Rethinking Work Mgs 4 29 11 Final For Slide Share


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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

    1. 1. Rethinking Work for a Changing World<br />Tracy Godfrey<br />Kate Schaefers<br />MN Gerontological Society Conference<br />April 29, 2011<br />Godfrey & Schaefers<br />April, 2011<br />1<br />1<br />1<br />
    2. 2. Rethinking Work: Session Goals<br />Provide information on demographics on the aging population and workforce<br />Trends and changes in thinking on work and retirement<br />Ideas of what older workers and employers can do<br />Discuss broader implications of these trends across other aspects of society <br />Godfrey & Schaefers<br />April, 2011<br />2<br />
    3. 3. “A Change Is Gonna Come”: Aging Population<br />The number of boomers reaching “retirement” age will grow dramatically in the years to come.<br />30% more will turn 65 this year than last year<br />People are also living longer<br />Number of Adults age 65+ Will Continue to Grow<br />79% Increase between 2010 and 2030<br />By 2030, those over 65 will make up 19.3% of population <br />In Minnesota, numbers of people aged 65+ is expected to total 1.3 million in 2030<br />Godfrey & Schaefers<br />April, 2011<br />3<br />Population<br />Workforce<br />Work<br />Sources: Administration on Aging, 2009, Ecumen 2007 Age Wave Study<br />
    4. 4. Godfrey & Schaefers<br />April, 2011<br />4<br />Age Distribution Has Changed<br />Population<br />Workforce<br />Work<br />Minnesota<br />1980 vs. 2007<br />Source: Gillaspy & Stinston, “The New Normal”, Nov., ‘10<br />
    5. 5. How old is “Old”? The answer depends...<br />Age Group<br />Early Boomers<br />(1946 – ’51)<br />Middle Boomers<br />(1952 – ’58)<br />Later Boomers<br /> (1959 – ’64)<br />“Old”<br />78<br />Godfrey & Schaefers<br />April, 2011<br />5<br />Population<br />Workforce<br />Work<br />Survey of Baby Boomers:<br />75<br />71<br />Generally, “Old” seems to be at least 5 years older than you are.<br />Source: “Boomers in the Middle, MetLife Mature Market Institute, 2010<br />
    6. 6. “A Change Is Gonna Come”: Aging Workforce<br />Workers over 50 are a growing portion of the workforce (now more than 30%)<br />Labor force participation of those 55+ is increasing<br />More people are working past age 65 (now 18%)<br />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.<br />If trends continue, adults age 55 & up will be 25% of the workforce in 2019.<br />Godfrey & Schaefers<br />April, 2011<br />6<br />Population<br />Workforce<br />Work<br />
    7. 7. In Minnesota, 30 Percent MoreWorkers Turned Age 62 in 2008- Trend Will Continue Until 2022<br />Godfrey & Schaefers<br />April, 2011<br />7<br />Population<br />Workforce<br />Work<br />2005 ACS<br />Source: Gillaspy & Stinston, “The New Normal”, Nov., ‘10<br />
    8. 8. “A Change Is Gonna Come”<br />Work is changing<br />Move to a Knowledge Economy – from a manufacturing economy<br />Global economy<br />More technology, mobility: Internet, WiFi, Smart phones, Social media<br />Networked – closer links across geography - Virtual<br />Godfrey & Schaefers<br />April, 2011<br />8<br />Population<br />Workforce<br />Work<br />
    9. 9. Longer Lives, More Years in Middle<br />Godfrey & Schaefers<br />April, 2011<br />9<br />Middle Age<br />Middle Age<br />Young Adult<br />Young Adult<br />Retiree<br />Senior<br />Elderly<br />Retiree<br />Senior<br />Elderly<br />1900<br />1900<br />55 - 70<br />20 - 40<br />40 - 55<br />70 – 85+<br />Upper Middle Age?<br />Elderly<br />Senior<br />Retiree<br />Middle Age<br />Young Adult<br />Now<br />A “New Stage” Has Emerged<br />On average, people live 18 years beyond 65<br />Frail elder stage pushed out a decade or more<br />People age 60-75 remain active, healthy<br />9<br />9<br />
    10. 10. Defining a New Stage of Life<br />“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….”<br /> - Marc Freedman, AARP Bulletin, March, 2011<br />Godfrey & Schaefers<br />April, 2011<br />10<br />
    11. 11. 11<br />Aging Boomer Population: Burden? <br />Inadequate savings for retirement<br />Burden on healthcare systems, greater healthcare costs<br />Drain on Social Security, Medicare, other Social Service programs – fewer workers paying in to support more recipients<br />Strain on families and society in caring for those in dependency<br />Eventual shortage of labor and talent<br />Chinese Character for Crisis<br />Opportunity + Danger<br />Godfrey & Schaefers<br />April, 2011<br />
    12. 12. 12<br />Aging Boomer Population: Opportunity? <br />Well educated, skilled sector of the labor market.<br />Healthy and vital contributors.<br />Skills well suited to today’s knowledge based economy.<br />Desire to give back, contribute, fits with emerging employment needs (i.e. health care, education, environment, social service).<br />Chinese Character for Crisis<br />Opportunity + Danger<br />Godfrey & Schaefers<br />April, 2011<br />
    13. 13. Benefits in Extended Work Life <br />For the individual:<br />Money: Increased income, more savings<br />Sense of accomplishment, contribution<br />Increased social interaction and involvement<br />Extended vitality and health - for those who stay engaged<br />Godfrey & Schaefers<br />April, 2011<br />13<br />13<br />
    14. 14. Benefits in Extended Work Life <br />For the Employer:<br />Alleviate, moderate or postpone shortage of labor<br />Retain talent; less brain drain<br />Succession planning, transfer of knowledge<br />Organizational profitability and competitiveness<br />Older workers bring qualities that are needed: engagement, work ethic, efficiency, focus<br />Godfrey & Schaefers<br />April, 2011<br />14<br />14<br />14<br />
    15. 15. Benefits in Extended Work Life <br />For Government:<br />Extend life of Social Security, Medicare<br />Lower costs for health care, welfare and other “entitlement” programs<br />Volunteers contributing to non-profit, community & civic efforts<br />People pay income taxes as they continue to work<br />Godfrey & Schaefers<br />April, 2011<br />15<br />15<br />15<br />
    16. 16. Benefits in Extended Work Life <br />For society:<br />Improved health; reduced healthcare cost<br />Healthier communities – more engaged, involved and caring<br />Increased labor utilization, productivity, economic growth, greater prosperity<br />Economy grows faster when more people work longer<br />Create “communities for life” – across generations<br />Godfrey & Schaefers<br />April, 2011<br />16<br />16<br />16<br />
    17. 17. “Retirement” – Old Myths vs. New realities and vision<br />The Old Myth:<br />Retire at age 65 and stop working<br />The “Golden Years” in “Sun City” – moving away to live in a retirement community<br />“Senior Citizens” living in “55+” housing, away from other age groups<br />Focus on a life of leisure, without responsibility<br />“Elderly” - increasing frailty and declining health<br />“It’s all downhill from here!”<br />Godfrey & Schaefers<br />April, 2011<br />17<br />
    18. 18. “Retirement” – Old Myths vs. New realities and vision<br />Working in Retirement <br />1 in 5 of those over 50 who are “retired” are working<br />More than half of those work full-time; <br />1/3 of those working full-time are making more than before they retired.<br />Godfrey & Schaefers<br />April, 2011<br />18<br />“Working in Retirement”, Work and Families Institute, Nov., 2010<br />In Minnesota<br /><ul><li>46% of Boomers plan to work PT or FT in retirement
    19. 19. 73% of those who plan to work say their job will be different than their current job.</li></ul>The Ecumen “Age Wave” Study, 2007<br />
    20. 20. Why people are working longer<br />It’s more than Financial: AARP Survey – “Ideal Job”:<br />Personal & Professional Development factors were most important, followed by Workplace Culture, and then Flexibility, all ahead of Finances<br />What older workers are seeking in a job:<br />Still healthy – want to stay physically & mentally active<br />Make use of one’s skills and talents<br />Want to make a difference; have a sense of purpose<br />One’s contribution is valued; respect<br />Flexibility and control over one’s work<br />Learn new things and grow professionally<br />Social: Stay connected, camaraderie, relationships<br />Godfrey & Schaefers<br />April, 2011<br />19<br />Why do you work?<br />19<br />19<br />
    21. 21. “New Stage” Models include Work<br />Work, volunteering, care-giving, lifelong learning<br />Erik Erickson’s concept of Generativity, Legacy<br />Work provides structure, identity, social interaction, meaningful experience, accomplishment, income<br />Engaged Aging<br />Giving Back<br />Encore Movement<br />Godfrey & Schaefers<br />April, 2011<br />20<br />Purpose, meaning, contribution and legacy become more important as we age – and the workplace is an outlet for these<br />
    22. 22. The Second Half of Life –Shifting Vision<br />Shifting Inner Vision<br />Reflection<br />New Perspective<br />Seeing the world with new eyes.<br />21<br />Godfrey & Schaefers<br />April, 2011<br />
    23. 23. Reality Check: Myths & Hurdles Older Workers Encounter<br />Myths<br />Not committed; short-timer<br />Less productive<br />Reduced intellect; can’t learn<br />Inflexible, rigid<br />Too high on the “career ladder”; can’t adjust<br />Not vigorous and active; risk of health issues<br />Godfrey & Schaefers<br />April, 2011<br />22<br />Reality<br />More Loyal;Reliable<br />“Experience dividend” – focused, work smarter<br />“Grown-up brain” – higher order thinking; integrate information; Sage wisdom<br />See multiple perspectives; allow for compromise<br />Work differently: “career lattice” - jobs with purpose<br />Conscientious; lower absenteeism; vital; engaged<br />Illustration: “Hiring Grandpa”, The Economist, Apr. 9, ‘11<br />
    24. 24. Reality Check: Myths & Hurdles Older Workers Encounter<br />Hurdles<br />Marginalized: Pushed to the side in discussions, decisions<br />Passed over for training and new assignments<br />Trivialized: Given routine or menial tasks – especially in volunteer roles<br />Risk of long-term unemployment<br />Age discrimination in employment and on the job (either intentional or unintended consequences of rules and policies)<br />“Age-ism”: Negative stereotypes, assumptions, attitudes; jokes and categorization (in the media, advertising, general society)<br />Godfrey & Schaefers<br />April, 2011<br />23<br />
    25. 25. Rethinking Ways To Work<br />Career continuity – Keep working where you are<br />Recombinant Career – combine skills to use in a new way, in a new setting<br />Career changer – back to school, training or apprenticeship or internship to move into a new field<br />Encore” career – work that combines meaning, social impact, and a paycheck<br />Volunteer or community roles<br />Godfrey & Schaefers<br />April, 2011<br />24<br />At this point, much of this is being done by individuals, with few established options<br />
    26. 26. Workers: Pathways to New Work<br />Formal Education<br />Return to school<br />Obtain a credential<br />Informal, On-the-job Learning<br />Stretch assignments to strengthen skill sets<br />Crafting Experiments (Ibarra’s concept of Working Identity)<br />Volunteering, civic engagement<br />Explore an internship<br />Alternative Work Engagements<br />Project assignments<br />Temporary, flexible work arrangements<br />Rebranding<br />Understand and build on transferrable skills<br />Godfrey & Schaefers<br />April, 2011<br />25<br />25<br />25<br />
    27. 27. Employers: Strategies to Engage & Retain Older Workers (& Others)<br />Supportive organizational culture.<br /><ul><li>Effectively using multiple generations
    28. 28. Pension, rehire, work rules to allow workers to continue
    29. 29. Employee resource groups: for Boomers & across generations</li></ul>Flexible work arrangements:<br /><ul><li>Flexibility in When, Where and How to work
    30. 30. Flexibility in pay and benefits choices</li></ul>Meaningful work – “Lead with purpose”<br />Ongoing education, training and skill development<br />Senior Consultant or “Guru” roles<br />Career transitions; recombinant careers to use skills in new ways; encore careers; bridge jobs<br />Pro-rated health benefits.<br />Recapturing “alumni” and retired workers<br />Godfrey & Schaefers<br />April, 2011<br />26<br />26<br />26<br />
    31. 31. Broader Implications for this new view of work for an aging world<br />Housing<br />Social Services<br />Public Policy and government regulations<br />Education – for training and lifelong learning<br />Civic and community life<br />Workforce: increasing productivity (efficiency + innovation)<br />What does this mean for you and your sphere of work?<br />Godfrey & Schaefers<br />April, 2011<br />27<br />
    32. 32. Tapping the Talent of an Aging Workforce Will Take:<br />Each person’s awareness, persistence and motivation<br />Employers’ receptivity and flexibility<br />Government promotion and regulatory structure<br />Community culture that supports and encourages lifelong engagement and learning<br />Godfrey & Schaefers<br />April, 2011<br />28<br />28<br />
    33. 33. The Bull’s Eye - When It All Aligns:one’s desire, labor market & societal need<br />Culture<br />Godfrey & Schaefers<br />29<br />Culture<br />Community <br />Resources<br />Governmental<br />Governmental<br />Workplace<br />Workplace<br />Image<br />Image<br />Self<br />Self<br />Identity<br />Identity<br />Ways to <br />Connect<br />Engage<br />Multiple<br />Generations<br />Communities for a Lifetime<br />Agencies<br />Community <br />Resources<br />Support<br />Groups<br />OSHA<br />Pension<br />Laws<br />Workforce<br />Centers<br />Pension<br />Rules<br />Work<br />Rules<br />Networks<br />Schools<br />Business Development & Career Innovation<br />Training & Education<br />Research/ Innovation Funding& Support<br />Job<br />Design<br />Benefits<br />Social Security<br />Selection<br />Flexible<br />Schedule<br />EEO<br />Ways to <br />Connect<br />Community<br />Learning<br />Medicare<br />FLSA<br />Employment<br />Laws<br />Environment that values lifelong work<br />Multiple Models<br />Of “Retired”<br />29<br />29<br />April, 2011<br />
    34. 34. Appendix<br />Godfrey & Schaefers<br />April, 2011<br />30<br />
    35. 35. Percent Change in U.S. Labor Forceby Age, 2006 - 2016<br />Thousands<br />-1,542<br />4,716<br />-2,194<br />-63<br />7,304<br />4,582<br />16 to 24 <br />25 to 34<br />35 to 44 <br />45 to 54 <br />55 to 64<br />65 and older <br />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<br />Source: US Bureau of Labor Statistics, Occupational Outlook Quarterly, Fall, 2007<br />Godfrey & Schaefers<br />31<br />April, 2011<br />
    36. 36. The End of Retirement as We Know It<br />“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.”<br />- L.B. Rubin (“The truth about aging in America”, 2007)<br />Godfrey & Schaefers<br />April, 2011<br />32<br />From “Engaged as We Age”, Sloan Center for Aging, Boston College, Feb., 2010, p. 13<br />32<br />32<br />
    37. 37. 33<br />History of Retirement<br />Von Bismarck – Germany - 1883<br />Social Security Act of 1935<br />1900’s 1930’s 1960’s TODAY <br />Godfrey & Schaefers<br />April, 2011<br />Sun City - 1960<br />
    38. 38. Elements of Older Workers’ Ideal Job<br />Dimensions: Workplace Culture(W), Personal & Professional Development (P), Flexible, Convenient Working Arrangements (F), Financial (Fi)<br />Godfrey & Schaefers<br />April, 2011<br />34<br />Development & Workplace come first, then Flexibility and Finances<br />Source: AARP, 2008 <br />
    39. 39. MN Boomers: Why They Work<br />Dimension% who find important<br />Keep Physically Active: 86%<br />Keep Mentally Active: 86%<br />Income: 86%<br />Health Insurance: 84%<br />Sense of Purpose: 82%<br />Stay Connected with Others: 82%<br />New Challenges: 79%<br />Godfrey & Schaefers<br />April, 2011<br />35<br />Source: The Ecumen “Age Wave” Study, 2007<br />
    40. 40. Godfrey & Schaefers<br />April, 2011<br />36<br />Transferring Talents to Recombinant / Encore Careers<br /><br /><br /><br /><br />A: Wells Fargo 2nd Half Champions; B: Encore Careers; C: Personal Source; D: PBS Retirement Revolution<br />36<br />36<br />
    41. 41. Examples from “Early Adapters”<br />“Prime Time” – First Horizon – flexible work option of 20 to 32 hours/week - prorated pay - retain full benefits, including health insurance (A)<br />Fewer Hours – Fidelity – Recruits 55+ for part-time in peak hours (B)<br /><ul><li>Flexible work schedules – General Mills R&D – Accommodations include compressed work weeks, flexible hours, as well as part-time work (A)</li></ul>Flexible Location – Boston College – Telecommuting options for IT (B)<br /><ul><li>“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. 42. “QUEST: Qualified Employees Seeking Transfer” – Cornell University (C)
    43. 43. Special assignments/Job Rotation – for mobility & skill-building–Deere & Co
    44. 44. Phased Retirement– Pitney Bowes Engr. Dept. – variety of shapes, including condensed workweeks, telecommuting & reduced workweeks (B)
    45. 45. Apprenticeship Program – Boston Scientific – Pair up highly-skilled veteran craftsmen & apprentices for knowledge transfer and succession planning. (A)
    46. 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)</li></ul>Cross-Generational Networking Circle – MITRE – for knowledge-sharing<br />“Encore Fellows” – Civic Ventures pilot in S.F. Bay Area – Executives from For-Profit sector working in Non-Profit assignments<br />Boomer Connection – Wells Fargo resource group<br />Godfrey & Schaefers<br />April, 2011<br />37<br />A: MetLife; B: Sloan Center, Boston College; C: AARP Top 50 Employers<br />37<br />37<br />
    47. 47. Resources<br />Civic Venture: Information on “encore careers”<br />SHiFT: Local network supporting people in mid-life who seek greater meaning in life and work<br />The Sloan Center for Aging and Work, Boston College:<br />MN Governor’s Workforce Development Council – Older Workers Workgroup:<br />MN career, education & job resource: - Collaboration between government (MN DEED) & education (MN SCU)<br />MetLife Mature Market Institute:<br />AARP Foundation – Worksearch site:<br />“Encore: Finding Work That Matters in the Second Half of Life,” Marc Freedman (Public Affairs Paperbacks, 2008)<br />“The Big Shift: Navigating the New Stage Beyond Midlife,” Marc Freedman (Public Affairs Paperbacks, 2011)<br />“Working Identity: Unconventional Strategies for Re-inventing Your Career,”Herminia Ibarra (Harvard Business School Press, 2003)<br />PBS: “Retirement Revolution”: (Sep., 2009, 2 hr. program)<br />Godfrey & Schaefers<br />April, 2011<br />38<br />38<br />38<br />