Attracting and Retaining Retirement-Age Employees Sponsored by May - - PowerPoint PPT Presentation

Attracting and Retaining Retirement-Age Employees

May 14, 2019

Sponsored by

Presenter

Sara Reese

Lead Employment Consultant University of North Carolina at Chapel Hill

Chat Question

• What do Michelangelo, Ronald Reagan, Gandhi and Julia Child all have

in common?

Age genda

• Identifying Retirement Age Employees
• Labor Market Trends
• Creating an Inclusive Environment to Attract

Retirement Age Employees

• Retaining Retirement Age Employees

Poll Question

At what age do you plan to retire? a) Before 65 b) 65 to 69 c) After 70

45 % 26 % 23 % 65 to 69 After 70 Before 65

Anderson, G. O. (2015, August). AARP Post Retirement Career Study. Retrieved from https://www.aarp.org/content/dam/aarp/research/surveys_statistics/econ/2015/aarp-work-jobs-post- retirement-career.doi.10.26419%252Fres.00109.001.pdf

Un Univer ersity Faculty: “ “Reluctant Retirees ees”

• 75% of faculty plan to work past normal retirement

age

• Financial reasons
• Job satisfaction and enjoyment of work

Higher Education Recruitment Consortium. (2017, August 28). Reluctant Retirees: A Workforce Problem Facing Higher Education. Retrieved from https://www.hercjobs.org/member_resources/HERC_news/reluctant-retirees-a-workforce-problem-facing-higher-education

1946 1964

Baby Boomers 74.1 Million Ages 55 to 73

74.1 Million Baby Boomers 61.2 Million Gen X + 75.6 Millennials (74.1 Million Baby Boomers ) + 65.2 Million Post Millennials

CNN Library. (2017, August). American Generation Fast Facts. Retrieved from https://www.cnn.com/2013/11/06/us/baby-boomer-generation-fast-facts/index.html

Labor r Force P Participation Growth

.5% annual rate of projected growth 2014 to 2024 .6% annual rate of growth 2004 to 2014 Steady decline since 2000

Bureau of Labor Statistics. (2015, December). Labor force projections to 2024: the labor force is growing, but slowly. Retrieved from https://www.bls.gov/opub/mlr/2015/article/labor-force-projections-to-2024.htm

Labor

• r F

For

• rce

ce Parti tici cipation

• n

Bureau of Labor Statistics https://www.bls.gov/charts/employment-situation/civilian-labor-force-participation-rate.htm

Chat Questions

• How has your organization felt the impact of a stagnant workforce

and low unemployment?

• What positions are difficult for you to fill?

Bichsel, Jacqueline; Pritchard, Adam; Li, Jingyun; and McChesney, Jasper (May 2018). Staff in Higher Education Annual Report: Key Findings, Trends, and Comprehensive Tables for the 2017-18 Academic Year (Research Report). CUPA-HR. Available from https://www.cupahr.org/surveys/results/.

Birth Rates Average Age 41.9 55 and Older Largest Employee Group by 2024 Immigration Difficult to predict Population Growth

Bureau of Labor Statistics. (2015, December). Labor force projections to 2024: the labor force is growing, but slowly. Retrieved from https://www.bls.gov/opub/mlr/2015/article/labor-force-projections-to-2024.htm

7 in 10 want to work after Retirement 2 in 3 have seen or experienced age discrimination

AARP Research. (2014, January). Staying Ahead of the Curve 2013: The AARP Work and Career Study. Retrieved from https://www.aarp.org/content/dam/aarp/research/surveys_statistics/general/2014/Staying-Ahead-of-the-Curve-2013-The-Work-and-Career-Study-AARP-res-gen.pdf

SH SHRM Su Survey on

• n t

the A e Agi ging W Wor

• rkforce

32 % Organizations who consider employees age 60 to 64 as “Older” Workers Employees who consider employees as “Older” between ages 50 to 54 29 %

SHRM Foundation. (2016, July 7). The Aging Workforce Research Initiative. Retrieved from https://www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/Pages/aging-workforce-research-initiative.aspx

Chat Questions

• Has an older person in your life inspired you?
• If so, what strengths do they possess that you admire?

SHRM HRM S Study: Advantages es o

• f “Older

er” W ” Worker ers

More Work Experience More Mature/Professional Stronger Work Ethic

SHRM Foundation. (2016, July 7). The Aging Workforce Research Initiative. Retrieved from https://www.shrm.org/hr-today/trends-and-forecasting/research-and-surveys/Pages/aging-workforce-research-initiative.aspx

Cultu ture o

• f I

f Inclusion

Disrupt discriminatory age-related language Include images of all age groups in visual media Include age in your diversity and inclusion plans Encourage multigenerational project teams Provide professional development Dispel myths about retirement age employees

Gurchiek, K. (2017, October 30). Disrupt the Concept of “Old” and End Ageism. Retrieved from https://www.shrm.org/resourcesandtools/hr-topics/behavioral-competencies/global-and-cultural-effectiveness/pages/disrupt-the-concept-of-old-and-end-ageism.aspx

Poll Question

Which of these age groups primarily uses technology for gaming? a) 50 years old b) 50 – 60 years old c) 70+ years old

Myth: Ret etirem emen ent A Age e Employees ees are no e not T Tech S Savvy

• 90 % Computer
• 70% Smart Phone
• 40% Tablet
• Email, Text, Social Media

50+

• Surf Net
• Shop
• Watch Videos
• Banking

50 – 60

• Gaming

70+

Anderson, G. O. (2018, February). Getting Connected: Older Americans Embrace Technology to Enhance Their Lives. Retrieved from https://www.aarp.org/research/topics/technology/info-2018/technology-use-attitudes.html

Myth: Retirement Age Employees are not Flexible or Creative

Reese, H. W., Cohen, S. H., & Puckett, Jr, J. M. (2001). Effects of intellectual variables, age, and gender on divergent thinking in adulthood. International Journal of Behavioral Development, 25(6), 491–500. doi:http://journals.sagepub.com.libproxy.lib.unc.edu/doi/10.1080/01650250042000483

Rec ecruit itin ing R Retir irement A Age e Employees ees

• Equal opportunity for all workers

regardless of age

• Omit discriminatory language from your

interview process

• Multigenerational interview committees
• Website testimonials
• Highlight benefits that appeal to

Retirement Age Employees

Poll Question

Which generational group prefers telecommuting and flexible work schedules? a) Millennials b) Gen Xers c) Boomers d) All of the above

Employer er o

• f Choi
• ice f

ce for Retiremen ent A Age E e Emplo loyee ees

• Flexible work schedule
• Telecommuting
• Part-time/temporary/

consultant opportunities

• Competitive pay and benefits
• Wellness programs
• Professional development
• Opportunities to coach

and mentor employees

Poll Question

How does your college or university retain retirement age workers? a) Flexible schedules and telecommuting b) Part-time or temporary opportunities c) Transition to a position with less responsibility d) A combination of the above e) None of the above

Transition

• n t

to Retirem emen ent

• Transfer to a job with less

responsibility and pay

• Transfer to a part time position
• Job sharing
• Recruit and hire back recent

retirees into a temporary position

• Provide education on retirement
• ptions

Trendi ding: Hi Hire a and R Retai ain R Retirement A Age Employees

McDonalds https://associationsnow.com/2019/04/aarp-gives-mcdonalds-a-job-recruiting- lift/?MessageRunDetailID=201857780&PostID=5295230&utm_source=rasa_io Herman Miller, Michelin, The Philadelphia Contributionship https://www.usatoday.com/story/money/2018/05/21/retirement-delayed-firms-keep-older-workers-hire- retirees/613722002/ Montefiore Health System, National Grid, U.P.S https://www.nytimes.com/2018/07/13/business/in-a-tight-labor-market-retirees-fill-gaps-their- previous-employers-cant.html National Institutes of Health https://www.washingtonpost.com/local/in-era-of-workplace-ageism-older-workers-at-nih-feel- embraced/2013/11/09/b369bb90-4355-11e3-a624- 41d661b0bb78_story.html?noredirect=on&utm_term=.c5e76b3429c9

Summa mmary

• Retirement Age 60 to 69
• Labor Market Trends Create Challenges in Talent Acquisition
• Baby Boomers retiring
• Stagnant labor participation growth through 2024
• 7 in 10 Retirement Age Employees Want to Work
• Create a Culture of Inclusion for Retirement Age Workers
• Commitment to equal opportunity regardless of age
• Dispel myths about retirement age employees
• Retaining Retirement Age Employees
• Flexible work schedules/telecommuting/part-time schedules
• Good pay and benefits/wellness programs
• Professional development
• Ease Transition into Retirement

Questions?

Thank You! Sara Reese sara_reese@unc.edu

Thank You!

Attracting and Retaining Retirement-Age Employees

May 14, 2019

Sponsored by