Survey: Older Workers More Secure in Roles, Less Confident in Their Orgnaizations

In its 2011 Global Mindset Index, rogenSI reports that "workers are confused and uncertain about where their organisations are heading and rather than being innovative and forward thinking in their roles are instead playing it safe and holding on for all they’re worth as a renewed sense of uncertainty ripples across the globe." With respect to workers 50 and over, the report finds that the older a worker gets, the less confidence the worker has in his organization and where it’s going, but the more stable the worker feels in his role.

What is clear is that older workers are not lacking in confidence in their own abilities - they are, however, feeling unsure about their organisations’ prospects. It would seem as though their experience in the workforce has taught them to see the future a little more clearer than their younger colleagues — they know the warning signs of what’s to come because they have seen it all before.

rogenSI suggests that, left unattended, this can be a concern for organizations. In particular, this degree of malcontent can result in an inability to retain key staff. Thus, it is important to continue to provide feedback, support and guidance. Otherwise, costs associated with recruiting and training new staff will increase and with large numbers of new staff in critical roles, performance and outputs will undoubtedly be impacted.

Source: rogenSI "Don't Stop Believing: 2011 Global Mindset Index" (2011)

Aging and Demographics Identified as Part of Unrelated Trends Driving Talent Management

Research in thought leadership from Taleo Corporation finds that a number of otherwise unrleated changes around the world are likely to have a profound impact on the way companies of all sizes compete in an increasingly knowledge-based global economy. Specifically, "The Future of Talent Management: Underlying Drivers of Change" identifies integration of global economies, aging and demographics, a blurring of inside and outside talent, the Arab Spring uprisings, and the need to engage knowledge workers with mobile, social networks and other digital tools as key to defining how companies acquire and manage talent during the next five to 10 years.

With respect aging and demographics, the report states:

Baby Boomer retirement is top of mind in the United States, but the real demographic challenges are found in other developed countries, where population growth rates and aging populations are poised to stifle local economies. That means companies must move talent from areas of abundance to scarcity. And here, some new shifts are occurring. As once-new markets like China and India mature and labor there achieves parity with other developed economies, companies will look to other regions for cost-effective pools of talent, including Russia and Eastern Europe, Mexico, South America and "the rest of Asia."

Source: Taleo CorporationNews Release (November 8, 2011)

Australia: Clarius Group Reports Increase in Labor Participation by Older Workers

In its quarterly skills survey for the September 2011 quarter, the Clarius Group, while noting that the overall index fell in the quarter, also noted the aging demographic of the Australian workforce--the percentage of the labor force aged between 55-56 had increased to 13.8%, compared with 8.3% in 1998.

According to the report, "[b]alancing this exodus of older workers is the fact that an increasing number are staying because of higher life expectancy, improved health, and hopefully, because they enjoy working life." Furthermore, while many businesses are already targeting keeping the older workers, more initiatives are needed to sustain this development. The report also finds that "the older staff members want very much the same working structure as the youngest—-flexibility and challenges."

Clarius Group identifies three skills areas as being among the key skills the labor market will lose when this group of workers exit the labor force between 2017 and 2026: health, education, and engineering.

Source: Clarius Group Media Release (November 7, 2011)

Singapore: Age Friendly Workforce Asia Conference Opens with Study Showing Younger Workers Less Likely To Hire Older Workers

At the "Age Friendly Workforce Asia 2011" conference held in Singapore November 3 and 4, the Tripartite Alliance for Fair Employment Practices (TAFEP) announced the results of a study seeking to identify common factors that differentiate successful mature job-seekers from those who were unsuccessful. According to Ong Dai Lin, writing for TODAY, the study found that "[a] job-seeker above 40 stands a lower chance of snagging a job if he is interviewed by a panel of younger people. In contrast, his chances are substantially higher if the interviewers included people of similar age or those who are older."

Specifically, the likelihood of mature job-seekers getting and keeping the job jumped from 56.6% to 69.2% when they are faced with a mixed panel of young and old interviewers, instead of a panel comprising just younger people. In addition, the survey found that employability of mature workers increased when they are tech-savvy.

According to the conference sponsors, senior level decision makers came together to exchange ideas on business sustainability and lifelong employability: 400 CEOs and HR Directors "are revolutionising attitudes and harnessing new strategies towards an ageing workforce--the urgent reality of a greying phenomenon that is sweeping across Asia."

Also from TODAY:

Minister of State (Manpower) Tan Chuan-Jin felt that the study had "two key findings": One, diversifying the age composition of the recruitment selection panel increases a mature job seeker's chances. Two, the provision of flexible work arrangements helps widen the pool of mature job seekers.

Source: TODAY Online "Younger interviewers 'less likely to hire those above 40'" (November 4, 2011)

Australia: Minister Announces Removal of Age Limits on Superannuation

While announcing the introduction of superannuation guarantee rate legislation boosting the superannuation savings of Australians, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, also announced the decision that there will be no age limit for superannuation guarantee contributions, effective July 1, 2013.

Scrapping the age limit had been a major goal of National Seniors.

Source: Minister for Financial Services and Superannuation Press Release (November 2, 2011)

Study: Employers with Older Employees, More Full-time Workers More Likely To Provide Pensions

A study issued by the Investment Company Institute reports that companies with an older, higher-earning workforce are more likely to offer retirement plans than those with younger, lower-income employees. According to "Who Gets Retirement Plans and Why, 2010," workers at small employers that sponsor retirement plans are as likely to participate as workers at large employers sponsoring retirement plans.

In addition, the study shows that 39% of workers aged 21 to 29 worked
for employers that sponsored retirement plans in 2010, compared to 57% of workers aged 55 to 64. Similarly, 23% of workers in the lowest quintile of annual earnings ($14,000 or less) worked for employers with retirement plans, compared with 74% of workers in the highest quintile ($60,000 or more. "Employees also were more likely to report that they worked for an employer that sponsored a plan if they were more fully engaged in the workforce."

Source: Investment Company Institute News Release (October 31, 2011)