EARLY RETIREMENT PREFERENCES: THE ROLE OF WORK RELATED FACTORS TONI - - PowerPoint PPT Presentation

EARLY RETIREMENT PREFERENCES: THE ROLE OF WORK RELATED FACTORS

TONI FOWLIE, MIKE O’DRISCOLL, MAREE ROCHE

SCHOOL OF PSYCHOLOGY UNIVERSITY OF WAIKATO

AGENDA

Personal Interest and Introduction Overview of literature Early Retirement Preferences measure Method and Analysis Results Discussion and Implications Conclusion Questions

WHY DOES THIS TOPIC MATTER

NZ has an ageing population - Since 1980, the number of people aged 65+ has doubled (Statistics New Zealand, 2012). Costs of retirement income and health for the growing

• lder population are expected to rise significantly (St John,

2015). Benefits to retaining the older worker in employment – reliable, loyal, experienced, knowledgeable.

WHAT AFFECTS RETIREMENT DECISIONS?

PERSONAL WORK

Finances Changes in workplace technology Health Age Discrimination Age Retirement Goals Work and Job Characteristics

PUSH

PULL

Negative Connotation Positive Connotation Health Concerns Leisure Activities Dislike of Job Family Time Heavy Work Demands

AGE STEREOTYPES

Stereotypes and myths surrounding ageing and the abilities of older workers create difficulties when trying to get organisations and businesses to see the need for retaining and hiring older workers POOR HEALTH TECHNOLOGY ILLITERATE DIFFICULT TO TRAIN OUTDATED SKILLS RESISTANT TO CHANGE INFLEXIBLE ATTITUDES SLOW

FACTORS LEADING TO RETIREMENT

Perceived Age Discrimination Job Flexibility Satisfaction Negative Attitudes Towards ICTs Perceptions of Techno-complexity Perceived Threat from Organisational Downsizing Job Satisfaction Job Security Early Retirement Intentions

OVERALL AIMS

The purpose of this research was to determine whether work related factors have an impact on the retirement intentions of

• lder employees

Identifying the work related factors that may be effecting the early retirement intentions of older workers, may lead to a better understanding of ways to maintain these workers in employment.

EARLY RETIREMENT PREFERENCES MEASURE

• Zappalà, Depolo, Fraccaroli, Guglielmi, and Sarchielli's (2008)
• Often preferences for retirement are “… powerful indicator[s] of

the actual event of retirement” (von Bonsdorff et al., 2009, p. 1)

• ‘What is your expected age of retirement?’, and ‘What is your

preferred age of retirement?

• CALCULATION: expected age of retirement – preferred age of
• retirement. i.e: 69 – 65 = 4

Positive value = early retirement preferences Negative value = late retirement preferences.

• EXERCISE

METHOD

Participants - 132 older workers, 55+, full time workers in NZ

• rganisations completed the online survey

Procedure

• Participants recruited through their organisations
• Information sheets were sent to HR managers at participating
• rganisations, which were then forwarded on to participants.

Measures

• Validated measures used to assess predictor/mediator variables.

7-point Likert Scale

• Early Retirement Preferences: if preferred retirement age was

earlier than their expected retirement age

Data Analysis

• Correlations and mediation analyses to test hypotheses

RESULTS

Perceived Age Discrimination Job Flexibility Satisfaction Negative Attitudes towards ICTs

Perceptions of Techno-complexity

Perceived Threat from Organisational Downsizing Job Satisfaction Job Security Preference for Early Retirement .19*

• .44**

.39**

• .60**
• .18*
• .21*

DISCUSSION AND IMPLICATIONS

• Supported hypotheses
• Practical and theoretical

implications

• Future research directions

CONCLUDING COMMENTS

• Due to the ageing population this research had value in

exploring the factors affecting early retirement intentions

• Results indicated that the retirement intentions of participants

in this study were potentially influenced job satisfaction and job security.

• Further research in this area could explore to what extent

personal circumstances such as finances plays in influencing retirement intentions, when compared with work related factors

QUESTIONS