Posts Tagged retirement

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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a time to choose

Posted by Catriona in Commentary on February 2nd, 2010

We like Elizabeth Broderick’s comments on increasing mature age workplace participation.

“Genuine choice is the key to success in supporting and increasing mature age workplace participation – choice to work if we need to, choice to work if we want to,” Commissioner Broderick said. “Enabling this choice is important because, for various reasons, many people wish to work longer – and let’s face it, people have a right to work.”

Personally, I love seeing the lights come on for people in our workshops when they realise that retirement is just an assumption; they do indeed have a choice about creating their future.

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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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older and wiser talent pool

Posted by Alison in Media on January 18th, 2010

“Employers need to retain the talent, skill and knowledge of the triple decker sandwich generation” writes Julia Stirling in The Weekend Australian (16-17 January 2010), in an article featuring SageCo’s Alison Monroe.

Gareth Bennett from Freehills concurs. “People need to know that being a carer or a mature-age worker is not career limiting” adding that they need reassurance that they are an integral part of the firm and that leaders should encourage and indeed role model flexible work arrangements.

And so say all of us!

Full article

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New age, different stage

Posted by Alison in Research on January 14th, 2010

Welcome to 2010! As we round the corner on a brand new year, social commentator and futurist Mark McCrindle has released what he sees as the Top Ten Trends that will define this decade. Many of these have a significant impact on Australia’s demographics and our favourite topic - mature age workers.

By 2020 our population will hit 27M with 1 in 5 aged 60+. An acceleration in baby boomer exits from the workforce will see the beginning of the ‘age wave hitting Australia’ says McCrindle.

The stage on which organisations perform is changing radically. When the closing curtain comes down on this decade, how many will have thrived rather than simply survived? According to McCrindle, this will require a return to skill development, training, longer job training and stability.

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