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

Attracting and Retaining Retirement-Age Employees Sponsored by May 14, 2019

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 % 65 to 69 26 % After 70 23 % 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

Baby Boomers 1964 1946 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 or F For orce ce Parti tici cipation on 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/ .

Population Growth Birth Rates Immigration Average Age Difficult to 41.9 predict 55 and Older Largest Employee Group by 2024 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 on t the A e Agi ging W Wor orkforce Organizations who consider 32 % employees age 60 to 64 as “Older” Workers Employees who consider 29 % employees as “Older” between ages 50 to 54 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 of “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 of 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 50+ • 40% Tablet • Email, Text, Social Media • Surf Net • Shop 50 – 60 • Watch Videos • Banking 70+ • Gaming 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 of Choi oice 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 on 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 options

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

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