This document discusses helping older workers plan for retirement or transitioning careers through a workshop that examines definitions, statistics, perspectives on retirement and transition, and theories on career and life development. Participants with different proximity to retirement shared their considerations and a public and private sector practitioner discussed the main issues and concerns clients have around planning for the next phase of their lives. The workshop aimed to provide reflection and conversation to help older workers make informed choices for their careers and lives.
Helping older workers make career and retirement decisions
1. Helping older workers to make informed
career and life choices
Jenni Proctor, Career Clarity
Jo Shambler. Department of Public Works
2. Definitions
Stats and facts
Two perspectives
Workshop
Theories
Reflection and conversation
Conclusion
3. By show of hands, who are our participants in
relation to their closeness to retirement?
◦ 1 to 5 years
◦ 5 to 10 years
◦ 10+ years
Who has actively considered the transition or
the next phase?
5. The recent Intergenerational Report from the
Australian Government highlights the need for
people to work beyond the traditional retirement
age. It signals that by 2050, nearly one-quarter of
Australia’s population will be aged 65 and over,
and that there will be only 2.7 people of working
age for every person 65 and over. (This
compares to 13 percent and 5 people
respectively today.)
CDAA Career Snapshot October 2010
6. Labour force participation of people aged 55 Years and over -
1980-2010(a)
Source – ABS Australian Social Trends 4102.0 September 2010
7. Number of QPS staff eligible for retirement
2010 to 2015 to 2020 to 2025 to 2030 to
2014 2019 2024 2029 2034
19,113 27,547 28,326 25,864 24,097
9. By 2010, there’ll be just under one million peopled aged 65+
living in Queensland; that’s almost twice as many as back in
2006!
Average life expectancies:
Females Males
1986 79.4 years 73 years
1995 81 years 75.1 years
2025-26 86.44 years 82.18 years
2950-51 87.69 years 84.18 years
10. Main factor influencing decision about when to retire
- Persons aged 45 years and over who intend to retire from the labour
force
Australian Bureau of Statistics - Retirement and Retirement
Intentions, Australia, Jul 2008 to Jun 2009 .
11.
12. Points of consideration for informing
retirement thinking:
◦ Career and learning
◦ Lifestyle and recreational
◦ Relationships
◦ Health
◦ Formal arrangements (e.g. financial and estate
planning)
13. Business/government
Private practitioner
1. What are the main concerns/issues?
2. Who are the main clientele and at what age
are people asking these questions?
3. What are the perspectives/attitudes?
4. What are the most common outcomes ->
goal setting and planning
14. In the context that you are now/currently
working, what are the issues that people need
to consider for the next phase of their lives?
15. Erickson – Psychosocial Development
Generativity vs stagnation
Ego integrity vs despair
Donald Super – 5 stage life span model
Growth, Exploration and Establishment
Maintenance and Decline
Systems Theory Framework
Impact of age, stage of life, social factors
16. Simin and Osipow – Counselling technique
Vocational script – issues relating to work
and/or retirement
Defining vocational identity through work
history and pursuits.
Wrobel et al – Attitudes relate to current
employment, tenure, need for achievement.
Fear of stagnation, marketability perceptions,
self esteem, job market conditions.
Susan Imel – Employers have a role to play
Building internal capacity may be better than
attracting external applicants.
17. How might you assist
clients to make informed
career and life choices?
Hinweis der Redaktion
Invite participants to suggest definitions.Most of us think of retirement as a time of freedom to ‘do our own thing’.For many it’s an opportunity to seek fresh challenges in a different area of paid or unpaid work, learn new skills, help others or take up studies. Others travel or get fit to enjoy what may be as a many years out of the workforce as those in it. Planning your direction for retirement will help your future lifestyle, not just for your finances. Wikipedia defines Retirement as - the point where a person stops employment completely.Transition is also known as phased retirement. There are many definitions of phased retirement. Some focus only on flexible work options, whilst others encapsulate a broad range of issues relating to older workers.
September 2010 – The Australian:Skills push to lift output in face of ageing population CONCERN about a looming and long-term shortage of skilled workers has been reignited by the release of a landmark government report, which confirms that productivity growth is critical to counter the impact of the ageing population. As Wayne Swan launched the 2010 Intergenerational Report yesterday, business groups demanded reforms and policies to boost productivity amid a shrinking pool of available workers.According to the report, by 2050 the number of Australians classified to be of working age (15 to 64 years) is forecast to fall from 67.4 per cent to just 60.2 per cent. The number of Australians aged over 65 is expected to soar, rising from 13.5 per cent of the population to 22.6 per cent, placing mounting pressure on the nation's health system and social services.The ratio of workers to those Australians past retirement age will fall from five currently to 2.7.
PARTICIPATION TRENDS OF PEOPLE AGED 55 YEARS AND OVERIn 2009-10, there were around 5.5 million Australians aged 55 years and over, making up one quarter of the population. Around one third of them (or 1.9 million) were participating in the labour force. People aged 55 years and over made up 16% of the total labour force, up from around 10% three decades earlier. The participation rate of Australians aged 55 and over has increased from 25% to 34% over the past 30 years, with most of the increase occurring in the past decade.This is likely to mean that participant in the workforce by older Australians will continue to increase. This could be influenced by financial situations; wanting to continue to be challenged and be valued; having a better balance etc.
2009 and less = 10,909Start to decrease from 2035-2039 = 19,114; 2040 to 2044 = 17,212Baby Boomers is the name given to the generation of Americans who were born in a "baby boom" following World War II. The Boomers were born between 1944 and 1964. The oldest wave of the Baby Boomers is currently considering retirement options and looking at ways to make their elder years meaningful. The youngest group of Baby Boomers are managing the Millennialsand Generation-X groups of employees - and in some cases, being managed by them (http://humanresources.about.com/od/glossaryb/g/boomers.htm)In 2029 – the last of the baby boomers will turn 65.
Main factor influencing decision about when to retireFor those in the labour force who intend to retire, the most common main factor influencing their decision about when they would retire was 'financial security' (39% of men and 39% of women), 'personal health or physical abilities' (23% of men and 22% of women), and 'reaching the eligibility age for an age (or service) pension' (12% of men and 11% of women). According to the website seniorliving.about.com:Baby boomers reject a life of either full-time leisure or full-time work. When asked about their ideal work arrangement in retirement, the most common choices among baby boomers in the survey would be to:Repeatedly "cycle" between periods of work and leisure (42%)Have part-time work (16%)Start their own business (13%) Work full time (6%)Only 17% of the baby boomers in the survey reported that they hope to never work for pay again.
What are some of the things that need to be considered in considering retirement:Career and learning – do I want to work; do I have to work; what will I do – own business; someone else?Do I want to learn something new and turn that into another career or simply to support a hobby or stimulate my brain?Do I want to travel; does my partner want to travel – are they to the same places and in the same way (Caravan vs overseas)Do I want to take up bowls: Do I want to volunteer? If so, with whom?Do I want to look after the grand kids; move closer or away from family and friends; build new relationships?How is my health; How is my partner’s health? Do I need to future proof?Do I want to live in the same place? Does it need maintenance? Does it need future proofing? Upsize/downsize/tree change/seachange? Can I combine work and travel?How’s my finances? Do I have a will, enduring power of attorney etc.? Have I discussed these things with the important people in my life?Access to information and advice is critical.Planning is essentialAssistance in looking at optionsCommunication and self-understanding – what does retirement mean for meHandout – retirement readiness checklist
At your table discuss this and be willing to share back with the broader group.
3.3 Career theory and older workers The second issue that this research considers is career development for older workers. ‘Career management is a life-long process of skill acquisition and building through a continuum of learning, development and mastery. Career management equips people to make good choices throughout their lives’ (Jarvis, 2003, p. 7). Several career theories have special relevance to older workers. Erikson’s Stage Model of Psychosocial Development is one example. According to Brewington & Nassar-McMillan (2000, p. 3) ‘the two stages of his model pertain to older workers’ and ‘are described as generativity versus stagnation and ego integrity versus despair’. These two stages respectively refer to the contributions that older workers have made and the grieving that occurs when this is ending; and the reflection of one’s life’s satisfactions moving into questioning actual achievements. ‘Clearly, an individual whose career development plan is arrested before it is completed might feel as though his or her goals had not been fulfilled’ (Brewington & Nassar-McMillan, 2000, p. 3). Another relevant career development theory is Super’s life span five-stage model which suggests that an individual’s career develops through their entire life and is influenced by their experiences, from beginning to end (Patton and McMahon, 1999). These stages are – growth, exploration, establishment, maintenance and decline. In this model, the stages of maintenance and decline are particularly relevant to older workers (45 to 64 years) - individuals hold on, keep up and innovate in one’s occupation. In the decline phase (65+) older workers decelerate, plan and commence retirement, hand over to younger employees, decrease energy and interest in work (Brewington & Nassar-McMillan, 2000). ‘Simin and Osipow … developed a counselling technique and developmental theory that directly addresses the diversity contained within the older worker demographic … through the use of a “Vocational Script” … which addresses issues relating to work and/or retirement through defining a vocational identity within one’s work history of life events and work pursuits’ (Kirk and Belovics, 2005, p. 2). Wrobel et al (2003) in discussing older workers and career stages, write that:Older workers’ attitudes towards career development activities and mobility relate to such factors as current employment (experience or fear of layoffs), tenure or stage in their careers, need for achievement, and need for growth,. In addition, fear of stagnation, marketability perceptions, self esteem, and job market conditions play a role in career decision making. (Wrobel et al., 2003, p. 6) Susan Imel’s 2003 paper entitled ‘Career Development of Older Workers’ suggests that ‘clearly, multiple responses are needed to address the career development needs of older adults’ (p. 4) and whilst career development and learning are predominantly the responsibility of each individual, employers have a role to play in understanding the benefits of career and developmental support for attracting and retaining staff at all levels. Building internal capacity may be a more viable solution than attempting to attract external applicants.
‘Simin and Osipow … developed a counselling technique and developmental theory that directly addresses the diversity contained within the older worker demographic … through the use of a “Vocational Script” … which addresses issues relating to work and/or retirement through defining a vocational identity within one’s work history of life events and work pursuits’ (Kirk and Belovics, 2005, p. 2). Wrobel et al (2003) in discussing older workers and career stages, write that:Older workers’ attitudes towards career development activities and mobility relate to such factors as current employment (experience or fear of layoffs), tenure or stage in their careers, need for achievement, and need for growth,. In addition, fear of stagnation, marketability perceptions, self esteem, and job market conditions play a role in career decision making. (Wrobel et al., 2003, p. 6) Susan Imel’s 2003 paper entitled ‘Career Development of Older Workers’ suggests that ‘clearly, multiple responses are needed to address the career development needs of older adults’ (p. 4) and whilst career development and learning are predominantly the responsibility of each individual, employers have a role to play in understanding the benefits of career and developmental support for attracting and retaining staff at all levels. Building internal capacity may be a more viable solution than attempting to attract external applicants.
What is our role?Reflect individuallyDiscuss in pairsAt your tableReport back to group – whiteboardSample answers:Readiness questionnaireSelf assessmentGoal settingWork Life Balance assessment