MetLife Study Provides Case Studies of Companies Successfully Implementing Programs Addressing Changing Workforce Demographics

MetLife Mature Market Institute has released a study exploring what proactive organizations are doing to creatively meet the challenges posed by an
aging workforce, including in-depth case studies about four companies that have successfully implemented programs to address the changing workforce demographics: Boston Scientific, First Horizon Corporation, The Aerospace Corporation and Weyerhaeuser. Among other things, the study provides insights for HR managers on such topics as implementing effective flexible work arrangements, helping older workers successfully transfer knowledge, and devising creative solutions for rehiring retirees.

The study, "Searching for the Silver Bullet: Leading Edge Solutions for Leveraging an Aging Workforce", which was developed in collaboration with David DeLong & Associates, suggests a number of lessons that can be learned, including:

• The need to think of phased retirement or flexible work options as a program, not a policy;
• How to create effective knowledge sharing relationships between older mentors and younger
  workers;
• The need to make knowledge transfer an explicit part of any job when rehiring a retiree; and
• Why companies must stop searching for the “silver bullet” and recognize that there is no quick fix to these workforce challenges.

In addition, the study provides specific tips to help employers:

1. Create and leverage a network of former employees;
2. Rehire retirees indirectly on a project basis when pension restrictions prevent direct re-employment;
3. Hire retirees with special expertise to innovate on critical projects; and
4. Tap the expanding pool of older people seeking employment.

Source: MetLife Mature Market Institute Press Release (November 14, 2007)