Deborah Russell Presentation

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Information about Deborah Russell Presentation
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Published on November 14, 2007

Author: funnyside

Source: authorstream.com

Slide1:  Tapping the Vast Human Capital of Older Workers: Driving Competitive Advantage America’s Aging Workforce:  America’s Aging Workforce Significant Demographic Changes in the USA Nearly one in three workers will be 50+ by 2012 Median age of workers – 40 Baby Boom generation nearing traditional retirement age Projected % Change in Labor Force by Age Group, 2002-2012:  Projected % Change in Labor Force by Age Group, 2002-2012 Workforce Shortages:  Workforce Shortages Nurses and other health professions Teachers Public administration Engineers Scientists Highly skilled professionals Slide5:  Employee Perspective Reinventing Retirement:  Reinventing Retirement Boomers much less likely to associate retirement with the traditional retirement age of 65. Nearly 70% of workers who have not retired report that they plan to work into their retirement years or never retire. Almost half of workers 45-70 indicate that they envision working into their 70s or beyond. Primary Reasons for Working :  Primary Reasons for Working Money Health Insurance Retirement benefits Flexible work arrangements Why People Think They’ll Work in Retirement Pre-retirees age 50-70:  Why People Think They’ll Work in Retirement Pre-retirees age 50-70 Source: AARP, Staying Ahead of the Curve, 2003: The AARP Working in Retirement Study, 2003 Other Key Factors:  Older workers, particularly the boomers, are striving for work/life balance: 31% of mature workers became responsible for a dependent parent 23% had an adult child move back home 16% were providing child care or day care for grandchild Other Key Factors Slide10:  Employer Perspective Employers are anxious about the future:  Employers are anxious about the future Lost knowledge can hurt financially Harder to find qualified employees Need to do more to retain workers Need to establish formal programs to address retention and recruitment of 50+ workers Employer Perspective Positive Perceptions of Older Workers:  Employer Perspective Positive Perceptions of Older Workers Loyalty and dedication to the company Come to work on time; low absenteeism Commitment to doing quality work Someone you can count on in a crisis Solid performance record Employer Perspective Negative Perceptions of Older Employees:  Employer Perspective Negative Perceptions of Older Employees Averse to change Lack experience with new technologies Out-of-date job skills Difficulty reporting to younger bosses Too Expensive Slide14:  The Business Case for 50+ Workers The Business Case for 50+ Workers:  The Business Case for 50+ Workers Debunk the myths employers possess regarding the costs associated with 50+ workers and build a “business case” for utilizing 50+ workers as one strategy for addressing labor shortages. The Business Case for 50+ Workers:  The Business Case for 50+ Workers Costs Cash compensation Health Benefits Pension Benefits Paid Time Off The Business Case for 50+ Workers:  The Business Case for 50+ Workers Industry Overlay Energy Financial Services Health care Retail The Business Case for 50+ Workers:  The Business Case for 50+ Workers Cash Compensation Tied to market median Cost depends on ability, experience and performance Cash compensation not necessarily tied to age The Business Case for 50+ Workers:  The Business Case for 50+ Workers Health Benefits Health claims for 50 -64 years and dependents equal 1.4-2.2 times the cost of claims for 30 – 40 year olds. HR managers are increasingly concerned with behavioral issues that lead to health risks 50-64 year olds are less likely to have dependent children The Business Case for 50+ Workers:  The Business Case for 50+ Workers Pensions Only 21% of private employers offer DB plans vs. 42% that participate in DC plans DC plans are not age-based The Business Case for 50+ Workers:  The Business Case for 50+ Workers “Value”part of the Equation Engagement Turnover The Business Case for 50+ Workers:  The Business Case for 50+ Workers Engagement Towers Perrin study shows that 50+ workers are more engaged as they age. Highly engaged workers correlates with overall performance of the company. The Business Case for 50+ Workers:  The Business Case for 50+ Workers Turnover The average tenure among workers is 3.7 years. Median job tenure of 55+ worker is 3.3 times that of 25-34 year old. Employers often don’t see ROI until 3rd year. The Business Case for 50+ Workers:  The Business Case for 50+ Workers Employer Action Inventory your current talent and define future needs Model cost trends to understand the business case for investments needed to attract and retain 50+ workers Study available labor pool and define your talent strategies Align reward programs Align workplace policies and practices Slide25:  The boomers will reinvent "retirement," working longer either because they want to or they need to.   Mature workers offer businesses a unique combination of experience, loyalty, enthusiasm and a strong work ethic.   As the workforce ages, businesses that know how to recruit and retain mature workers will gain a competitive edge.   What’s In it For Business? Best Practices - Recruitment:  Best Practices - Recruitment Brevard Public Schools Retired Principals Volkswagen of America Recruiting from databases Centegra Health Alumni Nurse Program Best Practices - Benefits:  Best Practices - Benefits Busch Entertainment Annual wellness visit Scottsdale Healthcare Backup elder care at nominal cost Principal Financial Health risk assessment Has seen a $260 cost savings per employee Home Depot Offers health benefits to part-time workers Best Practices – Flexible Work :  Best Practices – Flexible Work Stanley Consultants Phased retirement program CVS & Borders Books Snowbird program Mercy Health Part-time, flex-time, seasonal Best Practices – Workplace redesign:  Best Practices – Workplace redesign Baptist Health South Florida Hydraulic beds International Trucking Supporting mechanics Pinnacol Assurance Ergonomics program reduced workman’s compensation costs by 33% Slide30:  Top 10 Myths About Older Workers Top 10 Myths About Older Workers:  Top 10 Myths About Older Workers 10. All older workers have the same characteristics One cannot assume anything about older workers, they have diverse backgrounds and needs. Top 10 Myths About Older Workers:  Top 10 Myths About Older Workers 9. Why invest in mature workers, they’re all going to retire at 65 anyway! AARP 2005 Boomers Envisioning Retirement study shows that 69% of Boomers intend on remaining in the workforce past traditional retirement age. Top 10 Myths About Older Workers:  Top 10 Myths About Older Workers 8. Older workers aren’t creative and therefore won’t have new ideas Economist David Galeson of the University of Chicago suggests that creativity comes in two forms: conceptual innovation and experimental innovation. Experimental innovation comes from a lifetime of observation and learning. Top 10 Myths About Older Workers:  Top 10 Myths About Older Workers 7. Older workers are past their prime Giuseppe Verdi composed his Ave Maria at age 85 Martha Graham performed until she was 75 and choreographed for another 20 years Benjamin Franklin invented bifocal glasses at 78 (to help correct his own poor vision) Frank Lloyd Wright was working on his design for the Guggenheim museum when he died at 91. Top 10 Myths About Older Workers:  Top 10 Myths About Older Workers 6. Older workers are unwilling to try new things 88% of workers aged 45 to 74 said “the opportunity to learn something new” would be essential to their ideal job. (AARP Staying Ahead of the Curve study – 2002) Top 10 Myths About Older Workers:  Top 10 Myths About Older Workers 5. Older workers aren’t as agile or quick as younger workers Some mature workers do experience physical limitations, but their accumulated knowledge and experience and strong interpersonal skills often far outweigh physical limitations. (Are Older Workers Good Buys?, Sloan Management Review, Spring 1992) Top 10 Myths About Older Workers:  Top 10 Myths About Older Workers 4. Older workers have more health-related problems Health problems and associated costs of healthcare varies by risk factors (i.e. obesity, high cholesterol, high blood pressure, smoking and alcohol abuse), and many are unrelated to age. These risk factors have a greater impact on healthcare costs than age alone. (Health and Productivity Management as a Serious Economic Strategy, The University of Michigan Health Management Research Center Top 10 Myths About Older Workers:  Top 10 Myths About Older Workers 3. Older workers are unwilling to learn new technology A study by Louisiana State University found that older workers in a state agency were more willing than younger counterparts to learn new technology at work. (“Older Workers More Willing to Tackle Tech Changes,” Chicago Tribune, May 24, 2005) Top 10 Myths About Older Workers:  Top 10 Myths About Older Workers 2. Older workers are less driven because of burnout or proximity to retirement Towers Perrin, a global professional services firm found that employee motivation increases rather than declines with age in many situations. (2003 Towers Perrin Talent Report) Top 10 Myths About Older Workers:  Top 10 Myths About Older Workers 1. Older workers are bad dressers!!! Top 10 Myths About Older Workers:  Top 10 Myths About Older Workers Top 10 Myths About Older Workers:  Top 10 Myths About Older Workers Top 10 Myths About Older Workers:  Top 10 Myths About Older Workers Slide44:  Thank You

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