In case you missed it, here’s what happened on We Know Next this week.
Posts Tagged Retirement
It seems that more of us are thinking about retirement lately. And why not? Everyone enjoys dreaming of their eventual freedom from the working world: random trips to the beach, time to putter around the house and, ahhhhh, sleeping late!
In case you missed it, here’s what happened on We Know Next.
Increasing numbers of U.S. workers say they would be willing to trade some of their pay for more secure and generous retirement benefits, according to a survey by consultancy Towers Watson.
For many demographers and social scientists, the long-awaited year has come and gone, almost. It was estimated that between Jan. 1 and Dec. 31, 2011, more than 7,000 people would turn 65 years old every single day. Those numbers are astounding.
In AARP's 2010 survey of boomers turning 65 in 2011 finds this first wave of the boomer generation were generally satisfied with their lives and optimistic about the next third of life. Financial security and improving their health were a few top concerns which affected their outlook about the future, and their retirement plans.
Like most developed countries, the U.S. faces a major demographic challenge. This year, the oldest of nearly 80 million baby boomers turn 65. According to the Pew Research Center, about 10,000 Americans reach that milestone every day.
Most organizations can’t afford to suddenly lose such a reservoir of work experience and seasoned judgment. And that maturity and judgment is of particular value in forging collaborative teams within a workforce that now includes four and soon five generations.
Scripps Health, a major hospital and health care provider in Southern California, has been recognized as the top company in the 2011 AARP Best Employers for Workers Over 50 awards program, a decade-long effort to acknowledge progressive policies and practices that are meeting the needs of the country's aging workforce. AARP is a nonprofit, nonpartisan membership organization for people over 50.
The workforce is aging around the world. Estimates indicate that by 2050, the number of people over the age of 60 will exceed the number of those in younger generations. Experts say companies should prepare now for this global shift.
Yet what most U.S. companies don’t realize, experts say, is that they need to reduce the chance of financial and legal problems arising with these employees—a group more subject to disabilities than younger workers.
Men in cohort are 36% more likely than Boomers to be out-earned by their spousesDespite being the smallest U.S. generation (46 million), Generation X might be “the most critical generation of all” for employers, according to a study by the nonprofit Center for Work-Life Policy.
With tens of thousands of military veterans expected to return home from the wars in Iraq and Afghanistan during the next two years, the recruitment and retention of veterans for private-sector jobs is a growing concern. These men and women will return seeking work in urban, suburban and rural areas, and recruiters and hiring managers across the U.S. will review their applications.
Swedish firm H&M gives employees 4 million shares
The founding family of the Swedish clothing giant H&M announced plans to show appreciation to more than 76,000 employees worldwide by donating 4 million shares in the company, worth about 1 billion kronor ($137 million U.S.), to fund a new incentive program.
As the U.S. economy recovers, some older workers are feeling more comfortable about retiring, although most still foresee working longer than they had anticipated before the stock market drop of 2008-09.
Some organizations are looking at their current and future needs as the retirement of the Baby Boomer generation leads to a potential talent shortage. But more can be done to ensure that organizations have the talent they need to succeed, according to a "Strategic Workforce Planning Poll" that the Society for Human Resource Management (SHRM) and AARP released in November 2010.
Age-Related Determinants of Retirement Planning and Turnover
Funded: November 2007 Completed: December 2010
Ruth Kanfer, Ph.D., School of Psychology, Georgia Institute of Technology
Retirement and Post-Retirement Work Intentions during an Economic Downturn
Ted Childs explains that company culture is the most important thing in retention of employees.
It’s been said that “in youth we learn; in age we understand.” Those words may be prophetic when it comes to understanding the seismic impact an aging U.S. workforce could have on our way of life. There’s cause for concern—and a real need for action.
As the first Baby Boomers move into their sixties, a much smaller generation of lesser-skilled employees have begun entering our workforce. If we don’t accommodate the former, and better prepare the latter, the consequences could be severe and long term.