Posts Tagged graying workforce

Intergenerational regurgitational

Posted by Catriona in Commentary on February 1st, 2010

Everything old is new again. Here’s a quote about the release of the ‘new’ intergenerational report out today:

The Government says improving workforce participation, skills and infrastructure are the keys to growing the economy and ensuring productivity improves.

We’ve been tuned into intergenerational reports for over seven years now; our business SageCo is pretty much based around this unprecedented demographic shift in workforce population. We’ve heard countless renditions of the same message; it’s not new news.

What is new is the approach that some organisations are taking to increase workforce participation of workers in ‘late career’. Interventions like:

  • individual phased retirement development plans
  • flexible working contracts
  • company sponsored retirement coaching
  • knowledge transition programs for specialists
  • job re-design
  • elder care leave

But if we have any hope of increasing workforce participation on a large scale, these solutions and more need to be part of the mainstream workforce management plans - not just special programs.

And another thing - we agree with SmartCompany, the ‘ageing generation’ is an unfortunate and unhelpful label. In the same way that this generation helped define the term ‘teenager’, they are redefining the notion of  ‘retirement’.

Lumping an entire generation into the “ageing” category is extremely limiting. Within this old fuddy-duddy group you have a huge array of very wealthy, sophisticated people with masses of money to spend – or leave behind. You also have a deep skill set, leadership skills and acquired wisdom.

Comments on the intergenerational report

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Graying workforce requires a different approach

Posted by Catriona in Research on November 18th, 2009

This from Pew Research. American statistics - but we are seeing the same in Australia.

Our take: your workforce of the future is actually working with you today; they just want to work differently. What are you doing about it?

The American work force is graying — and not just because the American population itself is graying. Older adults are staying in the labor force longer, and younger adults are staying out of it longer. Both trends took shape about two decades ago. Both have intensified during the current recession. Both are expected to continue after the economy recovers. One reason, according to a Pew Research survey, is that older workers value not just the economics benefits of work, but the psychic and social rewards.

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Wanted: Older workers. Wanted: Employers thinking outside the square

Posted by Catriona in Commentary on October 14th, 2009

There’s nothing new in this excellent story from Radio National this morning, but we do give a bit of a ‘SageCo sigh’ at the content. Why? The demographic make up of our workforce is changing rapidly. Employers need to think a little outside the box and redesign roles that suit mature employees who are keen to keep working, but not the way they are working now. It can be done. It requires creative thinking and conversations you’ve not had before, but this ‘demographic bomb’ is not insurmountable. Hear, hear to the CFMEU for putting it on the agenda.

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Different strokes for different folks

Posted by Catriona in Commentary, Research on September 16th, 2009

I was up with the sparrows this morning to attend the SA CEDA trustees breakfast to look at the findings of the latest Hudson 2020 report entitled: Talent Tightrope - managing the workplace through the downturn. I suspect that for most, this report confirms much of what we already know. There was one alarming stat for me:

“Fewer than one in five employers report that they are tailoring their approaches by generation (19%), and only a third indicated that ideally they would tailor their approaches, though they currently lack the resources to do so.”

My co-director Alison often says, “Conversations come free!”. A starting point for all employers is to have individual conversations with employees from all generations to work out the drivers for retention and attraction. Focus on your critical resource areas. Focus on employees who hold core business knowledge that you can’t afford to lose. Tailoring doesn’t need to cost an arm and a leg; and it’s far less costly than losing the arms and legs of your organisation.

Top tip from SageCo:

Your window of opportunity for conversations with your baby boomer workforce is even shorter than with other generations due to retirement options. If you want key individuals to extend their working life with you, use some of these questions in your conversation:

  • How do you see your career evolving over the next ten years with us?
  • What would your ideal role look like?
  • What knowledge, skills and rules of thumb do you think we need to retain in our business?

Help your baby boomer employees create a positive and productive future.

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