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How Boomers Are Redefining Aging, Work, and Retirement

How Boomers Are Redefining Aging, Work, and Retirement

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How Boomers Are Redefining Aging, Work, and Retirement

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  1. How Boomers Are Redefining Aging,Work, and Retirement New York HR Planning Society Jim Walker walker@walkergroup.com

  2. Boomers living longer? Boomers turning 60: • Life expectancy up from 66 to 83 • Half will live beyond 83 • Healthy aging We don’t expect to die; we expect to be cured

  3. Boomers aging? 60 is not the new 40; it is the new 60. We’re changing what it means to be 60, now and forever. -- Gail Sheehy

  4. Boomers working? Californians ages 55 – 64 employed • 1995 – 54% • 2000 – 59% • 2006 – 62% • 2014 – 70%? LA Times, April 3, 2007

  5. Boomers retiring? Yesterday’s model of retirement is being transformed into one of personal reinvention, financial liberation, career innovation, new relationships, and social and spiritual fulfillment. -- Ken Dychtwald

  6. Our aim: a research-based look at issues and options James W. Walker and Linda H. Lewis, Boomers at Work: Challenging the myths of aging and retirement Pearson, 2008

  7. Boomers face choices Myth: It’s too late for you to make big changes. • Stay the course? • Renewal? • To-do list? • Grand plan or one big thing? • Transformation?

  8. Work and retirement flexibility Myth: Retirement is a cliff. • Why was early retirement so popular? • Will boomers stay on at work? • Try phased or gradual retirement? • Become free agents? • Choices? Retire “retirement”

  9. Personal finance Myth: Boomers have the retirement income and assets they need. • Do they have pensions, health care? • Are they saving enough? • Are their spending, lifestyles changing? • Are they aware of their needs, risks? • Choices?

  10. Personal health and fitness Myth: Capabilities that decline with age impede performance at work. • What does aging mean? • Are boomers aging differently? • Will boomers stay healthy and fit? • Choices? I want to stay healthy until I die!

  11. Opportunities for work Myth: Jobs are not available for boomers. • Is there a “workforce crisis?” • Will boomers with critical skills stay at work? • Will the youth culture adapt to boomers? • Choices? Never trust anyone over 30?

  12. Working with younger people Myth: Boomers must compete with younger generation talent. • Are boomers, gen x and y really different? • How does age/life stage affect behavior? • How can we leverage differences? • How can we build collaboration? • Choices?

  13. Meaningful work Myth: Boomers work only for money. • What is meaningful beyond money? • Satisfaction, accomplishments, social interaction? • Legacy, contribution to community? • Choices? Work becomes leisure by virtue of involvement (Marshall McLuhan)

  14. Personal growth Myth: Boomers have a hard time learning and changing. • Technology, work complexity, social networks, faster pace? • Are barriers real? Can boomers adapt? • Is adult learning and development changing? • Choices? Boomers competing for college admissions?

  15. High impact programs • Hiring retirees as free agents (on-call pool) • Culture that promotes generational diversity • Retention bonuses • Pre-retirement planning • Pension/benefit changes to delay retirement • Flexible work schedules • Flexible or special benefits • Mentoring Ernst & Young, 2006

  16. HR Implications? • Understanding boomers, next gens • Embracing generational diversity, enabling collaboration • Adopting creative ways to retain key talent, share knowledge, mentor, adapt work, and enable learning/renewal • Segmenting the workforce and tailoring solutions – with many options/choices • Leading the way