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Workforce Planning: Aging and Employment Module 3: The Employee Perspective

Workforce Planning: Aging and Employment Module 3: The Employee Perspective. Barbara McIntosh, Ph.D., SPHR 2010. Module 3: Overview of the Employees’ Perspective. Why work? Costs and benefits of continued work. Alternative choices. Decision to stay depends on: Treatment.

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Workforce Planning: Aging and Employment Module 3: The Employee Perspective

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  1. Workforce Planning: Aging and EmploymentModule 3: The Employee Perspective Barbara McIntosh, Ph.D., SPHR 2010

  2. Module 3: Overview of the Employees’ Perspective ©SHRM 2010 • Why work? • Costs and benefits of continued work. • Alternative choices. • Decision to stay depends on: • Treatment. • Job satisfaction. • Continued challenge. • Changing expectations about the work environment: aging worker friendly? 

  3. Why Work? ©SHRM 2010 • Today, it is all about money and uncertainty: • Portfolio losses. • Shrinking opportunities in the labor market. • Uncertainty about health care costs. • Uncertainty about family financial responsibilities. • Uncertainty about how far shrinking retirement savings need to stretch for 10, 20, 30 years. In reality: • We are living longer, healthier lives and are able to work.

  4. Why Work? Contribution ©SHRM 2010 According to a 2007 AARP survey of individuals aged 50 and older: • Work in some capacity: 70%. • Work part time for interest or enjoyment: 29%. • Work part time mainly for the income: 22%. • Started their own business: 11%. • Retired from current job but work full time doing something else: 6%. • Do not work at all: 29%. • Do not know: 2%.

  5. Specific Reasons to Work (AARP, 2007) ©SHRM 2010 • Need the money 76% • Enjoy the job/enjoy working 70% • To save for retirement 64% • Need to maintain health insurance coverage 61% • Need to pay for health costs for self and family 56% • It makes me feel useful 52% • Need to support other family members 46% • To qualify for Social Security 42% • To fulfill pension requirements/qualify for pension 41% Source: www.aarp.org/research/surveys/stats/surveys/public/articles/2007_Staying_Ahead_of_the_Curve.html

  6. Costs of Continued Work Alternative time use (leisure, care giving, etc.). Foregone opportunities. Direct costs: Pension reduction. Social Security earnings if younger than full retirement age. Commuting. Clothing. Payment for services you would perform if you had the time (house cleaning, yard work, etc.). Indirect costs: Health: Exposure. Mental health: Stress. ©SHRM 2010

  7. Benefits of Continued Work Direct: Salary/wages. Benefits (if covered). Access to company perks (corporate passes, reduced membership fees, etc.). Indirect: Challenge (use it or lose it). Being productive, feeling useful. Social connections; networking. General mental health (Bosse, et. al., 1987; Reitzes, Mutran & Fernandez, 1996; Gallo, et al., 2000; McIntosh & Danigelis, 2005). ©SHRM 2010

  8. Choices To work or not to work: work, volunteering, family, leisure. To work but with alternative hours: full time, part time or part year (seasonal). To work in one’s primary occupation or another occupation: Variation in primary occupation (transition employment). Different occupation/industry: Pursue hobby or passion (bridge employment). Location change. ©SHRM 2010

  9. The Decision to Stay Depends on Individual Treatment Individual comparison/discrepancy theories What I need and what I receive (Maslow’s Need Theory). What I value and what I receive (Locke’s Value Theory; Vroom and Lawler’s Expectancy Theory). Equitable treatment and the way I am treated (Adam’s Equity Theory). ©SHRM 2010

  10. The Decision to Stay Depends on Job Satisfaction ©SHRM 2010 • Job satisfaction is directly linked to turnover and the intent to stay. • Older employees tend to have high levels of job satisfaction (Shen, Pitt-Catsouphes & Smyer, 2007).

  11. Decision to Stay Depends on Job Satisfaction ©SHRM 2010

  12. Job Satisfaction Evidence: Methodology for HRS Study Wave 1: Health and retirement survey (HRS) panel study (1992). Sample of individuals between 51 and 61 years of age. 2,506 full-time and part-time workers (2,195 FT; 887 PT). Gender (1,308 men; 887 women). Dependent variable: “How satisfied are you with your job?” Statistics: Correlation analysis and OLS regression analysis. ©SHRM 2010

  13. Regression Results ALL FULL-TIME PART-TIME Co-workers Co-workers Co-workers -Stress -Stress Freedom -Odds lose job Fair pay Fair pay -Age discrim. -If lose, retire -If lose, retire -Age discrim. -Odds lose job ©SHRM 2010

  14. Gender Differences in Satisfaction with Work MENWOMEN Co-workers Co-workers Fair pay -Stress -Stress -Age discrim. -Odds lose job -Odds lose job -Age discrim. Fair pay -Absence/health issues Work even if they don’t need the money. ©SHRM 2010

  15. Results Summary Co-worker support is the most important predictor in deciding to remain working, regardless of hours worked or gender. Hours of work: For full-time workers, stress level is the second most important predictor. Age discrimination is also a predictor. For part-time workers, freedom is the second most important predictor. Stress is not a predictor, but concern about losing one’s job is. Gender: Men are more concerned about fair pay and being absent. Women are more concerned about age discrimination and would keep working even if they did not need the money. ©SHRM 2010

  16. Research Implications More attention needs to be given to co-worker relationships--fits with teamwork emphasis. Future research: How do older workers compare to younger workers? Are all workers responding the same way to the changing workplace? Are there tenure-related determinants of job satisfaction? Are these determinants cohort-specific? ©SHRM 2010

  17. We Are Working Longer ©SHRM 2010 • The number of workers aged 80 and older grew by 67 percent between 2000 and 2008. This is the fastest growing cohort. • The oldest worker in America: • Jack Borden, 101, Weatherford, Texas. • Former district attorney, FBI agent and private attorney. He works about 40 hours a week, specializing in real estate and probate work. • Recognized as America’s Outstanding Older Worker in 2009 by Experience Works, a provider of training and services for older workers.

  18. Decision to Stay Depends on Continued Challenge ©SHRM 2010 • The National Study of the Changing Workforce shows that older workers want the same or more responsibility on the job (87%), not less (12%) than they currently have. • Older workers’ career ambitions may be less visible. • Older workers may be motivated to accomplish more as they “cap” their careers. Source: Shen, C., Pitt-Catsouphes, M., & Smyer, M. (August, 2007). Today’s Multi-Generational Workforce: A proposition of Value. Issue Brief 10. Chestnut Hill, MA: The Center on Aging & Work, Boston College.

  19. Decision to Stay: Employee Commitment Is Vital ©SHRM 2010

  20. Changes in the Work Environment:The Older Employee Perspective Culture: Respect. Visibility, credibility. Promotion. Recognition. Opportunities for co-worker interaction and support (age-integrated teams, projects, etc.). ©SHRM 2010

  21. Changes in the Work Environment:The Older Employee Perspective Recruitment and selection Sources (implicit messages in outreach): Employee referrals (older workers’ contacts). Non-traditional sources (postings on golf courses, churches, etc.). Trait evaluation: Diverse selection committees. Perception (real): Age discrimination. ©SHRM 2010

  22. Changes in the Work Environment: The Older Employee Perspective ©SHRM 2010 • Hours, flexibility: • Sabbaticals. • Leaves of absence. • Phased retirement. • Rehearsal retirement. • Part-time work. • Part-year work. • Seasonal work. • Snow-bird programs (like those offered by Borders Books and CVS Pharmacy).

  23. Changes in the Work Environment:The Older Employee Perspective ©SHRM 2010 • Rewards: • Direct compensation. • Alternatives? • Recognition. • Development: • Challenge: Additional responsibilities (job enrichment), job rotation, new assignments, etc. • Training: Access and age-friendly pedagogy. • Mentoring: • Opportunity to share experiences, organizational learning. • Reverse mentoring in multi-generational workplace.

  24. Changes in the Work Environment:The Older Employee Perspective ©SHRM 2010 • Nature of the job itself: • Repetitive motions lead to musculoskeletal disorders. • Standing. • Lifting. • Physical environment: • Age-friendly (e.g., door knobs, handles, visibility issues) • Lights, heat, physical stressors • Noise level • Ergonomics

  25. Module Summary ©SHRM 2010 • This module offered multiple answers to the question, “Why work?” • The costs and benefits from continued work were addressed, as well as alternative choices. • The decision to stay depends on: • Treatment. • Job satisfaction. • Continued challenge. • There are changing expectations about the work environment: • What is an age-friendly work environment?  • HR must address multiple concerns from the employee perspective.

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