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Schaefers and godfrey mcda 2 apr2012

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"An Aging Workforce: Shifting from Problem to Potential" - breakout session at the MN Career Development Association 2012 Spring Conference - with Kate Schaefers

"An Aging Workforce: Shifting from Problem to Potential" - breakout session at the MN Career Development Association 2012 Spring Conference - with Kate Schaefers

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  • 1. An Aging Workforce: Shifting from Problem to Potential Kate Schaefers Tracy Godfrey April, 2012Schaefers & Godfrey 1
  • 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, 2012 2
  • 3. What Do We Mean By “Retired” ….what words and images come to mind?Schaefers & Godfrey April, 2012 3
  • 4. What does 60 look like?Schaefers & Godfrey April, 2012 4
  • 5. Population“A Change Is Gonna Come” Workforce Work BondAging Population• Boomers are approaching retirement and people are living longerAging Workforce• The workforce is older & people are working longerWork Itself Is Changing• More Knowledge Economy – vs. ManufacturingLoosening the Employer/Employee Bond• From lifetime employment to “free agents” Schaefers & Godfrey April, 2012 5
  • 6. Workforce Trends, 1990 - 2020 The percent over age 55 more than doubles;100.0% The percent age 16 – 24 declines 11.9% 13.1% 90.0% 19.5% 24.6% 80.0% 70.0% 60.0% 70.2% 71.1% 55 and older 50.0% 66.9% 25 to 54 62.9% 40.0% 16 to 24 30.0% 20.0% 10.0% 17.9% 15.8% 13.6% 12.5% 0.0% 1990 2000 2010 2020 Source: US Bureau of Labor StatisticsSchaefers & Godfrey April, 2012 6
  • 7. Population Aging Workforce 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 55 -64 is next(+37%); workers 16 – 24 will decrease by 7%; Minnesota trends show this same pattern.• If trends continue, adults age 55 & up will be 25% of the workforce in 2019. Schaefers & Godfrey April, 2012 7
  • 8. “Retirement” – New Realities• One in five “retired” are working, some full-time• No longer a stopping point• People WANT and often NEED to workMost people expect to work in retirement – but probably in a different way Schaefers & Godfrey April, 2012 8
  • 9. History of RetirementVon Bismarck – Germany - 1883 Social Security Act of 1935 Sun City - 1960 1900’s 1930’s 1960’s TODAY Schaefers & Godfrey April, 2012 9
  • 10. What are the Rewards Of Working? Love and work are the cornerstones of our humanness. ~ Sigmund Freud Schaefers & Godfrey April, 2012 10
  • 11. Working – More than Financial11 • 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 things2. Workplace Culture – Friendly environment, relationships, respect3. Flexibility – Control - Flexibility on how to do work – Options for part-time, time off, seasonal work4. Finances – Fair pay; Benefits; Pension; 401(k) AARP Survey of Workers over 50 Schaefers & Godfrey April, 2012 12
  • 13. A “New Stage” Has Emerged 1900 Now 20 - 40 40 - 55 55 - 70 70 – 85+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 60-75 remain active, healthy Schaefers & Godfrey April, 2012 13
  • 14. “New Stage” Models include Work• Engaged Aging• Giving Back• Impact & Meaning Schaefers & Godfrey April, 2012 14
  • 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 caregivingSchaefers & Godfrey April, 2012 15
  • 16. Aging Workforce – Opportunity?Person – improved finances, health, well- being when engagedEmployer – alleviate labor shortages, retain talent, transfer of knowledgeGovernment – extend life of social security, medicare, lower health care costsSociety– improved health, communities, utilization of labor, productivity, economic growthSchaefers & Godfrey April, 2012 16
  • 17. Encore Career MovementPurpose Driven Work inthe Second Half of Life.• Combines Income, Meaningful Work, and Social Impact• Employment in social service, education, government, health, environment Schaefers & Godfrey April, 2012 17
  • 18. The Numbers • Estimated 9 million people have already moved from midlife careers to “Encore” careers. • This represents 9% of the 44-70 age population in the U.S. • Additional 31 million people were interested in Encore Careers. Source: Encore Career Choices 2011Schaefers & Godfrey April, 2012 18
  • 19. Projected Labor Market Growth inSocial 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) http://www.encore.org/files/research/JobsBluestonePaper3-5-10.pdfSchaefers & Godfrey April, 2012 19
  • 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, 2012 20
  • 21. Career Ladder vs. Career Lattice Defined Steps – Moving Up Multidirectional – In & out of fieldsAnother turning point, a fork stuck in the road. Time grabs you by the wrist, directs you where to go.So make the best of this test, and dont ask why. Its not a question, but a lesson learned in time.Its something unpredictable, but in the end its right. I hope you had the time of your life. - Green Day Godfrey & Schaefers April, 2012 21
  • 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 workSchaefers & Godfrey April, 2012 22
  • 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, 2012 23
  • 24. Need More ON-RAMPS to Career Transition• Targeted Training Programs• Flexibility in Structure of Work• Creative HR Approaches• Experiential Learning Schaefers & Godfrey April, 2012 24
  • 25. Second Half of Life A Coaching Process • Clarify Identity • Develop Vision • Create Plan • Take Action © Schaefers 2012Schaefers & Godfrey April, 2012 25
  • 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 2012Schaefers & Godfrey April, 2012 26
  • 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 “The Japanese Bridge” IS POSSIBLE for me? By Claude Monet © Schaefers 2012Schaefers & Godfrey April, 2012 27
  • 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 2012Schaefers & Godfrey April, 2012 28
  • 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 2012Schaefers & Godfrey April, 2012 29
  • 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 generationsSchaefers & Godfrey April, 2012 30
  • 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, 2012 31
  • 32. About Us Tracy Godfrey Kate Schaefers is a seasoned HR Ph.D. LP, is owner of professional with more Encore Life Planning. than 25 years She is a licensed experience, leading psychologist & certified teams & consulting on retirement coach. She recruiting and selection offers coaching andfor major Twin Cities corporations. consultation to individuals andTracy holds an MBA and Senior organizations on issues related toProfessional, Human Resources work in the second half of life. She is(SPHR) certification. He is a member an adjunct faculty member at theof the Leadership Group of the Vital University of St. Thomas Dept. ofAging Network (VAN) Organization Learning and Development and Graduate School of Professional Psychology tgodfrey4630@msn.com encorelife@earthlink.net Schaefers & Godfrey April, 2012 32