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Tapping talent aging workforce


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Presentation to HR professionals at TCHRA on June 1, 2012. - Tracy Godfrey and Kate Schaefers.

Presentation to HR professionals at TCHRA on June 1, 2012. - Tracy Godfrey and Kate Schaefers.

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  • 1. Tapping the Talent of an Aging Workforce Tracy Godfrey Kate Schaefers TCHRA June 1, 2012Godfrey & Schaefers June, 2012 1
  • 2. Session Overview:• Changing Demographics• New Models of Retirement• Boomer Motivation• Value Of Older Workers for Organizations• Finding the Sweet Spot: Win-Win for Employees and Organizations Godfrey & Schaefers June, 2012 2
  • 3. Changing DemographicsBringing ItHome:WorkplaceProfileGodfrey & Schaefers June, 2012 3
  • 4. 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” Godfrey & Schaefers June, 2012 4
  • 5. 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% 55 and older50.0% 71.1% 66.9% 25 to 54 62.9%40.0% 16 to 2430.0%20.0%10.0% 17.9% 15.8% 13.6% 12.5% 0.0% 1990 2000 2010 2020 U.S . BLS, Mar., 2012Godfrey & Schaefers June, 2012 5
  • 6. Industries impacted by Age Median Age of Employees by Industry Sector in the U.S.48 47.1 46.5 45.8 46.246 44.9 44.1 43.7 44.544 43.0 43.0 43.3 42.1 42.442 41.6 41.340 41.0 40.738 38.036343230 31.2Godfrey & Schaefers June, 2012 U.S . BLS, as of 2011 6
  • 7. Age Is More a Factor for Some FieldsFarmers & Ranchers 55.9 HealthcareArchitects 46.7 • Physicians 46.3Electrical Engineers 45.0 • Nurse Practicioners 46.9Engineering Techs 46.5 • Med. Transcript. 50.7Lawyers 47.2 • Health Srv. Mgrs 49.6Education Cleaning & Maintenance• Librarians 52.0 • Janitors & Cleaners 46.4• Postsec. Teachers 45.7 • Maids & Hskeeping 45.2• Teacher Assistants 44.9 Mail carriers 49.9Aircraft pilots 49.0 Computer operators 48.9Bus Drivers 52.6 Millwrights 49.3Const/Bldg Inspector 50.7 Prec. Instr. Repairers 47.9Hwy. Mntnc Worker 45.3 Tool & Die Makers 51.0Boiler Operator 51.5 U.S . BLS, as of 2011 Godfrey & Schaefers •June, 2012 7
  • 8. Business Trends - Surveys• SHRM-AARP 2012 Study – 430 randomly selected SHRM members• Manpower 2006 Study – 28,000 employers from 25 countries & territories• Sloan Center on Aging & Work, BC 2009 Talent Management Survey – 696 US organizations representing 10 leading sectors of the economy, data from HR directors or CEO’s.Godfrey & Schaefers June, 2012 8
  • 9. How Concerned are Companies?• Sloan Study: 40% of employers projected that the aging of their workforce would have a detrimental impact on their business.• SHRM/AARP survey: 72% saw loss of talent due to older workers leaving/retiring as a “problem” or “potential problem”• Manpower Conclusion: “The potential loss of productivity and intellectual capital could have a devastating impact on many businesses that are currently unprepared to adapt to the new realities of the aging workforce.” Godfrey & Schaefers June, 2012 9
  • 10. What are Companies Doing?• Demographic Analysis – Just starting to look at fundamental age information about their employees – Most haven’t analyzed projected retirement rates• Knowledge of Workforce Skills – About half had NOT assessed anticipated skills needed, or assessed competency sets of employees (Sloan). ~ Sloan Center of Aging & Work (2009) Talent Management StudyGodfrey & Schaefers June, 2012 10
  • 11. Corporate Spotlight: Created modeling tool for anticipating workforce needs • Workforce segmentation (5 age & 10 job level) • Calculates future head count by segment & level for each business Allows Dow to: • Staff up key growth areas • Identify knowledge management risks for retiring employees Harvard Business Review, 2010Godfrey & Schaefers June, 2012 11
  • 12. Bringing It Home: Workplace Profile• Analyze demographics of your workforce: – Age distribution – Turnover and retention rates, by age ranges• Develop a “talent bank” of skills and expertise• Conduct a Gap and Risk Analysis – Where are vulnerabilities for losing talent? – Segment risks: function, skill set, department, etc.• Anticipate changes in HOW work is done – Impacts of technology, Telecommuting, working virtually• Forecast Future Talent Needs Godfrey & Schaefers June, 2012 12
  • 13. New Models of RetirementBringing ItHome:Expanding theTalent PoolGodfrey & Schaefers June, 2012 13
  • 14. What does “Retired” look like?Godfrey & Schaefers June, 2012 14
  • 15. History of RetirementVon Bismarck – Germany - 1883 Social Security Act of 1935 Sun City - 1960 1900’s 1930’s 1960’s TODAY Godfrey & Schaefers June, 2012 15
  • 16. A “New Stage” Has Emerged1900 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, healthyGodfrey & Schaefers June, 2012 16
  • 17. Retirement – New Realities• 20% of those “retired” are working, some full-time• Retirement is no longer a stopping point.• People see work as part of active retirementWork continues– but probably in a different way Godfrey & Schaefers June, 2012 17
  • 18. Opportunity for Organizations• Huge potential talent base• Fit well with “talent on demand” way of staffing• Significant opportunity for meeting current and future talent needs – Get beyond case by case approach – Link with engagement strategies – Examine policies that support and interfere – Go beyond retention – need recruitment tooGodfrey & Schaefers June, 2012 18
  • 19. Spotlight:Lexington, KY Flexibility & Career Coaching Program - Mid and late career nurses - Assessed skills & career needs - Identified career direction - Connected with existing resources Improvements in retention, employee engagement, succession planning & re-careering Sloan Center, Case report, March, 2012Godfrey & Schaefers June, 2012 19
  • 20. Bringing It Home:Expanding the Talent Pool• Help Employees Navigate the “New” Retirement: Extend career assistance to “pre-retirement” phase. Talk with employees about their plans.• Educate recruitment specialists about older workers: Ensure recruiters know how to engage older workers.• Explore Ways to Translate Employee Needs into Workforce Priorities – Shift from “Job” to “Work” mentality – Job redesign to expand options – Assistance in transitioning in & out of the organizationGodfrey & Schaefers June, 2012 20
  • 21. Boomer MotivationBringing ItHome:Boomers in aMulti-generationalWorkplaceGodfrey & Schaefers June, 2012 21
  • 22. Midlife – A time of New Perspective “The real voyage of discovery consists not in seeking new landscapes but in having new eyes.” ~ Marcel ProustGodfrey & Schaefers June, 2012 22
  • 23. Boomers’ View of Work• Competitive • Desire to make a• Experimental positive difference• Personal fulfillment • Global awareness• Challenge status quo • Acceptance of diversity• Put one’s own stamp on and differences things • Environmental• Optimism, idealism stewardship Shaped by key shared life experiences at an “impressionable age” Godfrey & Schaefers June, 2012 23
  • 24. Keys to Your “Ideal Job” AARP Survey of Workers over 501. Personal & Professional Development – Use talents & skills, give back and 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) Godfrey & Schaefers June, 2012 24
  • 25. Motivating Boomers: Strategies Connect Work with PurposeLink Work with Corporate Mission • Focus on Task significance • Identify ways to give back • Promote mentoring Godfrey & Schaefers June, 2012 25
  • 26. Spotlight:Armonk, NYTransition to Teaching Program - Assistance in teacher certification for IBM mature workers - Financial support & flexibility - Restructured existing HR benefits Promoted goodwill with employees, clients, & community Higher morale, rates of retention, market positioning Similar Examples: Intel, HP introduction of Encore Fellows Program to transition into nonprofit careersGodfrey & Schaefers June, 2012 26
  • 27. Motivating Boomers: Strategies Offer Career & Professional DevelopmentCommit to Developing Boomers • Career Development • Use Talents & Skills • Life Long Learning • Upgrade SkillsGodfrey & Schaefers June, 2012 27
  • 28. Spotlight:Career Lattice Program - Employees can customize careers - Dial up or down, multidirectional career paths - Flexibility in Ways to work - When, where, and how to work - Many ways to Participate - Flatter organization with more collaboration & transparencyGodfrey & Schaefers June, 2012 28
  • 29. Motivating Boomers: Strategies Strengthen Culture & Social RelationshipsBuild Strong MultigenerationalCultures • Friendly environment • Relationships • Respectful culture • Meaningful teamwork • Affinity groups for older workersGodfrey & Schaefers June, 2012 29
  • 30. Corporate Spotlight:Wells Fargo Boomer Connection One of Wells Fargo’s Employee Resource Groups In its Diversity & Inclusion programMission To address the challenges of the team members of the vast Baby Boomer generation in order to retain team members, transfer knowledge and experience at work, prepare for better lifestyles after retirement and help Wells Fargo succeed in the Baby Boomer market.Goals:1. Inclusive workplace and team member engagement2. Talent development and professional growth3. Community outreach4. Business development and customer insight Godfrey & Schaefers June, 2012 30
  • 31. Motivating Boomers: Strategies Flexibility & Work-Life BalanceShift from “job” to “work” • Flexible Appointments • Sabbaticals to recharge • Contracting • Consulting • Downshifting • Telecommuting • Part time, seasonalGodfrey & Schaefers June, 2012 31
  • 32. Corporate Spotlight: • Flexible Work Schedules - Compressed work weeks - Flexible hours - Part time work • Ways to Work - When, where, and how to workGodfrey & Schaefers June, 2012 32
  • 33. Motivating Boomers: Strategies Targeted Benefits & Fair PayCompensation tied to Work • Fair Pay over Promotions • Access to Benefits • Health care • Retirement • Choice of Benefits • Elder care assistance Godfrey & Schaefers June, 2012 33
  • 34. Spotlight:AARP list of ‘Best Employer for Workers over 50Benefits offered to all employees, but appeal toworkers 50+• On-site medical center• Wellness, fitness & recreation programs• On-site education program• Paid sabbaticals to experienced employees• Comprehensive financial benefits• Retirement planning tools Godfrey & Schaefers June, 2012 34
  • 35. Bringing It Home – Boomers in aMulti-Generational Workplace• Find out what your mature workers want – Surveys, focus groups, one-on-one discussions, incorporated into individual development plans – Personal vision: where do you see yourself in 5 years?• Align with factors of the “ideal job” – Meaningful work, continued learning, welcoming, part of a nimble workforce, rewards for the work that is done• Create an age-friendly environment – Redefine career paths, working relationships – Cross-generational teams, mentoring, knowledge-sharing – Re-examine policies for unintended consequencesGodfrey & Schaefers June, 2012 35
  • 36. Value of Older WorkersBringing ItHome:MaximizingContributions &KnowledgeTransfer Source: FreeDigitalPhotos.netGodfrey & Schaefers June, 2012 36
  • 37. Value of Mature Workers – Edge in Basic Skills (SHRM/AARP)• Communications: Writing and Speaking in English, Reading Comprehension, Foreign languages• Technical skills: computer, engineering, mechanical• Math and Science• Social science connections: Government, economics, history, geography, arts, humanities Godfrey & Schaefers June, 2012 37
  • 38. Value of Mature Workers –Edge in Applied Skills (SHRM/AARP)• Professionalism: Work ethic, responsibility, social responsibility• Thinking ability: critical thinking, problem- solving, judgment, creativity/innovation, information technology application• Working in Teams: Teamwork, collaboration, leadership• Learning: commitment to lifelong learning, self directionGodfrey & Schaefers June, 2012 38
  • 39. Older Worker: Overcoming MythsMyths Reality• Not committed • Loyal, reliable• Less productive • Work smarter• Unable to learn • Deal with new approaches complexity• Inflexible • Able to compromise• Not vigorous • Conscientious, engagedGodfrey & Schaefers June, 2012 39
  • 40. Older Worker: Real Challenges• Marginalized in work discussions• Passed over for training and new assignments• Trivialized - Given routine or menial tasks• Unemployment – difficulty getting back to work• Age discrimination in employment & on the job• Unintended consequences of HR policies established for equitable and consistent practices• “Age-ism” - Stereotypes, assumptions, attitudes• “Boomer Backlash” – tensions and misperceptions among generations Godfrey & Schaefers June, 2012 40
  • 41. What are Companies Doing?• Planning for Talent Transfer – Developing succession plans (38%) – Developing processes to capture institutional memory/organizational knowledge (17%) – Create new roles specifically designed to bridge a skill or knowledge gap (9%)• Making the Workplace Climate Age Friendly – Adapt workplace to accommodate older workers (9%) SHRM/AARP 2012 Survey Godfrey & Schaefers June, 2012 41
  • 42. Spotlight:Apprenticeship ProgramWayne, NJ Plant• Manufactured surgical grafts & fabrics• Highly skilled workforce, lack of succession plans• Identified critical jobs• Developed apprentice program training new staff alongside experienced workers Godfrey & Schaefers June, 2012 42
  • 43. Bringing It Home –MaximizingContribution & KnowledgeTransfer• What would you miss if they were gone? – Skills? Relationships with clients?• What are skills gaps between your older and younger workers?• How can knowledge be transferred and wisdom shared – Mentorships? Projects?• HR policies and practices: Where barriers and hurdles, even unintentional, exist that disadvantage older workers?• What assumptions made about older limit opportunities? Godfrey & Schaefers June, 2012 43
  • 44. Finding the Sweet SpotBringing It Home:Win-Win for Employees& OrganizationsGet Ready for SuccessGodfrey & Schaefers June, 2012 44
  • 45. Choose TWO Image Cards 1) Imagine your organization in 5 years. What would it look like if it was truly multigenerational, engaged, and productive? 1) What barrier(s) might get in the way of this being a reality?Godfrey & Schaefers June, 2012 45
  • 46. Reflection Questions1. Describe the scene – what is going on?2. Why do you think you were drawn to this particular image?3. What thoughts do you have for how to connect the image to the original question?Godfrey & Schaefers June, 2012 46
  • 47. Implications for HR Professionals1. Changing Demographics – Workplace profile2. Changing Thinking - Work, Retirement; “New Stage” of Life3. Understand Boomers and Generations in the Workforce4. Value Mature Workers in the Organization5. Finding the Sweet Spot for Both Employees and the Organization Godfrey & Schaefers June, 2012 47
  • 48. 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 Godfrey & Schaefers June, 2012 48
  • 49. Link to Today’s Presentation on SlideShare tapping-talent-aging-workforce/Godfrey & Schaefers June, 2012 49
  • 50. AppendixGodfrey & Schaefers June, 2012 50
  • 51. Examples from “Early Adapters”• “Prime Time” – First Horizon – flexible work option of 20 to 32 hours/week - prorated pay - retain full benefits, including health insurance (A)• Fewer Hours – Fidelity – Recruits 55+ for part-time in peak hours (B)▪ Flexible work schedules – General Mills R&D – Accommodations include compressed work weeks, flexible hours, as well as part-time work (A)• Flexible Location – Boston College – Telecommuting options for IT (B)▪ “Retiree Casual” – The Aerospace Corporation – Re-hire retirees to work part-time to 1000 hr. pension limits–as consultants, proj. mgrs, indiv. contributors, etc. (A)▪ “QUEST: Qualified Employees Seeking Transfer” – Cornell University (C)▪ Special assignments/Job Rotation – for mobility & skill-building–Deere & Co▪ Phased Retirement – Pitney Bowes Engr. Dept. – variety of shapes, including condensed workweeks, telecommuting & reduced workweeks (B)▪ Apprenticeship Program – Boston Scientific – Pair up highly-skilled veteran craftsmen & apprentices for knowledge transfer and succession planning. (A)▪ Retirement Planning Seminars – Weyerhaeuser – Paid time away for workers over 50 for a 3 day retirement planning workshop, with partners (e.g. spouses)(A)• Cross-Generational Networking Circle – MITRE – for knowledge-sharing• “Encore Fellows” – Civic Ventures pilot in S.F. Bay Area – Executives from For-Profit sector working in Non-Profit assignments• Boomer Connection – Wells Fargo resource group A: MetLife; B: Sloan Center, Boston College; C: AARP Top 50 Employers Godfrey & Schaefers June, 2012 51
  • 52. ResourcesCivic Venture: Information on “encore careers”SHiFT: Local network supporting people in mid-life who seek greater meaning in life and workThe Sloan Center for Aging and Work, Boston College: Governor’s Workforce Development Council – Older Workers Workgroup: career, education & job resource: - Collaboration between government (MN DEED) & education (MN SCU)MetLife Mature Market Institute: Foundation – Worksearch site:“Encore: Finding Work That Matters in the Second Half of Life,” Marc Freedman (Public Affairs Paperbacks, 2008)“The Big Shift: Navigating the New Stage Beyond Midlife,” Marc Freedman (Public Affairs Paperbacks, 2011)“Working Identity: Unconventional Strategies for Re-inventing Your Career,” Herminia Ibarra (Harvard Business School Press, 2003)PBS: “Retirement Revolution”: (Sep., 2009, 2 hr. program) Godfrey & Schaefers June, 2012 52
  • 53. Talkin’ Bout My Generation Key Experiences Shaped Boomers Key events at an “impressionable age”:• Movements for civil rights, • Greater awareness of women’s liberation, gay environment and nature – rights – inclusion of new “Earth Day” & more groups in society & work • Experimentation• Vietnam, Watergate, • A sense of optimism & Questioning authority desire to change the• Quest for personal World fulfillment • Striving to stand out among a large cohort Basically: “Sex, Drugs & Rock ‘N’ Roll” Note: some of this is mythical. For some, it didn’t happen Godfrey & Schaefers June, 2012 53
  • 54. Popular Views of Generations in the Workforce Generation Seen As SeekingTraditionalist Dedicated Work with substance(1922 – 1945) Duty and service Chance to pass on what Faith in institutions they knowBaby Boomer Competitive, Optimistic Work with purpose(1946 – 1964) Hard-working Make a difference Personal fulfillment focus FlexibilityGen X Resourceful Opportunity to lead(1965 – 1980) Self-reliant, independent Career flexibility for work-life Skeptical fitMillenial Pragmatic, realistic Experiences for growth(aka Gen Y) Mobile, connected Fluidity in work-life(1981 – 2000) Collaborative Ability to work anytime, anywhere Tolbize, “Generational Differences in the Workplace”, 2008 Godfrey & Schaefers June, 2012 54