Posts Tagged working longer

What would influence your decision to work longer?

Posted by Catriona in Research on June 17th, 2010

Ageing workforce specialists SageCo recently asked more than 300 mature employees, “What would influence your decision to work longer?” More than 60 percent said that the opportunity to work the same role but on a more flexible basis would be a reason to stay. In the same vein, over half said that working in a similar role but with reduced hours and less responsibility would see them working beyond the traditional retirement date.

“The trick to the age management puzzle is slowing the rate of retirement” says SageCo MD, Alison Monroe. “Use your workforce planning data to determine the risk of not only how many you are losing, but also who you are losing.”

Extending the working life of our baby boomer generation is a key strategy for ensuring a future workforce. By 2016 we have more people leaving the workforce than entering it;  something has to shift. But how?

The results of this survey suggest that managers and HR professionals need to build a high level of competency in redesigning roles, applying flexible work arrangements and dealing with the more granular tasks of remuneration and superannuation.

While flexible work opportunities were the clear winner here, respondents showed strong support for an organisation’s alumni program to provide contracting opportunities and the means to contribute knowledge to special projects.

“SageCo sees a strong argument for the reinvention of the alumni model.” says Catriona Byrne, SageCo Director and Product Development Lead. “Up till now, most alumni programs simply provide a means for past employees to keep in touch annually.

We are having early discussions with a few progressive organisations who have tapped into the opportunity of using their alumni program as a way to resource the future. The new alumni model is a living, breathing knowledge database and a talent pool of experienced, contingent employees who can hit the ground running.”

None of these interventions will make a difference unless organisations have a baseline of good people management. However, it is clear that new practices must be put in place to influence retiring employees.

“The results also indicate that organisations need to actively support late career employees in their decisions about work and retirement.” suggests Alison Monroe “The mindset shift required by employees and employers alike won’t happen left to chance.”

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We need to raise the age definition of ‘old’

Posted by Catriona in Uncategorized on June 1st, 2010

Phil Ruthven has a refreshingly different viewpoint on intergenerational challenges. We particularly liked these  comments:

At 65 years of age :

  • in 1800, you were dead 27 years ago
  • in 1900, you were dead 12 years ago
  • in 2000, you had 12 - 15 years to go
  • in 2100, you may be two-thirds through your life

We need to be very careful about what an ‘ageing society’ or the ‘greying of Australia’ really means

Even at 70 years of age many will still be working, probably part-time and will be fit and healthy.

Sourced from Market Watch, AICD

We agree; we need to raise the age definition of ‘old’. We also need to challenge the traditional assumption of retirement.

Yes - we will have a growing porportion of older workers - most only too happy to do different and mostly part-time work beyond 65 years of age.

Sourced from Market Watch, AICD

Employers need to build capability in role redesign and incorporating flexible work practices into their modus operandi.

SageCo’s key questions::

  • How clear is your pathway for mature workers in your organisation?
  • How are you supporting your  employees in preparing for work and life in late career?
  • How many roles incorporate flexibility?

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a bright future

Posted by Catriona in Commentary on April 15th, 2010

Great article from last weekend’s Sunday Age. Here’s an excerpt:

Here’s another image: a newer, more sombre reality. You work in an office. Your 65th birthday comes and goes. Life as you know it ticks on, the humdrum of the office continues. You turn 67, then  70. You watch your salt-and-pepper hair turn grey, then take on a silver-white shimmer. You look across your ergonomically designed desk (with the adapted lighting to aid your weakened eyesight) at your colleague; he or she is older and more silvery than you. Forget the  golf course; you are not going there - at least, not yet.

Welcome to 2050, where, according to the Rudd government’s intergenerational report, nearly one in four of us is over 65. The future is grey.

Here’s the trick: How do we work longer but work differently? I’ve had a stab at providing an alternative picture. Organisations who invest now in workforce development for their late career employees could assure their staff of something like this:

Here’s another image: a newer, bright reality. You work in an office. Your 65th birthday comes and your Gen Z manager gives you a day off to celebrate with your grandchildren.  Work as you know it has taken on a whole new dimension, the hum of the office alternates with the trill of birds when you work at your home office two days a week. You turn 67, then  70. You watch your salt-and-pepper hair turn grey, then take on a silver-white shimmer. You add a purple streak to it in acknowledgment of the wisdom you share with your two mentees over lunch. They thoroughly approve.

You look across your ergonomically designed desk (with the adapted lighting to aid your weakened eyesight) at your colleague; he or she is older and more silvery than you. Forget the  golf course; they are packing up for ’snow goose’ leave and will return in three month’s time from their beach holiday to be part of the contingent workforce for the ‘busy season’.

Welcome to 2050, where, according to the Rudd government’s intergenerational report, nearly one in four of us is over 65. The future is surprisingly bright.

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GFC only a slight reprieve

Posted by Catriona in Media on February 9th, 2010

SageCo’s recent survey about the impact of the GFC on retirement and working intentions get’s some coverage in HC Magazine.

Anecdotal evidence to suggest that mature workers would hang on to their jobs and defer their retirement plans has been supported by results of a survey by ageing workforce specialists, SageCo.

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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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