Every day this year 7,918 people will celebrate their 60th birthday, according to projections by the U.S. Census Bureau. That works out to 2.89 million folks getting ready to either retire or rethink their work schedules. For manufacturers, it's time to offer choices to senior employees or risk losing years of knowledge and expertise.
What do older workers want from their employers?
"A lot of the things we talk about the Generation Y wanting are in complete harmony with what the boomers want in order to stay," says Suzanne Miklos, CEO of Cleveland-based Organizational Effectiveness Strategies, a consultancy that links business strategies with people strategies.
Specifically, older workers want to work fewer hours but still have a meaningful job responsibility. They don't want to be just a pair of hands; they want to make a contribution, according to Miklos.
|
Top Five Reasons Older Employees
Stay With A Company |
| Competitive health-care benefits package |
61% |
| Competitive retirement benefits package |
54% |
| Work/life balance |
35% |
| The caliber of people with whom they work |
28% |
| Recognition for work |
27% |
"What we are seeing is the career planning for younger workers is expanding to life planning for older workers," Miklos says. "As you look at the number of people turning 60, they want to contribute, but they also want balance in life -- health, family and spirituality. We will probably start to see more of the cutting-edge organizations create a safe place for that conversation. HR departments need to know what options people are looking for."
However, people are afraid to have that conversation. "Nobody wants to ask Joe when he might be retiring. It's the elephant in the room, and no one wants to speak up first," says Miklos.
For manufacturers, it would behoove them to start the dialogue before vast amounts of knowledge is lost.
|
Attractive Incentives For Workers 50+ |
| Flexible work arrangements |
41% |
| Training to upgrade skills |
34% |
| Time off for volunteerism |
15% |
| Phased retirement |
14% |
| Reduced shiftwork |
14% |
| Job rotation |
12% |
| Sabbaticals |
11% |
| Reduced responsibility |
8% |
| Mentoring as a primary job responsibility |
5% |
Indeed, a recent study by the Society for Human Resource Management (SHRM) found that half of survey respondents said they are seeing many new workers who lack overall professionalism, written communication skills, analytical skills or business knowledge.
"We know there will be millions of baby boomers retiring and that some workers now entering the workforce lack core competencies," says Susan Meisinger, president and CEO of SHRM. "There are serious HR and workforce issues that could undermine the nation's global competitiveness. And HR must determine how to meet these challenges."
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