Archive for category Commentary

prepared for what?

Posted by Catriona in Commentary, Musings, Research on March 29th, 2010

The recent Mercer Superannuation Sentiment Index indicates a dip in retirement confidence given the impact of the GFC on funds. But it is this statement that really interests me:

Only 11% of working Australians feel they are thoroughly prepared for retirement.

This figure correlates with the research that SageCo has conducted over the last five years. Over 5000 employees have been through organisationally sponsored ‘retirement preparedness’ programs with us. While financial reasons weigh heavy on decisions about retirement, we think there are fundamental questions which need examining before you can adequately address the financial concerns.

  1. What does retirement look like for me?
  2. Do I really want to retire?
  3. What do I really want to do?
  4. How much money do I really need to do what I want to do?
  5. How could I continue working in some way?
  6. What are the (often unspoken) expectations of my family and friends about my retirement?
  7. How could I improve my health?

These are tough enough questions at any age. Even when ‘retirement’ may seem a long way off, having a plan in mind while you have earning capacity is so important. Not having a plan weighs heavily on mature employees.

Organisations who support their ‘late-career’ employees in retirement preparedness will reduce the risk of retirement loss and increase productivity.

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winning ways in work-life balance

Posted by Catriona in Commentary, Musings on March 15th, 2010

(l-r) Catriona Byrne, Alison MonroeWe are proud to announce that we received a special commendation in the 2009-2010 National Work Life Balance Awards announced today. We are advocates for work- life balance as a key component of creating work places that attract and retain mature age workers. However, we also need to be true to ourselves and we offer flexible arrangements for every member of our wonderful SageCo team.

Congratulations to Probuild Constructions who were the winners. Great to see a company leading the way in a challenging industry such as construction.

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dreaming of a second life

Posted by Catriona in Commentary on March 10th, 2010

Saw the iconic Kathryn Bendall in her Adelaide Fringe debut show “Kath on a Hot Tin Roof” on Sunday night. Kathryn is a friend of SageCo’s - but she’s more than that. As her favourable review in the Advertiser yesterday remarked, “she is a magnificent example to all who dream of a second life.”

Kathryn found herself retrenched four years ago at the age of 55. Defying very unhelpful comments from supposed ‘career professionals’ advising her that she was ‘dreaming’ if she thought she was employable - Kathryn reinvented herself into a stand up comic. The show is a great chuckle; I do love the barbecue story.

Faced with a somewhat enforced retirement, Kathryn has redirected her life. And as her husband Ron says, “At least stand up comedy is cheaper than golf!”

There are five more shows to catch. Quick. Hurry. This mature age icon deserves an overflowing house.

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lifelong work

Posted by Catriona in Commentary on March 1st, 2010

In our efforts to transform the notion of ‘retirement‘ to the notion of ‘redirection‘, we’re always on the lookout for phrases and descriptions that make us think about working differently. I like this quote from the Public Management Outlook newsletter (IGPDE Newsletter / Research-studies-Monitoring-no33-Jan2010)

From full-time work to lifelong work

The proliferation of part-time work has contributed to the growth in employment among Dutch seniors. Seen in the early 1990s as a life-work balancing tool, part-time work is now perceived as a tool for ‘lifelong’ work. It is incorporated into the labour organisation set-up with a consolidated status. Some 5% of working persons aged 55 to 64 years old work jobs less than 12 hours per week, earning extra income for the seniors concerned.

If organisations are really serious about stemming the loss to retirement, then redesigning roles to enable a choice of lifelong work has to be part of the solution.

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molehill versus mountain

Posted by Catriona in Commentary on February 8th, 2010

This article in The Economist neatly expresses what we often bang on about.

“Most companies are remarkably ill-prepared. There was a flicker of interest in the problem a few years ago but it was snuffed out by the recession. The management literature on older workers is a mere molehill compared with the mountain devoted to recruiting and retaining the young”

This is reality. It is not just about ‘preparing for an ageing workforce’ (like you might for Y2K in the hope that it never happens); it’s about MANAGING an ageing workforce.
The ‘molehill’ of management literature on managing an ageing workforce compared to the ‘mountain devoted to recruiting and retaining the young’ also reflects budget allocation by most organisations. In a word: CRAZY.

I’m not sure it is as difficult as The Economist makes out. It just requires a different mindset.

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