EBRI Survey Suggests Ways Employers Can Encourage Workers To Postpone Retirement

According to a report from the Employee Benefit Research Institute (EBRI), employers have a narrow window of up to two years in which they may be able to change retiring workers’ decisions by offering them incentives to remain with the company. EBRI surveyed 4,981 workers in aerospace and defense industry companies who retired in 2003 or later and are currently between the ages of 55 and 65 and tested 19 possible incentives that might encourage retiring workers to postpone retirement.

According to report--"EBRI 2008 Recent Retirees Survey: Report of Findings" (EBRI Issue Brief #319)--the employer incentives that appeared likely to be especially persuasive were:

• Feeling truly needed: 48% of retirees indicated that feeling truly needed for an assignment would have been extremely or very effective in encouraging them to delay their retirement.
• Receiving a pension while working: 50% of retirees with a defined benefit pension state that receiving a full pension while working part time would have been effective in delaying their retirement, and 44% felt the same way about receiving a partial pension while working part time (44 percent).
• Contract work: 38% reported that being able to work seasonally or on a contract basis would have been effective in encouraging them to delay retirement.

Other incentives that EBRI found carried significant appeal included According to the survey, other incentives that received significant support from recent retirees include pay increases, continued receipt of company-subsidized health insurance benefits at the same level as full-time workers while working part time, more meaningful work, telecommuting, and part-time work.

Source: EBRI News Release (July 10, 2008)

Survey: Corporations Falling Down on Knowledge Transfer Practices

According to the Institute for Corporate Productivity (i4cp), only 29% of responding organizations report that they incorporate retirement forecasts into their knowledge transfer practices. Furthermore, i4cp found that only a third add "skills gap analysis" into those forecasts, less than half say they train their managers to identify critical skills, only 23% are educated in critical skills transfer, and most companies admit they do not formally measure the effectiveness of their knowledge transfer practices.

"For all the public gnashing of teeth about the impending retirement of all those knowledgeable, hard-working Baby Boomers, relatively few organizations are doing much about it," says Jay Jamrog, SVP of research at i4cp. "They're going to wind up in a mad bar-the-doors scramble in the near future if they don't start trying to tap the knowledge of their most knowledgeable Boomers."

The i4cp survey--"Taking the Pulse: Productivity/Efficiency" (available to i4cp members only)--reports that training is the most conventional way to transfer knowledge in organizations (82% reporting it as an ongoing practice), followed by coaching (55%), and mentoring programs (44%). In addition, there was little consensus about which part of the organization handles the management of knowledge transfer initiatives with 41% saying the initiatives are "managed individually by different business sectors," 39% reporting that initiatives are handled by corporate, and 20% using a combination of corporate and business-sector options.

Looking to the future, the study found that there are a number of up-and-coming practices in use and being considered. "Communities of Practice" are utilized by a third of all responding companies to transfer knowledge, and the use of Webcasts and services such as "Lunch and Learn" and "SharePoint" are on the rise.

Source: Institute for Corporate Productivity Press Release (July 9, 2008)

France: Boomers Want To Retire at Normal Retirement Age

A survey commissioned by the Union Mutualiste Retraite (UMR) focusing on how employees aged 45 and over are thinking about their retirement, these baby boomers are seen asworried and not necessarily very well organized or informed: 80% say they feel worried about their retirement and 27% said they were very worried. However, regardless of how ready they are financially, most employees aged 45 and over do not want to work more to earn more after retirement.

According to UMR, the majority of boomers (60%) would continue to work for the minimum number of years required by law to receive a full pension. And many of the others, want to work less than that, even if it means getting less that a full pension.

Source: Union Mutualiste Retraite Press Release (June 17, 2008)

Survey; Unlocking Clues to "Encore" Careers among Boomers

A survey of people aged 44 and 70 estimates that between 5.3 and 8.4 million Americans have already launched "encore careers"--positions that combine income and personal meaning with social impact--and that half of those not already in encore careers, half are interested in them. The "2008 MetLife Foundation/Civic Ventures Encore Career Survey," conducted by Peter D. Hart Research Associates, Inc., finds that a majority of Americans in this age bracket express a desire to use their skills and experience to help others and, of those currently in encore careers, 84% report a high level of satisfaction and 94% say they see the positive results of their work and know they are making a difference.

"This is the first national survey to uncover evidence that the encore career is more than an appealing idea," said Marc Freedman, founder and CEO of Civic Ventures, a think tank on boomers, work and aging. "Unexpectedly large numbers of boomers are looking for purpose-driven jobs that provide them with both means and meaning. That’s great for them and great for the rest of us, too. As this research shows, they are applying their skills and passions to the very public interest fields that need them most."

The jobs of special interest to those looking to encore careers are in education, health care and the nonprofit sector. Among other findings in the report, most respondents interested in encore careers are worried that these positions may be hard to find and may not meet their needs--80% expressed concern about having the flexibility to take time off and a majority were worried about having adequate income and benefits. However, respondents currently in encore careers reported few problems with these same issues.

Most of those in encore careers come from professional and white-collar jobs (88%), have at least a college education (67%), and tend to live in cities and their surrounding suburbs (72%). Most (60%) are leading edge boomers between the ages of 51 and 62. Most (56%) are women. But the research also reveals diversity in the ranks. Of those in encore careers, three in 10 never graduated from college, three in 10 live in small towns and rural areas, and nearly two in 10 (18%) worked in a blue-collar job before making the switch to an encore career.

In addition to publishing the report, Civic Ventures has provided a number of supporting articles and commentaries.

Source: Civic Ventures News Release (June 18, 2008)

Survey: Affluent Boomers Stay in Workforce, Retain Mortgage Debt

According to Bell Investment Advisors's third annual survey of affluent boomers (those with investible assets of $1 million or more), members of the baby boom have no plans to leave the workforce any time soon and, in a major change from the prior generation when a major goal of retirement was to "burn the mortgage," more than 55% of surveyed boomers who currently hold mortgages do not plan to pay their mortgages off until their 70s.

With respect to retirement plans, 76% of boomers surveyed who are still working plan to continue working after age 62, and 40% plan to continue working into their 70's. For 72%, the major reason to continue working was for the "intellectual and social stimulation" work provides; 51% cited the goal of maintaining standard of living, and 41% the goal to avoid tapping into savings.

Of those taking the survey, 29 percent describe themselves as being retired in the conventional sense, while 71 percent are still employed. Of those currently working, the largest number or nearly a quarter (23%) hope to work as long as they are able to, followed by 20 percent who plan to gradually scale back; another 20 percent who plan to pursue personal interests and passions, and 18 percent to work part-time, with six percent exploring alternative careers.

Source: Bell Investment Advisors News Release (June 10, 2008)

Canada: Survey Suggests Quebec Workers' Retirement Plans Not in Sync with Employer Needs for Older Workers

Even though organizations are facing labor shortages, 38% of Québec workers say they plan to retire before age 60, and 61% plan to retire between the ages of 55 and 64. These are some of results of a survey conducted by the Centre de Recherche sur l'Opinion Publique (CROP) for the Ordre des CRHA et CRIA du Québec (ORHRI). The survey showed that 15% of workers plan to retire at 65 to 69, 5% at 70 or older, and 5% with no plans to retire.

“In today’s environment, older workers represent a labour pool that employers can no longer do without. That’s why it’s crucial to review management practices to encourage willing pre-retirees to stay on the job as long as possible. Organizations need their valuable expertise,” explained Florent Francoeur, CHRP, Ordre President and CEO.

Workers were also asked about phased retirement, and 53% favored phased retirement, versus 41% who preferred complete retirement.

“The fact that only half the workers are considering phased retirement is of some concern. Yet people are now healthier and living longer than previous generations. So we have to create conditions to increase the numbers of workers who opt for phased retirement. For example, we could adjust benefits and compensation policies, and reorganize work within organizations,” added Francoeur.

Source: Ordre des CRHA et CRIA du Québec Press Release (May 22, 2008)

Reality Check: Survey Shows Retail Industry Hires Most Older Workers

Maria L. La Ganga,writing for the Los Angeles Times, reports that an Urban Institute study due to be published in June 2008 shows that the retail industry employs more older Americans than any other, with nearly 350,000 men and women 65 or older earn paychecks in U.S. stores. "In fact, the nation's stores employ more people 65 and over than the next two occupations [farming and janitorial work] combined, which worries some advocates who are trying to encourage the federal government, the country's biggest corporations and other employers to keep older workers on the payroll.

In introducing her readers to some examples of older workers in the retail industry, La Ganga does capture the sense that this is not the result many have expected in the field:

"These are not exactly the pictures of reinvention that you get in your monthly issue of Fortune, Money or AARP magazine," said Marc Freedman, author of "Encore: Finding Work that Matters in the Second Half of Life." This is "an object lesson in the dangers of what could happen if we don't develop a compelling human resource strategy for an aging society."

But though Freedman worries that "the golden years are being transformed into the Wal-Mart decade," he does acknowledge that the retail industry provides benefits, flexibility and jobs, particularly for less-educated workers.

Source: Los Angeles Times "Just one word for older job-seekers: retail" (May 23, 2008)

Survey: Crossgenerational Interaction Rare in the Workplace

Ranstad USA has released its annual look at the workplace and, among other things, reports that the different generations in the multigenerational workforces--Gen Y, Gen X, Baby Boomers, and Matures--have different definitions of experience, sharing and no consistent way to understand what each other has to offer. In its survey of 3,494 adults, 2008 World at Work shows that 51$ of the Boomers and 66% of the older "Matures" report little to no interaction with their younger colleagues.

Among the learnings shared by Ranstad:

• The transfer of knowledge between retiring generations of veteran workers and newer entrants to the workforce is unlikely.
• Perceptions of co-workers, particularly those in Gen Y, are based largely in stereotypes.
• Each generation sees itself as bringing different strengths to the workplace that don’t enhance or expand the strengths of those older or younger.

Source: Reuters Life!"Workers of different ages don't chat enough: survey" (May 21, 2008)

Survey: MetLife Employee Benefits Study Shows Increased Focus on Retirement and Aging Workforce

The workplace has become the dominant starting point for building a strong financial safety net, with more than half of working Americans (52%) obtaining the majority of their financial and retirement products through the workplace, according to MetLife. In addition to providing a picture of corporate employee benefits, its "6th Annual MetLife Study of Employee Benefits Trends" includes a look at a growing focus on retirement and the aging workforce.

Employers are implementing a range of programs and accommodations. Large companies outpace smaller employers when it comes to offering retirement guides/information and training. About one-third of companies with 500 or more employees offer resources and programs for an aging workforce. However, smaller employers provide greater flexibility for working part-time in retirement. Among companies that provide resources/programs for an aging workforce, 44% with 2 to 499 employees provide part-time employment to retirees, compared to 35% with 500 or more employees.

Smaller employers are less likely to anticipate being affected by the aging workforce. Only 35% of employers with 2 to 499 employees think they will be greatly impacted, compared to 50% with 500 or more employees. One reason could be that employees at smaller companies expect to work until an older age. While the average employee at companies with 500 or more employees is anticipating retiring from full-time work at age 63, the average employee at smaller employers is planning to retire at age 65.

Source: MetLife Press Release (April 7, 2008)

Survey: Demographic Changes Require HR Professionals To Focus on Talent Management

A study by the Adecco Institute, based on interviews with 5,000 HR professionals, says that a key differentiator for companies competing in the global marketplace in the future will be having HR managers who focus on finding talent, developing talent and keeping talent--what Adecco calls "talent management"--rather than on its traditional filling of vacancies. Globalization in developed countries has increased the demand for skilled and highly qualified labor at the same time as demand for a qualified workforce is compounded by the demographic effects of older workers becoming the fastest growing workforce segment in most developed countries.

The study--"The new role of HR in the future: Talent, talent, talent. Finding it. Developing it. Keeping it."--reports that the average planning horizon of HR professionals today is only 1.1 years. Talent management will require preparation for a much longer time frame. Adecco says HR practitioners can start on this road today by conducting a detailed analysis of their existing workforce and categorizing jobs into functions, families, and groups based on skills.

Once these groupings have been completed, analyze the age structure of the workforce within each function, family and group. Identify areas that are at risk due to impending retirements or intense competition for talent. Create ‘early warning systems’ that will raise awareness of impending gaps in a timely manner. In a world that demands increasingly complex qualifications, "timely" can mean years in advance--a dramatic change from the "just in time" mantra that businesses have been marching to for decades.

Only then can HR develop a strategy to ensure that the ongoing workforce demands of the business will be met.

Source: Adecco Institute Press Release (April 22, 2008)

Manpower Survey of Talent Shortages, Whitepaper Encourage Retention of Older Workers

Manpower Inc.'s third annual talent shortage survey reports that 31% of employers worldwide are finding it more difficult to fill jobs, with skilled manual trades, sales representatives, and technical workers in the areas of production/operations, engineering and maintenance being the hardest to find. Simultaneously, Manpower has updated its whitepaper on the talent crunch, highlighting the growing talent shortages around the world and what businesses, governments and individuals should be doing to adapt their human resource strategies, and encouraging employers, among other things, to take strategic measures to encourage older workers to stay in the workforce must be put in place.

According to the whitepaper--"Confronting the Talent Crunch: 2008"--"employers can increase their overall pool of available
talent by finding innovative ways to prolong an individual’s active working life." Employers should not look at upcoming retirements as cost-saving opportunities, but need to encourage older individuals to stay on. This may involve redesigning jobs, honing attraction and retention policies, maintaining the loyalty of former employees, and fostering inclusivity.

Source: Manpower, Inc. Press Release (April 22, 2008)

Survey: Older Workers Score Highest on Employee Engagement

A study conducted by Sirota Survey Intelligence of cross-generational attitudes of more than 300,000 workers in over 50 organizations shows relatively small differences among the generations regarding their attitudes toward work and their engagement in their jobs, with those 63 and older showing the highest levels of engagement. Specifically, employees of the "Traditionalist" generation reported an 84% employee engagement level, while the engagement levels of the other groups were within a relatively narrow range of 77-80%: Baby Boomers (aged 43 to 62) 77%, Generation X (aged 28 to 42) 78%, and Generation Y (aged 27 and younger) 80%.

According to Douglas Klein, President of Sirota Survey Intelligence, the Traditionalists may be an overlooked resource for employers:

“They consistently have higher employee engagement levels than other employees with comparable tenure.” For example, Traditionalists with between 2-5 years tenure have an engagement level of 85% – 10 percentage points higher than that for Generation Y and Baby Boomers (75%), and 9 percentage points higher than that for Generation X (76%).

“With more people living healthy, active lifestyles, and so many Traditionalists uncertain whether they will have the financial resources to enable them to retire, they may want to stay in the workforce longer. Employers may want to consider part-time and/or flexible work arrangements to keep more of these loyal, enthusiastic workers onboard,” Klein added.

Source: Sirota Survey Intelligence Press Release (March 31, 2008)

Virginia: Older Dominion Project Releases Survey, Starts Workgroup on Aging Workforce

The Older Dominion Project (ODP), a non-profit initiative by Virginia businesses, government, foundations, and non-profits to help Virginia ride the age wave created in 2007, has released its ODP Residents' & Business Leaders Studies, indicating broad interest across both Virginia's residents and businesses in starting to prepare now for the coming demographic tsunami. Businesses, in particular, are aware of and concerned about the attendant workforce issues:

Business leaders see the aging workforce and impending retirement of aging baby boomers as an issue for Virginia. Sixty-five percent (65%) of Virginia business leaders say the "aging workforce" is a serious issue facing the entire economy--with a third (35%) saying it is a "very serious issue." Two in five (41%) feel the aging workforce is a serious issue for their own organization. In addition, two-thirds (65%) feel that the retirement of a large number of workers in the future is a serious issue for the economy and a third (35%) feel this issue will have a significant impact on their company. Half of business leaders (47%) feel their organizations are prepared to accommodate older workers today. Yet, two in five business leaders (42%) say they are prepared when it comes to knowledge transfer (from one generation of workers to the next).

The surveys were released at an ODP meeting in which five workgroups were organized to tackle the identified issues. As described in the ODP Work Group Initiatives, Workgroup No. 4 is the Workforce Readiness Work Group. This group is charged with "putting plans and policies in place . . . to accomodate these new workforce realities."

Source: Older Dominion Project Press Release (March 27, 2008)

Additional Source: ODP video of ODP presentations (March 27, 2008)

Survey: Best Employers for Job Seekers Over 40

Yale-New Haven Hospital, The Hartford, Princeton University, PNC Bank, Southeast Corporate FCU, Compuware, and UGA College of Agricultural and Environmental Sciences were named as the Best Employers in the US for Job Seekers Over 40 in the first survey conducted by Jobs4.0. Employers were judged on over 20 separate criteria, including rates of new hires of workers over 40, recruitment policies and goals, health benefits and job security for older workers, flexible work options for older workers and more.

According to Jobs4.0 founder and CEO Steven J. Greenberg, "Older job seekers desperately want to find employers that will not view their age and experience as something to be avoided. Ageism in hiring remains prevalent in too many places, and this survey will help point older job seekers--not only retiring baby boomers, but all workers 40 and above--in the right direction."

Source: Jobs4.0 Press Release (March 11, 2008)

United Kingdom: Age Law Easing Older Workers Conserns in Shifting Jobs

A survey conducted for Joslin Rowe suggests that the United Kingdom's age discrimination legislation is leading to a significant increase in job moves amongst "older" workers in the financial services sector. Specifically, workers ove 35 years of age account for 18.1% of total moves in 2007 compared with only 14.0% five years earlier. Even more significantly, workers over 56s made up only 0.1% of job changes in the financial services sector five years ago, but, following the legislation, this figure has grown to 0.5%--an absolute increase of 323.2% over the last five years.

Source: Joslin Rowe Press Release (February 25, 2008)

United Kingdom: Survey Shows Workers Becoming More Interested in Working Past 65

Nearly 2 in 5 workers (38%) currently aged 50 to 64 plan to carry on working beyond 65, according to a survey conducted by Chartered Institute of Personnel and Development (CIPD). This would represent a significant increase, as currently only 11% of the United Kingdom workforce work beyond State Pension age.

In addition, the survey found that of those who are not planning on working past 65, 31% would change their mind if their employer allowed them to work flexibly and another fifth say that they would be tempted to carry on working past 65 if they were offered a deferred larger state pension.

Charles Cotton, CIPD reward adviser, "On one level the survey findings look very positive, in that they show a strong demand for working beyond retirement age that is as much down to financial as other reasons such as individuals wanting to use their skills and experience. However, it is clear that Government policy could do more to encourage more older workers to stay on by extending the right to request flexible working beyond parents and carers and making pension arrangements more flexible."

Source: Chartered Institute of Personnel and Development Press Release (January 25, 2008)

Public Partnerhsip Releases Survey and Teams with IBM To Launch Initiative To Lure Older Workers to Federal Employment

The Partnership for Public Service and IBM have launched an initiative to help match government’s critical hiring needs with the talents of baby boomers looking for encore careers where they can find interesting and challenging work. The initiative--"FedExperience Transitions to Government"--is a response to the hard hit the federal government is taking in the war for talent, as more than one-third of the full-time permanent federal workforce gets ready to retire or leave in the next five years.

As a pilot initiative with the U.S. Department of Treasury, the goal of IBM and the Partnership is to identify, recruit, and hire interested IBM employees and retirees and match them to key federal government jobs.

“FedExperience is a win-win-win,” said Max Stier, Partnership for Public Service president. “Boomers get their second career where they can find meaningful work, our government gets the talent it needs to fill looming shortages and the American people get a government that has the talent to service its people.”

At the same itme, the Partnership released a report that lays out the case for, and barriers to, connecting baby boomers with federal job opportunities. Findings of "A Golden Opportunity: Recruiting Baby Boomers Into Government" include:

• Older, experienced workers are planning to continue working: 71% of workers age 55–59 reported they plan to work for at least six years; 29% for 11 years or more.
• Old workers’ skills align with government’s talent needs.
• Older workers are interested in government service: 53% of older workers surveyed are at least somewhat interested in federal government work.
• Experienced workers who enter government service like it.

Source: Partnership for Public Service News Release (January 17, 2008)

EBRI Report Shows Women over 50 Much Less Likely To Receive Annuity and/or Pension

According to a report from the Employee Benefit Research Institute (EBRI), gender is a “particularly strong factor” in determining the likelihood of
whether a worker age 50 and older receives an annuity and/or employment-based pension income in retirement. Specifically, in 2006, women over age 50 were much less likely than men to receive annuity and/or pension income and if they did the amount was likely to be much smaller.

The study--"Retirement Annuity and Employment-Based Pension Income, Among Individuals Age 50 and Over: 2006; and Finances of Employee Benefits, 1950-2006"--evaluates the impact of gender, age, education, marital status, and other demographic factors in the likelihood of a worker receiving annuity and/or pension income in retirement. With respect to gender:

. . .the study reports that in 2006, some 44.6 percent of men age 65 and older received annuity and/or pension income, with a mean (average) amount of $17,200 per year. By contrast, only 28.4 percent of women age 65 and older received annuity and/or pension income in 2006, with mean pension income of $11,142 annually.

However, going forward, younger women are more likely to receive annuity and/or pension income and the amounts are likely to be greater, since younger women now spend more time in the work force.

With respect to factors other than gender, the study found:

• The likelihood of receiving annuity and/or pension income increases with age, until the oldest age group (80 and older).
• More men age 50 and older with a graduate-level education received annuity and/or pension income than men without a high school diploma.
• Men age 50 and older who were married or widowed were more likely to receive annuity and/or pension income than men of the same age who were never married. However, women age 50 and older who were never married were more likely to receive annuity and/or pension income than married women, but widowed women were much more likely to receive annuity/pension income than either married women or women who were never married.

Source: EBRI Press Release (January 17, 2008)

MetLife Reports on Profile of Boomers Turning 62 in 2008

As the first Americans of the baby boom generation turn 62 and thus become eligible for early Social Security benefits, MetLife has released a report profiling these boomers, including their finances, retirement plans, and more. According to the survey report--"Boomers Ready to Launch", 31% plan to apply for Social Security when they turn 62, and 32% say they will wait until age 66 or beyond when they can receive full benefits.

In addition, 68% say they have employee or retiree health insurance. Forty-seven percent are covered by a defined benefit plan, 50% have a 401K, 50% have an IRA.

Source: MetLife Mature Market Institute News Release (December 27, 2007)

Aging Workforce Number Two Concern of Electric Utility Industry

While service reliability continued to rank as the No. 1 overall concern of the electric utility industry in 2007, according to an annual survey conducted by Black & Veatch, a leading global engineering, consulting and construction company, the aging workforce moved up to No. 2 from No. 5 in in the 2006 survey. The survey--2007 Strategic Directions in the Electric Utility Industry Survey--reports on the opinions, activities, and future plans of energy companies in the North American power industry.

Independently-operated utilities have started to implement new hiring/training programs to address the issue. However, municipals and "others" still rely heavily on existing hiring and training practices. Other approaches, including automation, outsourcing and new knowledge management systems continue to rank lower among the survey's respondents.

Source: Black & Veatch Press Release (December 18, 2007)

Survey: Starting Salaries Rise as Facility Managers Age

A salary survey conducted by the International Facility Management Association (IFMA) and Building Operating Management magazine shows increased compensaton as an aging workforce affects the facility management profession. According to Profiles 2007 Salary Report, the facility management industry is experiencing an aging workforce and a jump in salaries for those entering the field. Specifically, the base salary for those with less than four years experience rose nearly 13% from $56,000 in 2004 to $63,000 in 2007, while the median age of facility managers rose from 47 to 49.

Workers 45 or older increased from 62 percent in 2004 to 68 percent this year, with those 55 and older increasing from 20 to 25 percent during the same period.

While the average age of facility managers is on the rise, the number of young workers entering the field is on the decline. Workers 35 to 44 years old decreased from 30 percent in 2004 to 25 percent in 2007, with the number of workers younger than 35 also declining, from 9 percent to 7 percent. Only 2 percent of facility managers surveyed were 29 or younger.

Source: International Facility Management Association Press Release (November 26, 2007)

Older Workers Report Lower Levels of Work-Related Stress

A study conducted by the University of Michigan Institute for Social Research (ISR) finds that older workers generally report low levels of work-related stress. ISR researcher Gwenith Fisher and her colleagues presented the results of their research at the annual meeting of the Gerontological Society of America. Based on 2006 data from 1,544 participants, the study examined the prevalence of different kinds of job stressors reported by participants between the ages of 53 and 85.

Just over half agreed or strongly agreed that they have competing demands being made on them at work, and 47 percent agreed that time pressures are a source of job stress.

Only 19 percent of older workers indicated that they have poor job security, however. "Given what we know about the extent of age discrimination at work and the current economic climate regarding unemployment, this is a surprisingly low number," said Fisher.

For older and younger workers facing work-related stress, Fisher recommended a few basic guidelines:

• taking good care of oneself--getting enough sleep and regular physical exercise; and
• engaging in active time management--keeping track of tasks and set priorities and establishing clear boundaries in order to set aside some time that isn't available for any work.

Source: University of Michigan News Release (November 19, 2007)

Survey: Top 50 Places for a "Retirement Job" in the United States

RetirementJobs.com has released its list of the 50 best places in the United States for those seeking retirement jobs. A "retirement job" for these purposes can span a large spectrum and include, among others, workers who have achieved the traditional retirement age of 62 to 63 yet continue to work to those who have retired (stopped working in their primary occupation) but seek to resume working or begin a second career ad to individuals age 50 to 65 who have been “involuntarily retired” and need to become reemployed on a full time basis.

The factors considered for "The 50 Best Places for Retirement Job Seekers" in the selection of a locatokn as a "Best Place" include:

1. General employment growth;
2. Unemployment rate;
3. Housing costs;
4. General cost of living;
5. Prevalence of key retirement job opportunities;
6. Presence of "Age Friendly Certified Employers™"; and
7. Healthcare services.

Source: Retirementjobs.com Press Release (November 21, 2007)

United Kingdom: Engineering Firms Redesigning for Older Workers

The Royal Academy of Engineering has released a study showing that engineering businesses are re-designing the future of work in order to cope with the ageing population. The survey of 208 engineering businesses was commissioned by the Royal Academy to investigate awareness and opinion relating to older employees within engineering based businesses.

According to "Engineering Employers Research 2007," 44% of the firms experienced recruitment difficulties over the last year; 49% believed their workforce would face a shortage of young people over the next decade; and 71% are concerned about the loss of skilled workers as employees retire. In response to this, according to the survey:

• 91% of the firms favor their employees working beyond the age of 65;
• 58% offered re-training to their older workers;
• 36% had increased the pay of older workers to encourage them to stay in employment;
• 46% enabled retirees to return to work; and
• 30% had created a reserve of retired workers who can be called upon to work on discrete projects as and when required.

Source: Royal Academy of Engineering News Release (November 16, 2007)

Australia: Survey Shows Older Workers Not Planning To Retire Soon

News reports on the results of a Nielsen survey suggest that a growing majority of Australians aged over 55 year have no plans to retire. Specifically, the Nielsen Panorama study found 55% of all workers aged 55 to 64 in 2007 had no plans to retire in the short term, up from 43% from just last year. Furthermore, among workers aged 55 to 59 who were planning a retirement, 44% intend to go for semi-retirement, up from only 32% in 2006, with a similar shift among 60 to 64 year olds.

But Philip Taylor, director of Swinburne University's Business, Work and Ageing Centre for Research, said older workers could be staying at work for longer because they had little choice.

"We may be leaving behind the era of early retirement … it may be about the boomers aspiring to work longer, but one should also ask whether these older workers are being forced to work longer," he said. "Because the Government is rolling back the welfare state that might otherwise have supported them, they're being forced back into the labour market."

Source: The Sydney Morning Herald "Boomers ain't ready to quit workforce" (November 1, 2007); The Age "Grey is good, grey is great, grey works" (November 2, 2007)

New Zealand: Workers Over 65 Have Largest Injury Rate

A report from Statistics New Zealand derived from Accident Compensation Corporation (ACC) claims shows that workers aged 65 years and over sustained work-related injuries at a rate considerably higher than any other age group. Thus, while those workers aged 65 years and over comprised 2.4% of the workforce, approximately 9,100 (20%) suffered some form of injury at work in 2006. In addition, workers in this age group accounted for 24 of the 81 claims lodged for work-related fatalities.

The report--Injury Statistics--Work-related Claims: 2006--also shows that older workers were over-represented among the more serious injury claims, which were those requiring weekly compensation or rehabilitation payments, at a rate almost three times higher than any other age group, with 45 per 1,000 full-time equivalent workers (FTEs).

Source: Statistics New Zealand Media Release (October 30, 2007)

Age Concern New Zeland calls these statistics "rubbish." "This claim is needlessly alarming older people and employers. The increasing number of seniors participating in the workforce is one of the great success stories of positive ageing, but this could put the fight against ageism in workplaces back by years," says Age Concern National President Jill Williams. He adds: "A greater proportion of older workers work part-time: but they've been rolled together in the stats to make full-time equivalents, and that's then being compared with individual ACC claims."

Source: Age Concern New Zealand Press Release (November 4, 2007)

Survey: Ernst & Young Suggests Employers Not Ready to Face an Aging Workforce

Ernst & Young has released a follow-up to its 2006 report on the aging workforce. In this new survey--"Aging Workforce Survey: Challenges and Responses--An Ongoing Review", employers in the United States are depicted as remaining unprepared for the looming brain drain stemming from the aging of the “baby boomer” generation, "leaving themselves open to economic and productivity challenges if strategic plans are not put in place over the next five years."

Using response from human resource (HR) executives from Fortune 1000 companies, the survey confirms that a gap in strategy exists across organizations when preparing for and developing programs to meet the demands of this population as it nears retirement. The findings also suggest that employers may be experiencing a disconnect with this demographic in areas such as succession planning and employee benefits programs. For example, 41% say middle management level employees will be most affected by the brain drain; however, of those with formal succession-planning programs in place, 75% are focused on monitoring senior management only.

Among other key findings in the survey:

• Although 44% say it would be desirable to have senior management stay beyond the normal retirement age, 60% say current programs are “neutral” in terms of encouraging or discouraging retirement at a certain age;
• only 29% are considering phased retirement programs (with only 9% having such programs in place);
• 39% agree health care is the main driver in one’s decision to retire, but 54% are considering increasing employee co-pays that which could lead to the loss of talent.

Ernst & Young LLP also hosted a Thought Center Webcast with a panel discussion on the aging workforce and whether Corporate America is prepared to deal with the challenges arising from the impending retirement of the "baby boomer" generation. The webcast will be archived on their website.

Source: Ernst & Young News Release (October 22, 2007)

Survey: Older UK Workers Less Likely To Take Sick Leave When They Do Not Need To

Research from Unum suggests that older workers in the United Kingdom demonstrate greater integrity than their younger colleagues when it comes to taking days of work sick when they don’t really need to. Specifically, 99% of 56 to 64 year old workers in full-time employment had not taken a single day off sick when they hadn’t really needed to in the past 12 months, while 25% of 16 to 24 year old and 17% of 25 to 34 year old workers had taken at least one day.

With respect to days taken off for genuine illness, Unum’s research revealed that older people take slightly more days off work than their younger colleagues: on average, 16 to 34 years old workers took approximately four days off a year while 45 to 54 year old workers took around seven and a half days. However, 55 to 64 year old workers took just under seven days.

Commenting on the findings from a medical point of view, Unum’s Chief Medical Officer, Professor Michael O’Donnell, said:

Occupational Health professionals have long believed that short-term absence is less frequent in older workers. This research confirms that the reason for this is that they are less likely to take time off for trivial or spurious reasons.

Source: Unum Limited News Release (October 1, 2007)

Other Sources: Health Insurance & Protection "Older workers 'take less sickies'" (October 1, 2007)

Survey: Younger and Older Workers Appreciate Diversity of Age in the Workplace

A survey of older and younger employees in the United Kingdom shows that working in a mixed aged workforce is important for both older (66%) and younger (65%) workers with all recognizing the benefits of working with people of mixed ages. In the study commissioned by Jobcentre Plus, part of the Department for Work and Pensions, 40% of older workers believe their younger colleagues teach them skills they previously did not have, while one third of younger workers believe older workers are more likely to work anti-social hours than colleagues their own age.

Lesley Strathie, Chief Executive, Jobcentre Plus commented: "The research shows that having the right balance of age and skills can bring numerous benefits to establishing a complete workforce for both employers and employees. Both older and younger workers appreciate and learn from the qualities each brings to the workplace."

Among other findings in the study:

• Younger workers think their older colleagues bring experience (94%), reliability (66%), and understanding (63%);
• two thirds of older workers are impressed by their younger co-workers ability to learn quickly, be flexible (61%), and give them energy (51%); and
• Younger workers stated that their older colleagues were more likely to be left in charge (60%), while over half of older workers believe their younger colleagues to be more likely to take risks, with 16% commenting that they are also more likely to be given manual tasks.

Source: JobCentre Plus News Release (Sepbember 26, 2007

Related Stories: Globe and Mail "Young, old and in-between: an we all get along?" by Jim Grey September 28, 2007

AJCJobs.com "Younger boss, older worker: Cooperation, communication can overcome age differences" by Karl W. Ritzler September 28, 2007

Survey: Talent Gap Widens as Workforce Ages in G7 Countries

According to a study conducted by Towers-Perrin on behalf of AARP, as the number of workers reaching traditional retirement years increase in the G7 countries, the marketplace is experiencing a decline in the number of skilled younger workers available to fill in the ranks of those retiring. Thus, suggests AARP, employers must end age discrimination in the workplace if countries and employers are to be best positioned to thrive in the global economy tomorrow.

The study--International Profit from Experience--was released in advance of a conference on the same sponsored by AARP, in partnership with the European Commission, the Business Council for the United Nations and Nikkei. Among the survey's key findings:

• Age discrimination is the single largest barrier for those 50+ who want to continue working past their anticipated retirement age, with at least 60% of employees 50+ in each G7 country viewing age discrimination as the primary barrier to securing new jobs;
• Older workers in the G7 countries want to continue to work on average an additional 5 years;
• Surges of immigration and productivity that might offset the anticipated decline in skilled workers are unlikely to occur; and
• Allowing employees to continue working past their traditional retirement age will not only allow older workers to remain in their careers and stay active, but will have a positive impact on an employer’s bottom line.

Line Vreven, Director of AARP International, says that “While the survey clearly identifies the talent gaps emerging within G7 countries, the responses by employers do not sufficiently address this challenge.” In addition, those "nations working to actively retain older workers and are providing incentives, rather than deterrents, to their continued employment, will reap economic gain in the long-run.”

An executive summary of the full 124-page report is also available.

Source: AARP Press Release (September 25, 2007)

Survey: Ageism Isn't Only About Old People

According to a online poll sponsored by Age Lessons (conducted online by Harris Interactive, plus follow-up interviews by Age Lessons), younger workers [36% of 18-34 year olds] are more likely to say they experienced age discrimination than older, 35+ workers [24%]. Significantly, 93% of respondents said they had “witnessed or experienced” ageism and were hesitant to report it for reasons including a perceived inability to change the status quo, fear of being labeled a problem or getting targeted for future layoffs.

“Ageism isn't about old people, it's about all people. To avoid a ‘war of the ages' in the workplace, companies need to address generational diversity across the age spectrum and develop strategies for leveraging the richness and value-add of a diverse workforce,” noted Laurel Kennedy, Age Lessons president.

Among other findings, younger workers told interviewers that older workers seemed to be “kicked to the curb” at a disproportionately high rate during layoffs. This led them to wonder out loud about how loyalty was being repaid by employers.

Source: Age Lessons Press Release (September 5, 2007)

Survey: AARP Finds Many Michigan Members Working Past Traditional Retirement Age

A mail survey of 3,000 Michigan AARP members age 50 to 62 finds that retiring comfortably at age 62 is not a reality for many of them who expect to work well past the traditional retirement age due to increased longevity and rising health care costs. In the research report written by Erica L. Dinger, J.D., AARP Knowledge Management--"What Retirement? Working and Learning for AARP Members in Michigan", of the 832 members currently working or looking for work:

• 36% work full-time and 9% part-time;
• 49% consider it extremely (27%) or very (22%) likely that they will continue working beyond retirement;
• 54% say health insurance coverage is a major factor in their decision to continue working, while 45% enjoy working, 44% need extra income, and 41% need income to pay for prescription drugs;
• 37% intend to work at their current jobs as long as possible;
• 23% think they will retire at age 60-64 and 37% at 65-69; 20% estimate retiring at age 70 or older.

Source: AARP Policy & Research (September 2007)

Survey: Older Workers More Satisfied with Their Jobs

A survey released by the University of Chicago study shows that job satisfaction increases with age, with workers over 65 among the most satisfied. According to the report--“Job Satisfaction in America: Trends and Socio-Demographic Correlates”--by Tom W. Smith, Director of the General Social Survey at the National Opinion Center at the University of Chicago, 86% of the people interviewed between 1972 and 2006 said they were satisfied at their jobs, with 48% saying they were very satisfied--for older workers, 71% said they were very satisfied.

Smith said that “job satisfaction is especially high among those 65 and over because most people working at that age are not those forced to still work due to financial reasons, but those who choose to do so because they like their jobs.”

Source: University of Chicago News Release (August 27, 2007)

Canada: Older Workers Staying in the Workforce Longer

According to a new study published by Statistics Canada, older Canadian workers are staying in the workforce longer and, as a result, may be dampening the threat of a sudden and severe labour shortage as baby boomers retire.

According to the article--"Participation of older workers", in the August 2007 issue of Perspectives on Labour and Income--by Katherine Marshall and Vincent Ferrao, an estimated 2.1 million individuals aged 55 to 64 were either employed or looking for work in 2006, more than double the total in 1976. Additional highlights include:

• The main thrust behind the upward trend is women's labour force participation rate, which rose from 38% to 62% between 1976 and 2006 for those aged 55 to 59, and from 24% to 37% for those aged 60 to 64.
• One in 4 older workers is self-employed and 1 in 5 works part time. Part-time work is one of the few job characteristics that is notably different for older and core-aged workers (those aged 25 to 54), suggesting transitional changes before retirement.
• Two-thirds of older workers who work part time do so from choice compared with only 28% of core-aged, part-time workers.

Source: Statistics Canada The Daily (August 24, 2007)

Other Sources: CTV.ca "Baby boomers staying in workforce longer: study" (August 24, 2007)--followed by posted comments

Canadian Surveys Show that Attention to Health Policies Can Keep Older Workers on the Job

Derek Sankey, writing for CanWest News Service, picks up on two recent surveys to point out that "tweaking health-care benefit plans could help retain experienced workers for longer, yet most companies plan to reduce those benefits in coming years."

The first survey--the "The sanofi-aventis Healthcare Survey 2007"--reports that about two-thirds of workers aged 55 or older are "very likely" or "somewhat likely" to continue working or return to the workforce after retirement if their employers would offer health benefits that continue into retirement. However, the second survey--conducted by Hewitt Associates--shows taht 57% of organizations plan to reduce post-retirement health-care benefits over the next three years.

However, according to Cathy Course, a senior benefits consultant for Hewitt Associates in Calgary, emerging trends in health-care benefit plans would suggest taht there are ways to combat the increasing costs associated with such a large of number of workers exiting the workforce and wanting extended health benefits, with flexibility being a core concept.

Source: Saskatoon Star Phoenix "Health benefits worker-retention issue" (August 18, 2007)