Your SlideShare is downloading. ×
Rethinking Work Mgs 4 29 11 Final For Slide Share
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Rethinking Work Mgs 4 29 11 Final For Slide Share

256

Published on

Presentation at Minnesota Gerontological Society Conference on 4/29/2011

Presentation at Minnesota Gerontological Society Conference on 4/29/2011

Published in: Health & Medicine, Career
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
256
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
4
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide
  • Tracy:“Retirement” has become muddled term – It used to mean stopping work and starting leisure, but that has changed. A recent study by the Work and Families Institute showed that 1 in 5 over 50 who are “retired” are working Half of those who are retired are working full-time One third of those who are working full-time are making more in “retirement” than before they “retired”! Clearly the meaning of the term retirement, and the reality, has changed.
  • Tracy – visual of how it all comes together
  • (Tracy) The change is just as dramatic at a national level. You can see that in some of the younger age groups, there will be an actual decrease in the number of workers from 2006 to 2016, while there is a huge jump in workers over 55, especially in the labor force over 65 (These are people who are working, not just the population over 65.
  • Transcript

    • 1. Rethinking Work for a Changing World
      Tracy Godfrey
      Kate Schaefers
      MN Gerontological Society Conference
      April 29, 2011
      Godfrey & Schaefers
      April, 2011
      1
      1
      1
    • 2. Rethinking Work: Session Goals
      Provide information on demographics on the aging population and workforce
      Trends and changes in thinking on work and retirement
      Ideas of what older workers and employers can do
      Discuss broader implications of these trends across other aspects of society
      Godfrey & Schaefers
      April, 2011
      2
    • 3. “A Change Is Gonna Come”: Aging Population
      The number of boomers reaching “retirement” age will grow dramatically in the years to come.
      30% more will turn 65 this year than last year
      People are also living longer
      Number of Adults age 65+ Will Continue to Grow
      79% Increase between 2010 and 2030
      By 2030, those over 65 will make up 19.3% of population
      In Minnesota, numbers of people aged 65+ is expected to total 1.3 million in 2030
      Godfrey & Schaefers
      April, 2011
      3
      Population
      Workforce
      Work
      Sources: Administration on Aging, 2009, Ecumen 2007 Age Wave Study
    • 4. Godfrey & Schaefers
      April, 2011
      4
      Age Distribution Has Changed
      Population
      Workforce
      Work
      Minnesota
      1980 vs. 2007
      Source: Gillaspy & Stinston, “The New Normal”, Nov., ‘10
    • 5. How old is “Old”? The answer depends...
      Age Group
      Early Boomers
      (1946 – ’51)
      Middle Boomers
      (1952 – ’58)
      Later Boomers
      (1959 – ’64)
      “Old”
      78
      Godfrey & Schaefers
      April, 2011
      5
      Population
      Workforce
      Work
      Survey of Baby Boomers:
      75
      71
      Generally, “Old” seems to be at least 5 years older than you are.
      Source: “Boomers in the Middle, MetLife Mature Market Institute, 2010
    • 6. “A Change Is Gonna Come”: Aging Workforce
      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.
      Godfrey & Schaefers
      April, 2011
      6
      Population
      Workforce
      Work
    • 7. In Minnesota, 30 Percent MoreWorkers Turned Age 62 in 2008- Trend Will Continue Until 2022
      Godfrey & Schaefers
      April, 2011
      7
      Population
      Workforce
      Work
      2005 ACS
      Source: Gillaspy & Stinston, “The New Normal”, Nov., ‘10
    • 8. “A Change Is Gonna Come”
      Work is changing
      Move to a Knowledge Economy – from a manufacturing economy
      Global economy
      More technology, mobility: Internet, WiFi, Smart phones, Social media
      Networked – closer links across geography - Virtual
      Godfrey & Schaefers
      April, 2011
      8
      Population
      Workforce
      Work
    • 9. Longer Lives, More Years in Middle
      Godfrey & Schaefers
      April, 2011
      9
      Middle Age
      Middle Age
      Young Adult
      Young Adult
      Retiree
      Senior
      Elderly
      Retiree
      Senior
      Elderly
      1900
      1900
      55 - 70
      20 - 40
      40 - 55
      70 – 85+
      Upper Middle Age?
      Elderly
      Senior
      Retiree
      Middle Age
      Young Adult
      Now
      A “New Stage” Has Emerged
      On average, people live 18 years beyond 65
      Frail elder stage pushed out a decade or more
      People age 60-75 remain active, healthy
      9
      9
    • 10. Defining a New Stage of Life
      “The sixty-somethings headed our way will invent an entirely new stage of life—the encore years—between the end of middle adulthood and anything resembling old age and retirement. We brand them the young-old, or the working-retired. Or maybe just the oxymoronic years….”
      - Marc Freedman, AARP Bulletin, March, 2011
      Godfrey & Schaefers
      April, 2011
      10
    • 11. 11
      Aging Boomer Population: Burden?
      Inadequate savings for retirement
      Burden on healthcare systems, greater healthcare costs
      Drain on Social Security, Medicare, other Social Service programs – fewer workers paying in to support more recipients
      Strain on families and society in caring for those in dependency
      Eventual shortage of labor and talent
      Chinese Character for Crisis
      Opportunity + Danger
      Godfrey & Schaefers
      April, 2011
    • 12. 12
      Aging Boomer Population: Opportunity?
      Well educated, skilled sector of the labor market.
      Healthy and vital contributors.
      Skills well suited to today’s knowledge based economy.
      Desire to give back, contribute, fits with emerging employment needs (i.e. health care, education, environment, social service).
      Chinese Character for Crisis
      Opportunity + Danger
      Godfrey & Schaefers
      April, 2011
    • 13. Benefits in Extended Work Life
      For the individual:
      Money: Increased income, more savings
      Sense of accomplishment, contribution
      Increased social interaction and involvement
      Extended vitality and health - for those who stay engaged
      Godfrey & Schaefers
      April, 2011
      13
      13
    • 14. Benefits in Extended Work Life
      For the Employer:
      Alleviate, moderate or postpone shortage of labor
      Retain talent; less brain drain
      Succession planning, transfer of knowledge
      Organizational profitability and competitiveness
      Older workers bring qualities that are needed: engagement, work ethic, efficiency, focus
      Godfrey & Schaefers
      April, 2011
      14
      14
      14
    • 15. Benefits in Extended Work Life
      For Government:
      Extend life of Social Security, Medicare
      Lower costs for health care, welfare and other “entitlement” programs
      Volunteers contributing to non-profit, community & civic efforts
      People pay income taxes as they continue to work
      Godfrey & Schaefers
      April, 2011
      15
      15
      15
    • 16. Benefits in Extended Work Life
      For society:
      Improved health; reduced healthcare cost
      Healthier communities – more engaged, involved and caring
      Increased labor utilization, productivity, economic growth, greater prosperity
      Economy grows faster when more people work longer
      Create “communities for life” – across generations
      Godfrey & Schaefers
      April, 2011
      16
      16
      16
    • 17. “Retirement” – Old Myths vs. New realities and vision
      The Old Myth:
      Retire at age 65 and stop working
      The “Golden Years” in “Sun City” – moving away to live in a retirement community
      “Senior Citizens” living in “55+” housing, away from other age groups
      Focus on a life of leisure, without responsibility
      “Elderly” - increasing frailty and declining health
      “It’s all downhill from here!”
      Godfrey & Schaefers
      April, 2011
      17
    • 18. “Retirement” – Old Myths vs. New realities and vision
      Working in Retirement
      1 in 5 of those over 50 who are “retired” are working
      More than half of those work full-time;
      1/3 of those working full-time are making more than before they retired.
      Godfrey & Schaefers
      April, 2011
      18
      “Working in Retirement”, Work and Families Institute, Nov., 2010
      In Minnesota
      • 46% of Boomers plan to work PT or FT in retirement
      • 19. 73% of those who plan to work say their job will be different than their current job.
      The Ecumen “Age Wave” Study, 2007
    • 20. Why people are working longer
      It’s more than Financial: AARP Survey – “Ideal Job”:
      Personal & Professional Development factors were most important, followed by Workplace Culture, and then Flexibility, all ahead of Finances
      What older workers are seeking in a job:
      Still healthy – want to stay physically & mentally active
      Make use of one’s skills and talents
      Want to make a difference; have a sense of purpose
      One’s contribution is valued; respect
      Flexibility and control over one’s work
      Learn new things and grow professionally
      Social: Stay connected, camaraderie, relationships
      Godfrey & Schaefers
      April, 2011
      19
      Why do you work?
      19
      19
    • 21. “New Stage” Models include Work
      Work, volunteering, care-giving, lifelong learning
      Erik Erickson’s concept of Generativity, Legacy
      Work provides structure, identity, social interaction, meaningful experience, accomplishment, income
      Engaged Aging
      Giving Back
      Encore Movement
      Godfrey & Schaefers
      April, 2011
      20
      Purpose, meaning, contribution and legacy become more important as we age – and the workplace is an outlet for these
    • 22. The Second Half of Life –Shifting Vision
      Shifting Inner Vision
      Reflection
      New Perspective
      Seeing the world with new eyes.
      21
      Godfrey & Schaefers
      April, 2011
    • 23. Reality Check: Myths & Hurdles Older Workers Encounter
      Myths
      Not committed; short-timer
      Less productive
      Reduced intellect; can’t learn
      Inflexible, rigid
      Too high on the “career ladder”; can’t adjust
      Not vigorous and active; risk of health issues
      Godfrey & Schaefers
      April, 2011
      22
      Reality
      More Loyal;Reliable
      “Experience dividend” – focused, work smarter
      “Grown-up brain” – higher order thinking; integrate information; Sage wisdom
      See multiple perspectives; allow for compromise
      Work differently: “career lattice” - jobs with purpose
      Conscientious; lower absenteeism; vital; engaged
      Illustration: “Hiring Grandpa”, The Economist, Apr. 9, ‘11
    • 24. Reality Check: Myths & Hurdles Older Workers Encounter
      Hurdles
      Marginalized: Pushed to the side in discussions, decisions
      Passed over for training and new assignments
      Trivialized: Given routine or menial tasks – especially in volunteer roles
      Risk of long-term unemployment
      Age discrimination in employment and on the job (either intentional or unintended consequences of rules and policies)
      “Age-ism”: Negative stereotypes, assumptions, attitudes; jokes and categorization (in the media, advertising, general society)
      Godfrey & Schaefers
      April, 2011
      23
    • 25. 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
      Volunteer or community roles
      Godfrey & Schaefers
      April, 2011
      24
      At this point, much of this is being done by individuals, with few established options
    • 26. 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
      Godfrey & Schaefers
      April, 2011
      25
      25
      25
    • 27. Employers: Strategies to Engage & Retain Older Workers (& Others)
      Supportive organizational culture.
      • Effectively using multiple generations
      • 28. Pension, rehire, work rules to allow workers to continue
      • 29. Employee resource groups: for Boomers & across generations
      Flexible work arrangements:
      • Flexibility in When, Where and How to work
      • 30. Flexibility in pay and benefits choices
      Meaningful work – “Lead with purpose”
      Ongoing education, training and skill development
      Senior Consultant or “Guru” roles
      Career transitions; recombinant careers to use skills in new ways; encore careers; bridge jobs
      Pro-rated health benefits.
      Recapturing “alumni” and retired workers
      Godfrey & Schaefers
      April, 2011
      26
      26
      26
    • 31. Broader Implications for this new view of work for an aging world
      Housing
      Social Services
      Public Policy and government regulations
      Education – for training and lifelong learning
      Civic and community life
      Workforce: increasing productivity (efficiency + innovation)
      What does this mean for you and your sphere of work?
      Godfrey & Schaefers
      April, 2011
      27
    • 32. Tapping the Talent of an Aging Workforce Will Take:
      Each person’s awareness, persistence and motivation
      Employers’ receptivity and flexibility
      Government promotion and regulatory structure
      Community culture that supports and encourages lifelong engagement and learning
      Godfrey & Schaefers
      April, 2011
      28
      28
    • 33. The Bull’s Eye - When It All Aligns:one’s desire, labor market & societal need
      Culture
      Godfrey & Schaefers
      29
      Culture
      Community
      Resources
      Governmental
      Governmental
      Workplace
      Workplace
      Image
      Image
      Self
      Self
      Identity
      Identity
      Ways to
      Connect
      Engage
      Multiple
      Generations
      Communities for a Lifetime
      Agencies
      Community
      Resources
      Support
      Groups
      OSHA
      Pension
      Laws
      Workforce
      Centers
      Pension
      Rules
      Work
      Rules
      Networks
      Schools
      Business Development & Career Innovation
      Training & Education
      Research/ Innovation Funding& Support
      Job
      Design
      Benefits
      Social Security
      Selection
      Flexible
      Schedule
      EEO
      Ways to
      Connect
      Community
      Learning
      Medicare
      FLSA
      Employment
      Laws
      Environment that values lifelong work
      Multiple Models
      Of “Retired”
      29
      29
      April, 2011
    • 34. Appendix
      Godfrey & Schaefers
      April, 2011
      30
    • 35. Percent Change in U.S. Labor Forceby Age, 2006 - 2016
      Thousands
      -1,542
      4,716
      -2,194
      -63
      7,304
      4,582
      16 to 24
      25 to 34
      35 to 44
      45 to 54
      55 to 64
      65 and older
      As the baby-boom generation ages, those 55 – 64 in the labor force will increase by 7 million; 35 to 44 year-olds will shrink
      Source: US Bureau of Labor Statistics, Occupational Outlook Quarterly, Fall, 2007
      Godfrey & Schaefers
      31
      April, 2011
    • 36. The End of Retirement as We Know It
      “All of us are now in uncharted territory, a stage of life not seen before in human history. And whether woman or man, whether working-class or professional, we are all wondering how we’ll live, what we’ll do, who we’ll be for the next twenty or thirty years.”
      - L.B. Rubin (“The truth about aging in America”, 2007)
      Godfrey & Schaefers
      April, 2011
      32
      From “Engaged as We Age”, Sloan Center for Aging, Boston College, Feb., 2010, p. 13
      32
      32
    • 37. 33
      History of Retirement
      Von Bismarck – Germany - 1883
      Social Security Act of 1935
      1900’s 1930’s 1960’s TODAY
      Godfrey & Schaefers
      April, 2011
      Sun City - 1960
    • 38. Elements of Older Workers’ Ideal Job
      Dimensions: Workplace Culture(W), Personal & Professional Development (P), Flexible, Convenient Working Arrangements (F), Financial (Fi)
      Godfrey & Schaefers
      April, 2011
      34
      Development & Workplace come first, then Flexibility and Finances
      Source: AARP, 2008
    • 39. MN Boomers: Why They Work
      Dimension% who find important
      Keep Physically Active: 86%
      Keep Mentally Active: 86%
      Income: 86%
      Health Insurance: 84%
      Sense of Purpose: 82%
      Stay Connected with Others: 82%
      New Challenges: 79%
      Godfrey & Schaefers
      April, 2011
      35
      Source: The Ecumen “Age Wave” Study, 2007
    • 40. Godfrey & Schaefers
      April, 2011
      36
      Transferring Talents to Recombinant / Encore Careers
      https://www.wellsfargoadvisors.com/2hc/second-half-champions.htm
      http://www.pbs.org/wttw/retirementrevolution/2009/08/04/alice-williams/
      www.youtube.com/watch?v=agTin2F0JPs&feature=youtube_gdata
      www.youtube.com/watch?v=c132deipCeM&feature=channel
      A: Wells Fargo 2nd Half Champions; B: Encore Careers; C: Personal Source; D: PBS Retirement Revolution
      36
      36
    • 41. 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)
      • 42. “QUEST: Qualified Employees Seeking Transfer” – Cornell University (C)
      • 43. Special assignments/Job Rotation – for mobility & skill-building–Deere & Co
      • 44. Phased Retirement– Pitney Bowes Engr. Dept. – variety of shapes, including condensed workweeks, telecommuting & reduced workweeks (B)
      • 45. Apprenticeship Program – Boston Scientific – Pair up highly-skilled veteran craftsmen & apprentices for knowledge transfer and succession planning. (A)
      • 46. 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
      Godfrey & Schaefers
      April, 2011
      37
      A: MetLife; B: Sloan Center, Boston College; C: AARP Top 50 Employers
      37
      37
    • 47. Resources
      Civic Venture: www.civicventures.org Information on “encore careers”
      SHiFT: www.shiftonline.org Local network supporting people in mid-life who seek greater meaning in life and work
      The Sloan Center for Aging and Work, Boston College: http://www.bc.edu/research/agingandwork/
      MN Governor’s Workforce Development Council – Older Workers Workgroup: http://www.gwdc.org/committees/older_workers_workgroup/
      MN career, education & job resource: http://www.iseek.org/ - Collaboration between government (MN DEED) & education (MN SCU)
      MetLife Mature Market Institute: www.metlife.com/mmi/
      AARP Foundation – Worksearch site: http://foundation.aarp.org/WorkSearch/
      “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”:http://www.pbs.org/wttw/retirementrevolution/watch/ (Sep., 2009, 2 hr. program)
      Godfrey & Schaefers
      April, 2011
      38
      38
      38

    ×