The Multi-Generational Workforce:Lessons Learned from Sloan Center Research Jacquelyn James, Ph.D. Boston College Center on Aging & Work September 20, 2013 With Marcie Pitt-Catsouphes and Christina Matz-Costa
Lesson 1: Projected Changes in the U.S. Labor Force 2010-2020 by Age Groups Toossi, M. (2012, January). Labor force projections to 2020: a more slowly growing workforce. Monthly Labor Review, 135 (1), 43-64.
Implications… • Living longer • Working longer, differently • Re-conceptualizing age/career • Evolving notions of “retirement” • Struggling to keep up (employers)
Lesson 2: Age is Multifaceted • Chronological • Life stage • Career stage • Generational • Organizational • Relative • Social • Physical
Lesson # 3 • Workers at all ages, stages, and career stages may have different work styles, but they share a desire for better work-life fit. This is most important to older or late-career workers.
Lesson 4: Flexibility is not Enough • Just over three in five (62%) of workers aged 50+ described the availability of flex time as "very important" or "somewhat important.” • The most important aspect of job satisfaction for Baby Boomers is the opportunity to use skills and abilities, with 63% ranking this as very important. • Job Security (61%), • Compensation/pay (60%), • Communication between employees and senior management (59%) • Organizational financial stability (56%).
Lesson 6: Business Drivers for Innovative Practices • Health concerns • Recruitment, retention, job satisfaction, engagement • Changes in workforce demographics • Changes in consumer demographics
Lesson 7: Organizations Respond in Different Ways • Interviews • Case studies: Cornell, Dell, GlaxoSmithKline, Marriott, MITRE, and Wells Fargo • Age: A 21st Century Imperative
Innovative Practice Families • Benefits • Dependent care • Diversity initiatives • Health and wellness • Leadership development • Recruitment • Retiring and retirement • Training • Workplace flexibility
Innovative Practices • Central Baptist Hospital • Career Coaching • Career flexibility addressed by a leadership succession and competency program to identify and retain organizational talent • Marriott • Hourly Flexibility • Innovative options for scheduling, career and work design flexibility • MITRE • Phased Retirement • Part-Time On-Call • Flexible options to transition into retirement • CVS Caremark • Snowbird Program • Program that enables older workers to transfer to different CVS/pharmacy store regions on a seasonal basis • Cornell University • Encore Cornell • Program for retirees enabling project work, consulting, volunteerism and website resources
Lessons 8: Implementation Challenges • Lack of Data on Individual Organization’s Demographics • Lack of Training of Managers • Lack of Funds for New Employee Benefits • Lack of Research Examining Return On Investment
Lesson #9: The Importance of Mentors • “Cultivate relationships with those who can teach you.” – Baltasar Gracian, The Art of Worldly Wisdom • Reverse Mentor Study with The Hartford • January 2013
Lesson #10: Set Aside Time for Innovationand Brainstorming • The Sloan Center on Aging & Work at Boston College’s 2013 Charette is a fast-paced, structured process that includes a series of tasks and team interactions resulting in an innovative practice prototype designed to challenge your company’s multi-generational workforce. 2013 Charette: Innovative Practices for Multi-Generational Workforces
Jacquelyn James, Ph.D. • Director of Research • Sloan Center on Aging & Work at Boston College • 617-552-2860 • email@example.com