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Rethinking Work Mgs 4 29 11 Final For Slide Share
 

Rethinking Work Mgs 4 29 11 Final For Slide Share

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

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

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  • 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.

Rethinking Work Mgs 4 29 11 Final For Slide Share Rethinking Work Mgs 4 29 11 Final For Slide Share Presentation Transcript

  • Rethinking Work for a Changing World
    Tracy Godfrey
    Kate Schaefers
    MN Gerontological Society Conference
    April 29, 2011
    Godfrey & Schaefers
    April, 2011
    1
    1
    1
  • 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
  • “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
  • Godfrey & Schaefers
    April, 2011
    4
    Age Distribution Has Changed
    Population
    Workforce
    Work
    Minnesota
    1980 vs. 2007
    Source: Gillaspy & Stinston, “The New Normal”, Nov., ‘10
  • 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
  • “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
  • 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
  • “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
  • 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
  • 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
    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
    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
  • 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
  • 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
  • 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
  • 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
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  • “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
  • “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
    • 73% of those who plan to work say their job will be different than their current job.
    The Ecumen “Age Wave” Study, 2007
  • 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
  • “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
  • The Second Half of Life –Shifting Vision
    Shifting Inner Vision
    Reflection
    New Perspective
    Seeing the world with new eyes.
    21
    Godfrey & Schaefers
    April, 2011
  • 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
  • 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
  • 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
  • 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
  • Employers: Strategies to Engage & Retain Older Workers (& Others)
    Supportive organizational culture.
    • Effectively using multiple generations
    • Pension, rehire, work rules to allow workers to continue
    • Employee resource groups: for Boomers & across generations
    Flexible work arrangements:
    • Flexibility in When, Where and How to work
    • 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
  • 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
  • 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
  • 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
  • Appendix
    Godfrey & Schaefers
    April, 2011
    30
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
    Godfrey & Schaefers
    April, 2011
    37
    A: MetLife; B: Sloan Center, Boston College; C: AARP Top 50 Employers
    37
    37
  • 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
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    38