Sarah Jennings MACE 2016 presentation
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Sarah Jennings presenting at the 2016 MACE Annual Conference
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Sarah Jennings MACE 2016 presentation
- 1. PART 1: DO YOU KNOW AARP? PART 2: THE VALUE OF OLDER WORKERS AARP Sarah Jennings – Vice President AARP Central Region (AR, IA, KS, MN, NE, ND, OK, SD, WI) May 6, 2016
- 2. 2 WELCOME
- 4. 4 We’re active in federal advocacy. YOU PROBABLY KNOW...
- 5. 5 We’re just as active at the state and local level. YOU MAY NOT KNOW...
- 6. 6 We do educational workshops. YOU PROBABLY KNOW...
- 7. 7 We also do fun, social events. YOU MAY NOT KNOW...
- 8. 8 AARP can help you save money. YOU PROBABLY KNOW...
- 9. 13 We’re in the neighborhood. YOU MAY NOT KNOW...
- 10. 10 We have the ability to send you a lot of mail. YOU PROBABLY KNOW...
- 11. 11 We can send targeted updates about things happening in your state and community. YOU MAY NOT KNOW...
- 12. 12 We have information on what you can do in retirement. YOU PROBABLY KNOW...
- 13. 13 We have information that’s useful well before retirement. YOU MAY NOT KNOW...
- 15. Integrated Marketing | 15 The Changing Landscape of Work For the first time in modern history, workplace demographics now span four generations.
- 16. Integrated Marketing | 16 The Generations Traditionalists: Before 1945Traditionalists: Before 1945 Boomers: 1946-1964Boomers: 1946-1964 Gen X: 1965-1980Gen X: 1965-1980 Gen Y: 1980-2000Gen Y: 1980-2000 2013 Workforce % - 4%2013 Workforce % - 4% 2013 Workforce % - 31%2013 Workforce % - 31% 2013 Workforce % - 32%2013 Workforce % - 32% 2013 Workforce % - 33%2013 Workforce % - 33%
- 17. Integrated Marketing | 17 Helping You Harness the Power of Experience Equip workers 50+ with skills and resources that will help them leverage their competitive advantage in the job market. Engage in ongoing dialogue with employers to understand their critical business challenges and workforce needs.
- 18. Integrated Marketing | 18 The Business Case for Workers 50+ Experienced Workers Help Employers Maintain a Competitive Edge
- 19. By 2022, the number of workers age 50+ will constitute 35% of the workforce. Demand, Say Hello to Supply Sources: Aon Hewitt analysis of Bureau of Labor Statistics data, and ManpowerGroup 2014 Talent Shortage Survey
- 20. Value •Workers age 50+ add value to organizations due to their high levels of engagement, stability, productivity, and experience.1 •50+ workers are a critical component of a multigenerational workforce.2 The Costs Are Less Than You Think 1 Source: Establishing the Positive Contributory Value of Older Workers: A Positive Psychology Perspective 2005. 2 Source: Wall Street Journal article, “There’s No Age Requirement for Innovation” 3 Source: Aon Hewitt’s Benefit SpecSelect™ database and Aon Hewitt analysis of Truven Health Analytics data 4 Source: Aon Hewitt analysis of Truven Health Analytics data Cost •Recent trends in compensation and benefits have diminished the relationship between age and labor costs to the point that age is no longer a significant factor.3 •Employer-paid health care costs are growing more slowly for 50+ workers. From 2003 to 2011, employer claims costs rose by 8.0% for workers ages 35-39, compared to 5.7% for workers ages 55-59.4
- 21. Turns Out, Age ISN’T Just a Number Source: Transamerica. Baby Boomers Are Revolutionizing Retirement: Are They And Their Employers Ready?” December 2014. A 2014 survey of more than 700 employers revealed the following beliefs regarding the value of older workers: (it’s a lot more than that…….)
- 22. Every Day is “Bring Your Commitment to Work” Day 1 Source: Aon Hewitt Engagement Database 2009-2013 2 Source: Aon Hewitt Engagement Database 2009-2013 3 Source: Engagement at Work: Its Effect on Performance Continues in Tough Economic Times, Gallup Inc. 2013 • 65% of employees age 55+ in large companies are engaged, compared to 58- 60% of employees under age 55.1 • 81% of workers age 55+ are “motivated”— meaning they say that they exert extra effort and contribute more than is normally required in their job—compared to 77% of workers 25- 54.2 • Business or work units that scored in the top quartile on employee engagement are 21% more productive, have 22% higher profitability, and experience 37% less absenteeism when compared to those in the bottom quartile.3
- 23. Staying Power – the 50+ Are Sticking Around 1 Source: Employee Benefit Research Institute and Greenwald & Associates, 2004 and 2014 Retirement Confidence Surveys 2 Source: Staying Ahead of the Curve 2013: The AARP Work and Career Study 3 Source: Aon Hewitt estimates 4 Source: Aon Hewitt Engagement Database 2009-2013; 2014 analysis by Aon Hewitt • 45% of workers 45+ expect to retire at 65 or younger, compared to 62% in 2004.1 • 71% of workers 45+ report “enjoying the job” as a major factor in their decision to work, second only to financial reasons.2 • Retaining older workers reduces the one-time costs of turnover that can go as high as $31,700 or more per employee — in fact, unexpected turnover may cost 1.5 to 2 times more than expected turnover.3 (and not just for financial reasons…….)
- 24. Staying Ahead of the Curve 2013: AARP Multicultural Work and Career Study
- 25. What’s Important to Older Workers? Age 50-64 Age 65+ Want a flexible workplace 70% 70% Need the money 96% 88% Say a 401(k) is essential 56% 31% Work to support their families 74% 51% Have taken time off for caregiving 19% 14%
- 26. Leveraging an Aging Workforce • Recruit mature workers intentionally • Create a culture that is multigenerational friendly • Offer flexible work options
- 27. Leveraging an Aging Workforce • Invest in training, Career paths, New roles • Facilitate knowledge transfer • Foster Social Networks
- 28. Employer Action Steps • Share “A Business Case for Workers Age 50+” with management and colleagues • Use a mentor program (two-way) • Establish a process for knowledge transfer between generations
- 29. • Consider using retired employees as a “just in time” workforce • Hire the long-term unemployed • Sign the AARP Employer Pledge www.aarp.org/employerpledge Employer Action Steps
- 30. Long-Term Unemployed 33 million long-term unemployed 27%27% have college degrees 43%43%are age 55+ 300300 employers pledge to hire
- 31. Ready to Rethink Your Hiring Strategies?
- 32. While you are rethinking… here’s some more food for thought… https://www.youtube.com/watch? v=UYCxAIqjyCA
- 33. Aging.
- 34. Integrated Marketing | 34 Disrupt Aging Disrupt aging challengeschallenges outdated beliefsoutdated beliefs and sparks newand sparks new solutionssolutions so more people can choose how they live and age.
- 35. Integrated Marketing | 35 What outdated beliefs can we challenge?What outdated beliefs can we challenge? From…From… To…To… Aging is only about decline. Aging is about growth. Aging presents only challenges. Aging creates new opportunities. Older people are burdens. Older people are contributors.
- 36. Integrated Marketing | 36 What new solutions could we spark?What new solutions could we spark? For Health…For Health… For Finance…For Finance… For Work…For Work… For Communities…For Communities…
- 38. Thank youThank you Sarah JenningsSarah Jennings Vice President - AARPVice President - AARP Central RegionCentral Region (AR, IA, KS, MN, NE, ND, OK, SD, WI)(AR, IA, KS, MN, NE, ND, OK, SD, WI) sdjennings@aarp.orgsdjennings@aarp.org @sdjennings@sdjennings
Hinweis der Redaktion
- When you think of AARP what do you think… So one thing I hear a bunch… national organization in DC… you may not htat, but did you know, you have a team of staff and volunteers…
- Social Security – give personal examples and share the SD stats… Medicare Health Care
- State – lobbyist in pierre; Lobby Day each year… cosponsor the legislative coffees with the Chamber… working with the AG and Div of Ins on some consumer issues… work hard to protect the SD Retirement systemt… Local – Transportation is the big one right now…
- Enroll in Medicare Part D, Medicare 101, Planning for Retirement, Caregiving support, etc
- List on next page!
- Fraud Watch Network Sioux Falls Community Update Phone, email and text updates! Social media presence – FB, Twitter, Youtube
- We want to connect you to valuable resources, help you save money and tackle issues that matter to you, your family and your community.
- Interaction… Switch gears…
- If you are managing this, you know they tend to have different work styles and value different things Let’s take a quick look at the generations.
- I’m generalizing but… The Traditionalists: Born before 1945: Also called the WW II generation Their motivation: “Satisfaction of job well done” Reward them with tangible symbols of loyalty, commitment and service, and connecting their actions to the success of the organization. Boomers: born between 1946 and 1964 Their motivation: “Money, Title, Recognition” Reward them with things that elevate their status – corner office, prime parking space. Gen X: born between 1965-1980. Also called the baby busters generation and post boomers. Their motivation: “Freedom” Reward them with paid time off, flexible work options, relaxed dress codes. Gen Y (also called Millennials or the echo boomers) born between 1980 and 2000. Their motivation: “Work that has meaning” Reward them with instant feedback, gift cards, “resume-building” projects, work teams where they can contribute to organizational outcomes. The Millennial generation is the largest and fastest growing cohort in the workplace Idea is to capitalize on what each brings and don’t use a one size fits all talent management approach Sources: Workforce percentages data is from 2013 Gallup Daily Tracking Survey Reward Info is from David Stillwell/Lynne Lancaster, Authors of “When Generations Collide” and founders of Bridgeworks Consulting.
- AARP’s vision is that experienced workers have the skills to prosper in the job market and society embraces and benefits from experienced individuals in the workforce. We do this by focusing on two key strategies: Equip workers 50+ with skills and resources that will help them leverage their competitive advantage in the job market. Engage in ongoing dialogue with employers to understand their critical business challenges and workforce needs.
- Now, to dive into our new report, ‘A Business Case for Workers Age 50+.’ We commissioned Aon Hewitt on this, and it’s an update to a study we originally released in 2005. The results support the earlier findings from the original report released in 2005, and show the business case for hiring and retaining workers 50+ has grown even stronger in the past 10 years. We found that 50+ talent is a key ingredient in a high-performing workforce Given the declining proportion of younger workers and projected talent shortages that we heard about from SHRM, many employers are turning to 50+ workers to achieve and maintain a competitive edge. The Business Case reinforces what we heard earlier, that 50+ workers bring: Experience and engagement Maturity and professionalism A strong work ethic Loyalty Reliability Knowledge and understanding The ability to serve as mentors They are also less likely than younger workers to leave the job unexpectedly, which can help employers manager turnover and related costs.
- From 2002 to 2022, the number of workers age 50+ is expected to increase 62%, and by 2022 the 50+ will constitute 35% of the workforce. That’s more than a third of the workforce. People are retiring later and living longer. Retirement ages have increased over the past decade, which will support the continued availability of the 50+ workforce On the flip side, employers are still having difficulties filling jobs. We know that the skills gap is real – 40% of U.S. employers report difficulty filling jobs whether due to lack of technical skills, professional competencies (i.e., “soft” skills) or simply a lack of candidates.
- Experienced Talent Costs Less than you think. The Business Case addresses the misconception that older workers cost “significantly more.” Changes in rewards and compensation programs over the past decade have weakened the relationship between labor costs and age. These changes mean that hiring and retaining more older workers won’t necessarily increase labor costs; and, if they do, the increase in costs will often be minimal. Compensation is increasingly tied to performance rather than just tenure. 90% of large companies based compensation at least in part on performance in 2012, an increase from 80% in 2002. We all know about the shift from DB to DC plans, and although this can negatively impact financial security for workers, it does change the retirement cost equation. And… Employer-paid health costs are growing more slowly for 50+ workers. From 2003 to 2011, employer claims costs rose by 8.0% for workers ages 35-39, compared to 5.7% for workers ages 55-59.
- The Business Case also found that engagement most definitely pays off. Engagement, as defined by Aon Hewitt, is “the emotional and intellectual involvement that motivates employees to do their best work and contribute to an organization’s success.“ 50+ segment are most engaged age group: 65% of employees age 55+ are considered engaged 58% to 60% of younger employees are considered engaged The level of employee engagement has implications for both retention and business results. Multiple studies have shown correlations between engagement and a range of financial, customer, and operational results. This is just a sample of the findings from A Business Case for Workers Age 50+. The complete report is available for download in the webinar console. It’s also available online at www.aarp.org/employers.
- So, we’ve established that older workers can bring value to your organization’s bottom line. But to recruit them and retain them for your workforce, you have to know how to attract them. Two years ago, AARP released some research entitled, “Staying Ahead of the Curve 2013: AARP Multicultural Work and Career Study.” We surveyed just over 1500 adults nationwide, between the ages of 45-74 who are still working or looking for work. We found that finances and fulfillment are top reasons why older workers continue to work. Needing the money is the most commonly selected factor for working (96%). But, not far behind is that older workers enjoy working (92%). Finances pop up next – 89% said they want to save more for retirement. But then we go right back to fulfillment - 83% said “Working makes me feel useful.
- While money is important, flexibility is also key.
- #1 Recruit Mature Workers (MWs) Intentionally Include MWs in your messaging, watch language Identify talent sources that include older adults Post jobs in locations MWs look, e.g. seniorjobbank.com, retirementjobs.com Get recognized in publicity as employer of MWs Keep a date base of retiree’s skills Encourage employees to suggest candidates #2 Create Culture That is Multi-Gen Friendly Train managers & supervisors to reinforce the value of older workers Create a climate that welcomes, respects MWs Conduct focus groups with MWs to learn what they value What behaviors would you see in your organization if it was ideally effective in supporting mature workers? #3 Offer Flexible Work Options A program, not a policy Flexible scheduling of hours, e.g. compressed work week Flexibility in location, e.g. telecommuting Phased retirement Rehiring retirees part-time
- #4 Invest in Training, Career Paths, & New Roles Have those difficult conversations Training investments build loyalty Respect learning styles of MWs Lack of confidence re technology skills Central Baptist Hospital hires retired nurse to coach nurses on development goals, careers ROI on MW skills training higher than Gen-Ys #5 Facilitate Positive Knowledge Transfer Identify most critical jobs Invest in building mentoring skills Reassure MWs aren’t teaching way out of job Mentoring is an evolving practice Clarify capabilities most at risk Structure knowledge transfer with Skill Development Plan #6 Foster Strong Social Networks NJ pharma co. – people wont’ leave their friends People stay where their friends are Beware of generational gaps… Small work teams foster loyalty Support activities that: (1) create social community in workplace; (2) enhance links to broader community, e.g. Chamber; (3) support an alumni community Support MWs in personally meaningful activities
- Share “A Business Case for Workers Age 50+” with management and colleagues. Actively seek out and recruit older workers. – Reinforce from the top that older workers should be valued, sought after, and fairly considered for openings. Temp agencies are a good source for finding retirees with specialized skills who want to work. Create a work environment that is attractive to workers of all ages. Besides offering competitive benefits, workers of all ages appreciate the availability of flexible work arrangements that them to balance family responsibilities or time to pursue interests. In addition, older workers appreciate being offered recognition, development opportunities, or the chance to take on new projects or challenges. Consider implementing a mentor program….and mentoring can go both ways…Older workers can mentor younger workers, and younger can mentor older.
- You can also: Consider using retired employees, as they allow a company to scale up and down quickly. Put policies and practices in place to ensure long-term unemployed are considered viable candidates. (more about this in a minute) Sign the AARP Life Reimagined for Work Pledge to show that you value older workers and treat them fairly in the workplace and recruitment process.
- I mentioned recruiting the long-term unemployed…they are a potential source of skilled talent…..I want to call your attention to a major initiative by the White House, Rockefeller Foundation and Deloitte to address this issue. Companies that hire the LTU experience higher retention rates and greater workforce loyalty. The LTU possess the skills that can add value to your organization. Deloitte and The Rockefeller Foundation developed, “A Guide to Recruiting & Hiring the LTU.” Download using your Webinar console. It is also available in AARP’s Employer Resource Center. I mentioned AARP being a bridge between experienced job seekers and employers…the next program is a good example.
- All of the materials I’ve mentioned are available on our Employer Resource Center, along with other articles and tools… We welcome any feedback you have on resources we should include that you would find of value.
- How do you think about your own age? And what is the first thing that comes that comes to mind when you hear (or see!) the word “aging”?
- “We’re a young company… he’s too old to work here.” Happy 50th! It’s downhill from here! She’s a little young to be leading that team… Obsolete approaches to aging are all around us : Nursing homes Mandatory retirement Big, Beige boring products
- HEALTH: Treatment physical and mental well-being Dependent patients Empowered users Uncertain access to care Dependable Access to care FINANCE: Drawing down assets Building renewable resources Limited savings options Expanded savings options WORK: Working in age silos Intergenerational Workforces Fixed retirement Flexible work models Workplace contributors Lifelong contributors COMMUNITIES: Nursing home inevitability Multiple models for living Social isolation Communities of connection Age segregation Intergenerational communities