helena (   UK ) 78.09
          • 45 United States 78.06 *
          • 46 Cyprus 77.98
          • 47 Denmark 77.96
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 23. 09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD. Indicator 14 – Life Expectancy
  • 24. Current US Life Expectancy
    • What does this mean?
      • Between 55 and 65 now, most likely live another 20 to 40 years
      • (There are 86,000 people in the US 100 years old, or older)
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 25.
    • s)
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 26. Did you know: Retirement plans originally set up for retirees that would not live past 65 ! 09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 27.
    • What is the potential of the “retirement wave”
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 28.
    • What is the potential “retirement wave”
        • 7,918 people turn 60 each day. That is 330 every hour
          • U.S. Census Bureau
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 29.
    • Some thoughts about the “retirement wave”
        • “ America is facing a demographic juggernaut," says Brent Green, a marketing consultant and author, in his ‘Boomers’ blog
        • One-third of the population will be over 50 by 2010. One in five will be over 65 by 2010
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 30.
    • How many retirees continue to work (for income) in retirement?
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 31.
    • How many retirees continue to work (for income) in retirement?
        • 29% in their late 60s, were still employed in 2006-Bureau of Labor Statistics
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 32.
    • How many retirees continue to work (for income) in retirement?
        • 72% of retirees will work, in some capacity, after “retirement”
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 33.
    • So then, what is retirement?
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 34.
    • So then, what is retirement?
      • Once meant:
        • stop work
        • life of leisure
        • health declines
        • then you die
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 35.
    • So then, what is retirement today?
      • Stop work at one place
      • Start work at another place
      • Or start a new career
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 36.
    • What do Baby Boomers want in continued employment?
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 37.
    • What do Baby Boomers want in continued employment?
    • MONEY!!!
    • To makeup for their losses in investments
        • 4.2 years to make up for losses
        • But, there is so much more…
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 38. Staying Ahead of the Curve 2003: The AARP Working in Retirement Study .
    • What do Baby Boomers want in continued employment?
        • employee opinions are valued
        • take time off
        • a company that lets its older employees remain employed for as long as they wish to work
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 39. Staying Ahead of the Curve 2003: The AARP Working in Retirement Study .
    • What do Baby Boomers want in continued employment?
      • Feel engaged, part of something
      • Not old
      • Not be thought of as old
      • Renewed, rejuvenated
      • Active, growing
      • Sharp and alert
      • More free time
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 40. Staying Ahead of the Curve 2003: The AARP Working in Retirement Study .
    • Most importantly to:
      • Feel that they matter!
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 41.
    • Baby Boomers can contribute
      • But first, dump the stereotypes concerning older workers – that they…
        • Are anxious to leave,
        • have trouble learning new skills
        • will drive up costs, including health care
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 42.
    • Baby Boomers can contribute to your organization
      • Day-to-day productivity
      • Mentoring
      • Competitive marketplace knowledge
      • Make up for a shortfall in talent…
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 43.
        • Who will replace retirees if/when they leave?
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 44. 09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD. “ Everyday, 11,000 boomers turn 50. There are only 43 million Gen Xers to fill the boomers’ 152 million shoes.” - Beverly Kay and Joyce Cohen, T & D, April, 2008, p. 30
  • 45. Myths of Older Workforce
    • Myth 1: Older workers cost more to keep
    • Reality :
      • Older workers often earn more than younger workers, BUT,
        • Evidence to show that older workers can be more productive than their younger counterparts ( Bob Skladany, AARP.org.)
        • Older workers have fewer absences, a stronger work ethic, and greater loyalty
        • A seasoned knowledge base is critical to success
        • Many older workers are open to less than full-time work
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 46. Myths of Older Workforce
    • Myth 2: Health benefits for Baby Boomers are too costly
    • Reality:
      • Health insurance does cost more for older workers, BUT,
        • Differences in younger vs. older workers claims
        • are not huge
        • Older workers get single or two-person coverage rather than expensive family coverage
        • Some studies show that older workers are healthier on a day-to-day basis
        • There are alternatives, like HSAs, to traditional healthcare insurances that could be very attractive to older workers
    • I
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 47. Myths of Older Workforce
    • Myth 3 . Retirement plan costs can be expensive
    • Realty :
      • Traditionally designed benefit plans increase as workers age, BUT
      • DB pension is disappearing.
      • DC plans such as 401(k) before less costly
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 48. Myths of Older Workforce
    • When you look at the big picture, older workers:
      • Are equally or more productive than younger employees
      • Cost about the same
      • Have fewer absences
      • Have superior communication and customer relations skills
      • Are less likely to leave the job after a short time
      • Require lower training costs
      • The bottom line : Older workers are both profitable and productive. 
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 49. If your organization does not want to or need to address baby boomer issues, at least consider this: 09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 50. If your organization does not want to or need to address baby boomer issues, at least consider this:
      • Three demographic factors are converging:
      • The population as a whole is aging,
      • Labor shortages are projected in a number of economic sectors, and
      • Many workers intend to continue working beyond traditional retirement age.
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 51.
    • If your organization does want to or need to address baby boomer issues, at least consider this:
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 52. Programs and Plans for Baby Boomers at Work
    • Phased retirement
    • Knowledge transfer programs
    • Intergenerational communication programs
    • Training designed specifically for older workers
    • Active alumni groups- ambassadors
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 53. Programs and Plans for Baby Boomers at Work
    • Self scheduling shifts
    • Flexible time
    • Compressed workweek
    • Job sharing
    • Extended time off
    • Consulting assignments
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 54. Programs and Plans for Baby Boomers at Work
    • And, most importantly:
      • Wellness and fitness programs, not just for older workers, but for everyone
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 55. The Opportunities for Human Resources
      • Filling the Talent Pool with seasoned older workers
      • Non-retirement as a career choice
      • Talent and know-how that might walk out the door can be harnessed
      • And…
      • If I were your competition…
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 56. Response to Retirement Needs to Change
    • Assess what you have to work with
    • Decide where your organization is headed
    • Be open and creative
    • And be Daring …or at least try something new
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.
  • 57.
    • Thank you!
    09/28/09 The Upcoming Retirment Wave, Copyright 2009, Dickson R. Dawson, PhD.