The Aging Workforce

The Center on Aging & Work at Boston College (2007)

• Gen Y/Millennials/Echo (1981 to 1999): 15.8 percent

• Gen X (1965 to 1981): 35.7 percent• Baby Boomers (1947 to 1965): 39.9 percent• Traditionalists (1927 to 1947): 8.5 percent

The Center on Aging & Work at Boston College (2008)

2006-2010 Population changes (WI)• < 25, -1.5 percent• 25-34, -.5 percent• 35-44, -1.8 percent• 45-54, +1.7 percent• 55-64, +2.2 percent• 65-74, -.2 percent• > 74, +.1 percent

Retirement & Departures Intentions Survey Report

(FDL AC/MPTC 2008)• 16 percent within five years (11 percent for healthcare)

• Of 90 percent staying within 20 miles, 47 percent definitely plan to continue working, 43 percent unsure; nine percent do not plan to work

• 33 percent interested in part-time work with current employer

• 62 percent state they would postpone retirement if part-time employment with benefits available

• 31 percent within 10 years (26 percent for healthcare)

• 48 percent within 15 years (44 percent for healthcare)

Retirement & Departures Intentions Survey Report

(FDL AC/MPTC 2008)Impacted areas next 10 years (in addition to HealthCare):• Administration (25.2 percent)• Quality (23 percent)• Materials/warehousing/transportation (21 percent)• Maintenance (20 percent)• IT (19 percent)• Customer service (18 percent)

Retirement & Departures Intentions Survey Report

(FDL AC/MPTC 2008)

• 33,000 workers plan to retire by 2026;• 22,000 zero to 20 year-olds entering work

force in that time (but some will leave the area).

Factors influencing retirement decisions:• Reaching retirement age (32.5 percent)• Job stress/pressure (17.9 percent)• Financial security at time of retirement (14.6 percent)• Coincide with spouse’s/partners retirement (11.1

percent)• Desire for a career change (8.6 percent)• Access to post-employment benefits (3.9 percent)

Retirement & Departures Intentions Survey Report

(FDL AC/MPTC 2008)

Retirement & Departures Intentions Survey Report

(FDL AC/MPTC 2008)

Post-Retirement Activities• Golf/fish/shop/kit/travel, etc. (58.10 percent)• Non-related field/different employer (40.8 percent)• Train for a new field (25.4 percent)• Related field/different employer (22.4 percent)• Related field/current employer (22.4 percent)

Implications for Employers

• Keeping older employees who want, or need to continue to work

• Keeping skills up to date• Knowledge transfer• Future shortage in labor market

AARP• Recruiting (“retirees welcome”)• Training (computer, financial planning, assign them to

train others, tuition reimbursement, generational issues)

• Phased retirement (part-time- day, week, year; job sharing, special projects)

• Retiree relations (alumni programs, newsletters, volunteer programs, ongoing employee activities, benefits)

• Caregiving programs (schedule, adult day care, education, support)

Other• Physical limitations, but…• Healthcare issues, but…• Legal issues, but…• ?• ?

Generation (wh)Y?

• Technology obsessed versus tech savvy

• Entitled versus ambitious

• Pampered versus nurtured

• High maintenance versus high performance

• Loud versus vocal

• Superficial versus efficient

• Unrealistic versus optimistic

• Excessively questioning versus eager for understanding

Generation (wh)Y? (continued)• Lazy versus broad interests• Needy versus sensitive• Know-it-alls versus quick studies• Upbringing (child-centered, encouraged to question

everything)• Knowledge and information (find it quick, don’t need to

store in brain, breadth may compromise depth)• Hard work (Why doing it? Results oriented)• Loyalty (higher for family, friends and community than

employer)

Generation (wh)Y? (continued)

• “Feeling valued/creating value (experience important, but…)

• Technology

• Balance

• Future (Columbine, 9/11, terrorism, global warming, financial crisis)

• From employers (engaged in professional development, ongoing learning, feedback, bigger picture)

Opportunities• Employer• Community• Education