Research & Writing

Is Your Organization on the Boomer Curve?

If your organization is “on the curve” with the Boomer demographics and you are a business that is interested in building on your brand … then perhaps you could be a leader in developing an “ageless” strategy for retention.

Enough ink has been spilled over the potential fallout in organizations due to the wave of Boomer “retirements” over the next decade. The recent debate this summer on “Mandatory Retirement”, one more time reminds us that we are still operating in the old mind set. The announcement in August of the Ontario government plan to introduce new legislation to eliminate the policy again sparked the talk about the affect on pension plans, worker’s rights and the employment market.

Of course, not all organizations are “on the curve” with respect to this issue, not having the demographics of a 50 plus workforce. And those that are may not have the mind set or the strategy to capitalize on what could be a way to build on the brand value of an organization.

There are perceptions on the part of some organizations that employees in the later stages of their work life don’t need or want professional development or career management; or that the organization will not benefit in the long term from the investment in helping them.

While there may be many examples of people who have not kept up with on the job learning or career management, these perceptions are not always accurate in a world where older workers are more in tune with the reality of needing or choosing to work longer. Nor is it accurate that older workers and their organizations don’t benefit from a career management strategy.

I recall a senior executive at one of the major Canadian banks telling me privately, “I’m 57 and I’ve been here for 25 years! There’s more I could do but I won’t see it stuck in this functional role. No one has ever asked me to add value in important areas for the bank’s future that would better use my best strengths, rather than let me drift through my last years here.”

If your organization is “on the curve” with the Boomer demographics and you are a business that is interested in building on your brand to attract customers, ensure future identity in the marketplace and get the most with the best people, then perhaps you could be a leader in developing an “ageless” strategy for retention. Part of a cost effective program might be to involve people in recruitment and marketing activities, those great people who might otherwise have fixed their mind on leaving in an unceremonious retirement.

To present learning opportunities and provide a continuous challenge, the following profitable solutions would also help to engage and retain workers in their later life careers:

 Develop learning programs that align with the needs of the organization and are linked with an older workers performance needs.
 Conduct self directed skills, interests, needs and values assessments as part of a bi-annual career planning exercise.

 Create inter-generational networking opportunities to promote better understanding of differing attitudes, cross-coaching or mentoring.

 Explore opportunities for valued performers with diverse competencies to move cross functionally in the organization rather than stagnate in the same position.

 Provide pre-retirement planning seminars that focus on non-financial issues including examination of late life career management plans, options for flexible work arrangements, adapting to post organizational life and understanding of the aging process.

Changing the culture of some organizations to incorporate these retention strategies may be necessary if they are faced with potential loss of talent in a competitive market. The efforts to stimulate cultural change, address retirement issues and to advocate “late life career options” for older workers are areas of opportunity for Human Resource Professionals and Career Management consultants who work with organizations.

In their Leadership Survey 2000, “Where Did All the Workers Go? The Challenges of the Aging Workforce”, the Canadian Labour and Business Centre presented an analysis of some of the views of management and labour in both the public and private sector. The following is a summary of some the results from the management responses by size of organization to issues related to retirement.

 Larger organizations (1000+) are more active in addressing the replacement of retirees than small firms (1 – 99) reflecting the older age structure of workforces in larger organizations.

 The frequency of certain employee related retirement issues is higher in medium (100 – 999) and large organizations than in small organizations… requests for phased-in retirement, pre-retirement counselling, training and the issue of absenteeism.

 Managers in larger organizations (69%) perceive that retirement issues have increased in importance relative to other human resource issues.

The process of “re-working retirement” will be the career issue of the decade, beginning with the front end Boomers whom turn 58 this year. Beyond the retirement income hype and the talent shortage talk comes the real conversation around “what is the longevity of an organization without a flexible, fluid and ageless workforce?”

It’s interesting to see some Human Resource leaders are themselves in a later life career trajectory and could be the influencer in forming a strategy to “build on the brand” as a good place to work and do business with and maybe even win a real “word on the street” award as the “ageless employer of choice”.