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Opt Optim imizing izing and nd Valu luing ing Older Older Worker ers Thro Througho ghout the he Emplo ployment ent Lif Life e Cy Cycle, cle, Re Resulting in Maximum Business Impact

MT-SHRM Williamson County January 9, 2014

“Your employees are getting older… What are you going to do about it?”

The Silver Tsunami

By 2030, 72.1 million Americans over 65

The Tsunami is Coming…

¡ Over next 20 years, 78 million Baby Boomers eligible for retirement

§ By 2020, 27% of 65-74 age females and 8% 75+ females work § By 2020, 35% of 65-74 age males and 13% 75+ females work

¡ Boomers+ compromise 40% of workforce

§ 50% or more in government sector

¡ Older employees in management and professional positions, sales ¡ 35 to 44 year olds declining by 19% ¡ First time in history U.S. has more older people (over 50) than younger people (under 21) ¡ Statistically not enough people to replace retirements

Sources: The Future of the American Workforce, by Dr. Stephen F. Barnes, San Diego State University Interwork Institute. The Aging US Workforce: A Chartbook of Demographic Shifts, by Stanford Center on Longevity.

Wha What’s ’s It It Me Mean T n To Y You

¡ The four largest industries – healthcare, retail, manufacturing and education – employ 44% of all U.S. workers and 46% of workers are age 55+ ¡ This represents 26 million retirements/ replacements in these four industries alone

Source: The Aging US Workforce: A Chartbook of Demographic Shifts, by Stanford Center on Longevity.

Bigge Biggest Hit its

The The Ge Gene neratio ions ns

Years o

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Birth h Name Name Cha haracteristics 1901 to 1924 Greatest Generation Coming of age in Great Depression, WWII 1925 to 1942 Silent Generation “Lucky Few”, Too Young for WWII, Korean War 1943 to early 60s Baby Boomers Sharp increase in births, grew up in affluence, rejected or redefined “traditional”, materialistic Early 60s to early 80s Gen X Highly educated, active, happy, family-oriented Early 80s to early 2000s Millenials Civic minded, entitlement, narcissism, “trophy kids” Early 2000s to Present Generation Z or iGen Digitial, connected, most diverse

Fi Five Ge Gene nerati rations i ns in W n Workf kforce ce b by 20 y 2015

Wha What’s ’s Y Your Mix Mix?

¡ Dedicated ¡ Punctuality ¡ Honesty ¡ Detail-oriented, focused and attentive ¡ Good listeners ¡ Communication skills ¡ Pride in job well done ¡ Organizational skills ¡ Efficiency and confidence ¡ Maturity ¡ Sets an example

Be Benefit its of Older Workforce

Source: AARP

¡ Reward Experience

§ “Brain Drain” § Introduce as professionals, focus on strengths & what they can contribute, set stage for respect and value, hire in groups

¡ Mentorship Opportunities

§ Educate on generational difference, coaching training, co-learning

¡ Marketing Pieces

§ Does in reflect older workforce?

¡ Outcomes-Based Work

§ Flexibility, focus on opportunities with specific outcomes and timelines, inclusivity on team

Source: AARP

At Attracting Older Workers

¡ Pay attention to words used in job postings ¡ Explain why interviewees didn’t get job ¡ Train interviewers on assessing skills

§ Ageism exists – make sure it’s not in your company § Transferability of skills and experiences

¡ Avoid making assumptions ¡ Appeal to a broad customer base ¡ Use social media to find top talent

Source: AARP

Six Six A AARP R P Recruit itme ment nt St Strategie gies

¡ 82% over 50 say they will work for pay in retirement ¡ 47% plan to retire later than expected ¡ When thinking about when to retire:

§ 78% cited financial needs § 75% health § 68% ability to do their job § 67% need for health insurance and employer benefits

Source: Associated Press-NORC Center for Public Affairs Research

Re Retirements

¡ What’s the retirement age in the U.S.?

§ SSI at 65 § Life expectancy at 78 § 25% say work until die (or at least 80)

¡ Too Sick to Retire ¡ Instability in Social Security and Medicare/ Medicaid

Source: The Future of the American Workforce, by Dr. Stephen F. Barnes, San Diego State University Interwork Institute.

Re Retirement Predictions

¡ Slip and fall prevention – Falls alone account for more than one- third of all injuries sustained by workers 65 and older, and it takes an older worker two to three times longer to recover from an injury than a younger counterpart. ¡ Ergonomics – Ergonomic evaluations of workstations and workspaces can identify causes of fatigue and strain for older workers. ¡ Safe driving – Death rates for work-related roadway crashes increase steadily beginning at around age 55, and older drivers (55 and above) are more likely than other drivers to have a crash at an intersection or when merging or changing lanes on a highway. ¡ Return to work – Because claim statistics reflect a connection between increased healing time and age, there is a need for highly responsive return to work efforts for older workers.

Source: http://www.insurancejournal.com/news/national/2009/03/11/98612.htm

Wo Workplace Modifications

¡ Re-routing your energy into new activities that could include work, play, learning, and a variety of other experiences ¡ Not about filling time…about fulfilling time ¡ AARP’s Life Reimagined website

Source: https://lifereimagined.aarp.org

Rew Rewirements

Su Supporti ting F g Fami mily Ca y Caregi egiver ers s

¡ Economic Impact

§ 1.65 million TN provide care to adult relatives § Estimated at 1.08 billion hours per year at $11 billion value

¡ Physical and Emotional Impact

§ 20-30% of family caregivers suffer “serious health declines” as a result

¡ Workplace Impact

§ 87% made telephone calls for caregiving responsibilities from work § 64% say they arrived late or left early § 70% took time off because of their caregiving responsibilities § 20% reduced their hours § 16% quit their jobs § 13% retired early. § 56% developed health or stress problems that affected their work productivity.

Source: http://ericksonresource.com/caregiving/the-financial-impact-to-businesses-due-to-the-working- caregiver/

¡ The estimated cost to employers for full-time employees with intense caregiving responsibilities is $17.1 billion, with the average cost per employee of $2,441. ¡ The total estimated cost to employers for all full-time, employed caregivers is $33.6 billion, with an average cost per employee of $2,110 ¡ Researchers say that presenteeism—the problem of workers’ being on the job but, because of caregiving responsibilities, not fully functioning—can cut individual productivity by one-third or more. ¡ In fact, presenteeism appears to be a much costlier problem than its productivity-reducing counterpart, absenteeism. And, unlike absenteeism, presenteeism isn’t always apparent”

Source: http://www.caregiving.org/data/Caregiver%20Cost%20Study.pdf

Pr Prese sent nteeism ism

The The Sa Sand ndwic wich Ge h Gene neratio ion

¡ Offering flexible hours, paid sick time and family leave. ¡ Educating and training supervisors and managers about the needs of caregiving employees. ¡ Hosting on-site support groups. ¡ Referring employees to community-based caregiver resources. ¡ Providing access to discounted backup home care for emergencies. ¡ Offering multimedia training options and hands-on training at convenient times. ¡ Encouraging health care providers to play an active role in supporting family caregivers’ needs for information and training on the complex tasks they are expected to perform. ¡ Having plans and policies for issue, including “crisis” times

Source: How Employers Can Help Their Caregiving Employees, CareGiving.com

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The College of Professional Studies

Questions or Comments:

• Dr. Charla Long, Dean

charla.long@lipscomb.edu 615/966-1100 office