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Conf Board of Canada Presentation Aging Workplace


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What do we do when the Boomers Exit?
How do we keep the knowledge base?
Simple techniques to turn this into a positive.

Published in: Business, Economy & Finance
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Conf Board of Canada Presentation Aging Workplace

  1. 1. Talent, Engagementand the Aging WorkforceChris Hylton, MAConference Boardof CanadaCalgaryApril 29 2013, 1:45 pm
  2. 2. Agenda complexities of dealing with an agingworkforce strategies to address some commonchallenges mentorship and succession innovative approach to mentorshipand keeping retirees engaged with theorganization after they have leftCG Hylton Inc. 2
  3. 3. This is your show Do you have any issues that you wishto share regarding our topic today?CG Hylton Inc. 3
  4. 4. Retirement has changed Organizations will feel impact of babyboom retirement wave, just not hit yet This Wave is both a benefit and aproblem Employers need talent, skills,knowledge, experience Boomers need engagement, income,flexibility and being valuedCG Hylton Inc. 4
  5. 5. Not your fathers retirement 60 or 65 and out Full pension or early pension With a life expectancy of 2 – 5 years WHY Another 10, 20, 30 or 40 years of life Switch from DB to DC pensionsmeans less income Just another stage of lifeCG Hylton Inc. 5
  6. 6. Boomer Fears Unpredictability of their finances Downturn was a wake up call Fear outliving their money Fear more losses RSPs have replaced Defined BenefitplansCG Hylton Inc. 6
  7. 7. 7Older Workers Need to Work:Insufficient Savings010203040501992-93 1996-97 2000 2007Defined Contribution Defined BenefitPercentageofWorkersSource: U.S. Bureau of Labor Statistics CG Hylton
  8. 8. What boomers want To be valued, engaged, part ofsomething To work for an employer that permitsthem to create a flex schedule Renewed rejuvenated Active growing and learning Free time, flex time Extended time off Consulting workCG Hylton Inc. 8
  9. 9. PhyllisDillerWhatever you may look like, marry aman your own age - as your beautyfades, so will his eyesightI’m at an age when my back goes outmore than I doCG Hylton Inc. 9
  10. 10. What boomers offer As productive or more productive Cost the same Superior communication skills Less likely to leave the job after shorttime Lower training costsCG Hylton Inc. 10
  11. 11. Mature worker edge Communications: writing and speakingin english, reading comprehension,foreign languages Technical skills: computer, engineering,mechanical Maths and science Social sciences: government,economics, history, geography, arts,humanitiesSource: SHRM/AARP 2012 SurveyCG Hylton Inc. 11
  12. 12. Edge in Applied Skills Professionalism: Work ethic,responsibility, social responsibility Thinking ability: critical thinking,problem-solving, judgment,creativity/innovation, informationtechnology application Working in Teams: Teamwork,collaboration, leadership Learning: commitment to lifelonglearning, self directionCG Hylton Inc. 12
  13. 13. Industries impacted by age Agriculture 47.1 years old Transportation 45.8 Utilities 46.2 Real Estate 46.5 Education 44.5 Healthcare 43 Pub Admin 44.9 Retail 38 Leisure and Hospitality 31.2CG Hylton Inc. 13
  14. 14. What are companies doing? Succession plans (38%) Processes to capture institutionalmemory/organizational knowledge(17%) Create new roles specifically designedto bridge knowledge gap (9%) Adapt workplace to accommodate olderworkers (9%)Source: SHRM/AARP 2012 SurveyCG Hylton Inc. 14
  15. 15. CG Hylton Inc. 15
  16. 16. CG Hylton Inc. 16Source: Deloitte MassCareerCustomization_051310.pdf
  17. 17. Case Studies Career Lattice Program Ees can dial up, down, across careerpath Flexibility in ways to work Custom when, where, howCG Hylton Inc. 17
  18. 18.  Best Companies for MulticulturalWomen, Working Mother, 2012 100 Best Companies to WorkFor, Fortune, 2010 Best Places to Work for LGBTEquality, Human Rights Campaign, 2010 Best Companies to Work for in Texas(Large), Best Companies Group, 2010 Employees’ Choice -50 Best Places toWork, Glassdoor, 2009CG Hylton Inc. 18
  19. 19.  AARP list of ‘Best Employer forWorkers over 50 On-site medical center, wellness,fitness & recreation programs On-site education program Paid sabbaticals to experiencedemployees Comprehensive financial / ee benefits Retirement planning toolsCG Hylton Inc. 19Source: SHRM/AARP 2012 Survey
  20. 20. A gradual retirement -WeyerhaeuserCG Hylton 20 new delayed-retirement project, calledGray Matters, is grounded in researchabout the attitudes of its employees age55 and over. The vast majority say they want to worklonger rather than completely retire. But they want it all — a flexible schedule,health-care benefits and no negativefinancial impact And they want the work to be meaningful.
  21. 21. A gradual retirementCG Hylton 21 Gray Matters offers select ees opportunity to retiregradually, but they must average 25 hours of worka week in order to keep health benefits. The part-time work also shouldnt go on for too many years orit could negatively impact their pension. theyre expected to create a plan to transferknowledge and mentor younger workers. The company also is participating in a talent bank,to be run by an outside firm, that will offer retireesa chance to work on a temporary basis. "What weall want as employers is the best talent we canhave," said Hass, retirement educator atWeyerhaeuser. "And what we ought to recognize isthat the best talent can come at any age."
  22. 22. Generations Intergenerational issues—Managersmay resent working for younger orolder bosses or have conflicts withdiffering value systems and workethics in workers of differentgenerations Anyone experiencing this in theirworkplace?CG Hylton Inc. 22
  23. 23. Recruiting Employers need to reach out to olderworkers and other nontraditionalmarket segments as a means of meettheir staffing needs Anyone experiencing this in theirworkplace?CG Hylton Inc. 23
  24. 24. Staff Retraining As technology in the workplacechanges, and as organizations mustchange to meet increased productivityand efficiency demands, employees ofall ages will need retraining to remaincompetitive in today’s workplaceCG Hylton Inc. 24
  25. 25. Mentoring re Technology Older employees mayneed assistance inunderstanding technology,and may benefit frombeing paired with youngercohorts Anyone experiencing thisin their workplace?CG Hylton Inc. 25
  26. 26. Overqualified Job Seekers Some candidates will have strongbackgrounds that may make themappear to be ―overqualified,‖ butemployers who toss these applicantsaside without asking the rightquestions risk eliminating excellentcandidates and/or an agediscrimination suit. Anyone experiencing this in theirworkplace?CG Hylton Inc. 26
  27. 27. Retirement Planning - Options As employees age, they needinformation about their retirementoptions, including work options suchas rehearsal or phased retirement.CG Hylton Inc. 27
  28. 28. Staff Retention Always been a focus of employers Keeping valuable employees willbecome an even more important issueas employers deal with workershortages and knowledge transfer gapCG Hylton Inc. 28
  29. 29. Flex time Workers of all ages are looking forways to balance work and lifeobligations. Many older workers aremembers of the ―sandwich‖ generationand must provide care for parents andchildren, and even grandparents andgrandchildren Anyone experiencing this in theirworkplace?CG Hylton Inc. 29
  30. 30. Mentoring Employers paying attention to how tocapture the boomers business wisdom Mentoring is attracting attention In the past, the role of the mentor hasbeen informal Now however, companies areformalizing the practiceCG Hylton Inc. 30
  31. 31. Mentoring to Offset KnowledgeLoss Older workers are formally assigned toyounger workers who have potential ina specific area of expertise, with thegoal of developing these individualsalong career paths that make senseand leveraging the mentoringrelationship to transfer businesswisdom, which goes beyond know-how to know-why.CG Hylton Inc. 31
  32. 32. Mentoring becomes part ofperformance review Some employers are tasking theirolder employees with specificmentoring and wisdom transfer goalsthat they are becoming part of theperformance review Others are implementing jobsharing, where a junior person sharesa job with someone seniorCG Hylton Inc. 32
  33. 33. The Retiree as Consultant Another approach is to bring retireesback in consultancy role Allows individual to retire when he orshe chooses, yet extends the durationfor transferring knowledge andwisdom to other staffCG Hylton Inc. 33
  34. 34. More formality re mentoring Whether a company takes a more orless aggressive approach, informalarrangements may not be enough andmore formal knowledge capture plansmay represent the only way acompany can capture wisdom andkeep it in the organizationCG Hylton Inc. 34
  35. 35. Compensation customization Lends itself to tailoring as it can bedetermined on a selective basis Making it a more attractive vehicle foraddressing aging workforce issues thanbroad-based retirement or health andwelfare plans whose changes have tobe more universalCG Hylton Inc. 35
  36. 36. Benefits pensions paradox How times change Anyone remember freedom 55? Early retirement incentives designedto attract boomers when they wereyoung up and coming executives Employers are revising their policies toremove the reverse incentivesCG Hylton Inc. 36
  37. 37. Solutions: study your situation current demographics and how theaging trend will impact your workforce identify and track the number ofpeople expected to retire in a giventime period and where they are in theorganization.CG Hylton Inc. 37
  38. 38. Adapting the workplaceCG Hylton 38 Falls are the leading causeof hospitalization due to injury forCanadians 65+ one in three expected to experiencethis life altering moment this year alone offices with flexi-floors, when those fallsdo occur, special new ―bouncy floors‖could reduce the risk of serious injury
  39. 39. Smart CanesCG Hylton 39 Another invention called Smart Canes,will allow real-time feedback on propergait and alert a worker’s colleaguesby text if a fall occurs. ―It’s a floor that’s compliant enough toprevent injury in case of a fall, but hardenough that you can do normal activitieson it,‖ noted Feldman. Initial tests show that it could reduce hipfractures up to 80 per cent.
  40. 40. 40The Work Environment The spaces where wework affect how we age We have control overhow workplaces aredesigned Work environment issuesare aging issues◦ Physical demands of work◦ Lighting and vision◦ Cognitive demands of work We can design agefriendly workplacesCG Hylton
  41. 41. ERGONOMIC PROBLEM-SOLVING STRATEGIES Seated work with larger parts involves interactingwith objects that may be too large to manipulatemanually, associated with assembly & weldingjobs. Problems are typically related to posture,illumination, reach, and lifting Use technology to lift & position thework for easy access that does not requirebending, twisting & reaching. Use supplemental lighting. Use adjustable chairs/work surfaces
  42. 42. Air bagsCG Hylton 42 Workers will also have the option ofof wearing a belt with built-inair bags that will deploy when thesensor detects a fall Those with balance problems couldwear them as part of their regularoffice wear
  43. 43. 43CG Hylton Inc.
  44. 44. Our ServicesHR and Benefits ConsultingEmployee Assistance PlanWorkshops, lunch and learns800.449.5866email
  45. 45. CG Hylton Inc. 45Call for a complementaryconsultationCG Hylton
  46. 46. You know you’re old if they havediscontinued your blood type, yourwalker has an airbag and peoplecompliment you on your alligator shoesOnly thing is you are barefootCG Hylton Inc. 46