older workers and retirees as volunteers: an untapped resource

Normisur International 2010 Normisur International 2010

Older Workers and Retirees ��as Volunteers:��

An Untapped Resource ��Bürgerengagement ��

von Senioren ��June 25, 2010

Cologne, Germany Celina Pagani-Tousignant

President, Normisur International Faculty, College Center for Corporate Citizenship,

Center for Corporate Citizenship Deutschland Tecnológico de Monterrey

Agenda

•  Time of Transformation •  Aging Process •  Retirement Plans •  Employment Patterns •  Corporate Volunteer Programs •  Best Practices: How to Engage Retirees

Older Workers

Time of Transformation

Older Citizens

Older Adults

Traditionals

Mature Workers

Veterans

Experienced Workers

Baby Boomers

Adult Workers

Older Workers

Senior Workers

What Name?

How Old?

•  45 and older •  50 and older •  55+ •  People in their 60s. 70s. 80s, and 90s •  65 and over

Changes in Society

Percentage of population in U.S. ages 50 and older:

13% in 1900 27% in 2000 Over 35% in 2020

Source: Sloan Center on Aging & Work, “How Old Are Today’s Older Workers?”, 2005

Labor Force Changes

•  Past Percentage of older workers had

little impact on the age composition of labor force

Labor force exit was predictable between ages (62-65)

Source: Sloan Center on Aging & Work, “Older Workers’ Preferences for Work and Employment”, 2009

•  Present Had most significant increases in

participation over a 30 year period

U.S. older workers (45 and older) comprise 37% of labor force

Half of working adults ages 50-64 may delay retirement

16% may never stop working

Dramatic Changes

•  Older Workers: •  Aging process •  Retirement plans •  Employment patterns

Older Workers

Aging Process

•  Past Fear of growing old Negative perceptions Old age=role less Checked out Time disengagement Nursing home Depression and anxiety

Source: Sloan Center on Aging & Work, “Engaged as We age”, 2010

•  Present Added years longevity and health Well-being and vitality Older workers want to keep

learning, working, volunteering and contributing to society

Want to live life to fullest Employment is compatible with

retired living

Successful Aging

Models of Aging: From Disengagement to Engagement

1950 1960

Disengagement Theory

Produc:ve Aging

Meaningful Aging

Engaged as We Age

Avoiding Disease & Disability

Engagement

with Life High Cognitive & Physical Function

Successful Aging

Successful

Source: Rowen and Kahn

Other Models of Aging

•  Productive Aging

•  Elaborates on “Engagement with life”

•  “Activities that produce goods and services, whether paid or not”

•  Focuses on: work, volunteering and care-giving

•  Meaningful Aging

•  Model that endows later life with dignity and value in spite of illness and frailty

Beyond Involvement to Engagement:

•  Source: Sloan Center on Aging & Work: “Engaged as We Age”, 2010

Volunteer Activities

Educational Activities Engaged as

We Age

Paid Employment

Care-giving Activities

Older Workers

Retirement Plans

Retirement •  Past Retirement=subsidized vacation Event To be or not to be in the labor

workforce

Source: Sloan Center on Aging & Work, “Down Shifting: The Role of Bridge Jobs After Career Employment”, 2007

•  Present Gradual process Shift gears by reducing work

hours, changing jobs to new lines of work, leaving a career job, remaining on the career job, working part-time, phased retirement, going back to school, consulting, volunteering or having a bridge job

Stop working altogether

Older Workers

Employment Patterns

Are Employers Getting Ready for the Demographic Changes?

•  AARP (American Association of Retired Persons): “Best Employers for Workers Over 50” in 2001

•  45% HR professionals: their workplaces are just becoming aware of these changes

•  SHRM (Society for Human Resource Management) reports 43% members see a problem with loss of talent associated with the retirement of baby boomers

•  Source: Sloan Center on Aging & Work, “Businesses: How Are they Preparing for the Aging Workforce?”, 2005

Why should companies care?

Human Capital & Diversity

Multigenerational teams

Knowledge transfer

Aging workforce

New Ways of Working

•  Global workforce •  Competition •  Operations 24/7 •  High technology •  Pressure for innovation •  Four generations at the workplace

•  Source: Sloan Center for Aging & Work

Four Generations at the Workplace

•  Veterans 1922-1943 (52 million)

•  Baby Boomers 1943-1960 (73.2 million)

•  Generation X 1960-1980 (70.1 million)

•  Generation Y 1980-2000 (69.7 million)

•  Source: Generations at Work, Zemke, Raines & Filipczak

Business Case: Older Workers

Low turnover rates

Higher performance and productivity More

reliable

Stronger work ethic Higher

customer satisfaction

Reputation

Serve as mentors Invaluable experience

Willing to work different schedules

Quality of Employment

Source: Sloan Center for Aging & Work, “Employers of Choice in Countries of Choice”, 2007

What is His Story? Married?

Are his kids in college? Middle School? New baby?

How is his health?

What is he looking for from his job?

Age Matters

•  Chronological •  Generation

•  Career Stage •  Life Stage

• Source: Sloan Center on Aging & Work, “Age and Generations Study”, 2009

Normisur International 2010

Succesful Aging

Quality of Employment by Age/Generational Groups

• Source: Sloan Center bon Aging & Work, “Age and Generations Study”, 2009

Drivers of Employee Engagement

Characteristics Employees Bring to Work

Age (being older) Gender (being female) Elder care status (not having elder acre

responsibilities) Household income Mental health (better) Physical health (better) Core self-evaluation (having a better perception

of self)

Source: Sloan Center on Aging & Work, “Engaging the 21st Century Multi-Generational Workforce”, 2009

Workplace Characteristics

Number of hours worked (more hours) Satisfaction with training & development Assessment of culture of flexibility Perception of supervisor support Perceptions of inclusion Perceptions of job security

Drivers of Employee Engagement: Older Baby Boomers

Characteristics Employees Bring to Work

Mental health (better) Core self-evaluation (having a better

perception of self)

Source: Sloan Center on Aging & Work, “Engaging the 21st Century Multi-Generational Workforce”, 2009

Workplace Characteristics

Number of hours worked (more hours) Perception of supervisor support

Older Workers

Corporate Volunteer Programs

Trends in Volunteerism Among Older Adults

•  According to 2009 surveys by Hartford and AARP,

•  50% of older adults over age 50 volunteer/over 40% of older adults expect to increase the amount of time spend in volunteer work in the next 5 years

•  Older adults (55 to 64 years of age) like to provide managerial and professional assistance when they volunteer

•  Collecting food and/or providing office services are volunteer activities preferred by older adults age 65 and over

•  Source: Sloan Center on Aging & Work, “Trends in Volunteerism Among Older Adults”, 2010

Challenges

•  Insufficient connections between older adults and potential volunteer opportunities

•  Outdated volunteer models and opportunities •  Transportation •  Cost barriers

•  Source: NGA Center for best Practices, “Increasing Volunteerism Among Older Adults: Benefits and Strategies for States”, Issue Brief, 2008

Timely Study: 2005

•  Ranks of retired worker population will grow in the next decades

•  Retirement is being redefined as a transition between paid work and retirement (bridge jobs, phase retirement and post-retirement entry to the workforce)

•  Corporate volunteer programs represent a way through which older workers, retirees and/or alumni can remain engaged and make significant contributions

•  Source: Boston College Center for Corporate Citizenship (BCCCC), “Expanding the Boundaries of Corporate Volunteerism: Retirees as a Valuable Resource”, 2005

Corporate Volunteer Programs

•  Lack of connection between employee volunteer programs and the changing nature of retirement in the U.S.

Core Findings

•  47% of the 22 companies in the study include retirees in their volunteer efforts

•  44% of 17 companies with Dollars for Doers make it possible for retirees to participate (donations from $300 to $1,000 per retiree)

•  Only a few strategically target retirees (half of managers reported low level interest in retiree volunteerism/few leaders view retirees as an untapped asset)

Core Findings (continued)

•  Shorter-term projects •  Integrate employees and retirees “intergenerational

exchange” •  Need to publicize volunteer opportunities •  Important to develop volunteer DNA before retirement •  Business case for including retirees

Implications for Companies

•  A multigenerational workforce can provide a competitive edge in the marketplace

•  Companies that value older workers and offer them flexible arrangements will possess an advantage in recruiting and retaining older workers

•  One way of showing that value is through corporate volunteer programs that support older workers and retirees’ desire to stay engaged as they age

Best Practices

Corporate Volunteer Programs That Engage Retirees

Best Practices

State Street Corporation Cargill

Verizon

Xcel Energy

Johnson & Johnson

Source: Boston College Center for Corporate Citizenship (BCCCC), “Expanding the Boundaries of Corporate Volunteerism: Retirees as a Valuable Resource”, 2005

Cargill

Boeing

Thank You!

Celina Pagani-Tousignant celina@normisur.com

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