According to "Prospecting the Future: Meeting Human Resources Challenges in Canada’s Minerals and Metals Sector", the Canadian mining industry will need up to 81,000 new people to meet current and future needs and to fill positions vacated by retirees. The research was conducted by Mining Industry Training and Adjustment Council – Canada (MITAC), and its key findings suggest "the industry could lose up to 40 per cent of the existing workforce in the next ten years. More than half of its current workforce is eligible to retire in the next five to ten years taking with them an average of 21 years of mining sector experience each. The largest percentage of workers planning to retire within the next ten years is in the skilled trades group."
Source: News Release Mining Industry Training and Adjustment Council - Canada (August 23, 2005)
Aging Workforce News is an enhanced news site and blog tracking developments, tools, and resources for managing older workers and boomers in the workplace.
Thursday, August 25, 2005
Canada: Mining Industry Faces Serious Worker Shortage from Comng Retirements
Tuesday, August 02, 2005
Employers Encouraged To Include Age of Workers in Diversity Thinking
Based on an executive strategy briefing entitled, "Maximizing Human Capital Assets Through Generational Competence," Ceridian is encouraging employers to evaluate their organization's level of "generational competence" to determine how well they have adapted to meet the different needs of the four generations of workers now employed in today's U.S. workforce. "While today's workplace has made great progress in recognizing and embracing differences, until now age has rarely been part of the diversity agenda. A company's generational competence will become a major factor to help organizations achieve the full contribution of their most talented employees," according to the sutdy's lead author, Diane Piktialis, Ph.D., director of work-life services for Ceridian.
“An organization’s viability depends on its ability to hire, retain—and gain the full contribution of—the most talented employees across the generations,” said Piktialis. By instituting human capital management processes, designing benefits and employee effectiveness services, and tailoring talent management to address the needs and earn the engagement of employees of different generations, an organization is taking steps toward generational competence.”Source: News Release Ceridian (August 1, 2005)
To ultimately seize the opportunities of a multigenerational workforce and achieve generational competence, Ceridian encourages employers to understand and build awareness of generational differences; study how different generations interact, use products and access services within the enterprise; leverage generational understanding to identify market opportunities and to improve marketing, product development, customer service and management practices; and design projects to provide opportunities for cross-generational collaboration.
MetLife Study on Retirement Income of Silent Generation
According to the MetLife Retirement Income Decisions Study: The Silent Generation Speaks, 83% "Silent Generation"--Americans between the ages of 59 and 71--pre-retirees and 90% of retirees are confident that they have enough money to live comfortably until at least age 85. However, many are not as informed as they should about their longevity risk and have not taken steps to ensure that they will have enough money to last throughout their lifetime--34% of pre-retirees have not calculated how much monthly income they will need in retirement, and 45% of pre-retirees and 47% of retirees have not estimated the annual rate of inflation over the next ten years. [This study focused only on popele with non-housing assets of a least $100,000 who identified themselves as a primary or joint financial decision-maker for their household.]
Source: News Release MetLife (June 21, 2005)
Source: News Release MetLife (June 21, 2005)
Monday, August 01, 2005
Hewitt Study Shows Nearly Half of U.S. Workers Cash Out of 401(k) Plans When Leaving Jobs
Despite the growing need for employees to save for retirement, a significant number of workers participating in 401(k) plans "cash out" of them once they leave their company, according to new research by Hewitt Associates. Hewitt's study of nearly 200,000 workers who participate in their 401(k) plans found that 45% elected to take a cash distribution once they left their jobs. The remainder either kept their savings in their current employer's 401(k) plan (32%) or rolled the money over to a qualified IRA or other retirement plan (23%). While employees who were older and more tenured were more likely to preserve their retirement wealth, more than 42% of workers age 40-49 also elected to cash out of their 401(k) plans upon leaving their jobs.
Source: Press Release Hewitt Associates (July 25, 2005)
Source: Press Release Hewitt Associates (July 25, 2005)
Japan: Population Decline Requires Rethinking Employment of Elderly
According to an article by Kenichi Aoyama/Kentaro Nakajima, Japan's Internal Affairs and Communications Ministry's latest population survey is another reminder of the need to address an anticipated decline in the workforce as Japan is expected to experience a population decline of about 10 million people (to about 117.58 million by 2030). "To make sure Japan remains an economic power, it is imperative to step up efforts to improve labour productivity while also reforming this country's various systems, including the social security system."
Among other things, the ministry panel studying employment policies proposed aiding older people--those in their late 60s, for instance--in their efforts to find jobs. The article also notes that many experts have called for reforming this country's various systems to a1ccommodate a reduction in the population, including the education and pension systems, and quotes Hisakazu
Kato, an assistant professor of demographic economics at Meiji University, calling for Japan to "think about the importance of training personnel again, for instance by retraining the elderly and improving education programs for the young."
Source: "Population Report Shows Need For Action" e-Sinchew.com (July 29, 2005)
Among other things, the ministry panel studying employment policies proposed aiding older people--those in their late 60s, for instance--in their efforts to find jobs. The article also notes that many experts have called for reforming this country's various systems to a1ccommodate a reduction in the population, including the education and pension systems, and quotes Hisakazu
Kato, an assistant professor of demographic economics at Meiji University, calling for Japan to "think about the importance of training personnel again, for instance by retraining the elderly and improving education programs for the young."
Source: "Population Report Shows Need For Action" e-Sinchew.com (July 29, 2005)
Thursday, July 28, 2005
Ontario Unveils Plan To Help Retain Older Nurses
The McGuinty government in Ontario is creating a program to help keep experienced nurses on the job longer. Specifically, it is planning to use $25 million to support late-career nurses working in hospitals by giving nurses over the age of 55 the opportunity to stay on in their profession in less physically demanding roles, such as working as mentors, patient and family educators or staff advisors on clinical issues.
Source: News Release Office of the Premier of Ontario (July 25, 2005)
Source: News Release Office of the Premier of Ontario (July 25, 2005)
Saturday, July 23, 2005
Canada: Older Workers With High Job Stress More Likely To Retire Earlier
According to an article by Yosie Saint-Cyr in HRinfodesk, a recent study--"Job strain and retirement" by Martin Turcotte and Grant Schellenberg, published in the July 2005 Issue of Perspectives on Labour and Income by Statistics Canada indicates that job strain, caused by a combination of a heavy workload, time constraints, conflicting demands and lack of control, may be an overlooked factor in an employee’s decision to retire. Several other studies have already documented this negative relationship. "This study found that many workers who felt stressed and dissatisfied with their job felt they could not retire soon enough, while others delayed retirement for the simple reason that they enjoyed their work (because they were able to balance demands with the power to make decisions)." The National Population Health Survey examined whether older workers (aged 45 to 57 in 1994) who experience high job strain will be more likely to retire than those who do not feel the same pressure at work. The study found that, between 1996 and 2002, older workers in managerial, professional or technical jobs with high job strain were much more likely to retire early than those with low job strain. However, for sales, services, clerical and blue-collar occupations, job strain was not related to retirement.
Source: "Link Between Job Strain and Retirement" HRinfodesk
(July 2005)
Source: "Link Between Job Strain and Retirement" HRinfodesk
(July 2005)
Thursday, July 21, 2005
Workforce Needs Education About Aging and Disability
Karen Ignagni, President and CEO of America's Health Insurance Plans (AHIP), issued a statement following her participation in the Disability and Aging Mini-Conference of the 2005 White House Conference on Aging, that "a majority of workers underestimate the risk of becoming disabled and believe they are covered by disability insurance. In reality, only a third of workers are covered and workers compensation provides inadequate protection for individuals suffering from 90 percent of disabilities.”
Source: News Release America's Health Insurance Plans (AHIP) (July 21, 2005)
Source: News Release America's Health Insurance Plans (AHIP) (July 21, 2005)
Friday, July 08, 2005
Creating a Market for Senior Experts
Reporting in the International Herald Tribune, Thomas Fuller writes about Sebastian Vallbracht, who founded VMVO Senior Expert Consultancy and is in the business of scouring Europe for candidates for scientific and financial consulting jobs--with the proviso that these peopel be at least in their 40s, preferably in their 50s or 60s. The average age of the 90 experts he has engaged is about 55--and this, "[o]n a continent where early retirement has long been regarded as a way to free up jobs for younger generations." Fuller also writes about Michel Delannoy, the founder of a federation of organizations in France that seek to promote senior employment, who he quotes as saying that when older workers leave the labor market prematurely, it is a "loss in terms of productivity for the nation."
Source: The Workplace: When gray is better than green International Herald Tribune (July 6, 2005)
Source: The Workplace: When gray is better than green International Herald Tribune (July 6, 2005)
Thursday, July 07, 2005
Aging U.S. Workforce Creates Challenges to Corporate Health and Productivity
New research conducted by UnumProvident Corporation, a provider of group and individual disability income, focuses on the aging American workforce, particularly on the potential health and productivity predicaments that demand a response from employers, medical providers and the workers themselves. According to the findings reported in "Health & Productivity in the Aging American Work Force: Realities and Opportunities,"
Source: News Release UnumProvident (July 7, 2005)
- Although workers age 40 and older experience a lower incidence of work injuries, short term disability and unscheduled absences than younger workers, the average amount of time they will miss due to an injury or illness is greater by nearly a third.
- Workers older than age 40 account for 50 percent of all short-term disability claims and up to 75 percent of long-term disability claims.
- Primary reasons for long term work disruptions for this age group include impairments of the musculoskeletal and circulatory systems as well as mental and cancer disorders.
- The additional presence of risk factors such as smoking, lack of exercise and obesity can result in healthcare costs for this population that are nearly 300 percent higher than the younger workforce.
Source: News Release UnumProvident (July 7, 2005)
Saturday, July 02, 2005
Commentary: The Sun Sets On the Golden Years
Writing in The Nation, William Greider writes that many millions of baby boomers are realizizing as they approach retirement age that they can't afford to retire at all, much less retire early. Focusing on savings need to ensure a solid retirement, Greider says that "[t]he fundamental truth (well understood among experts) is that individualized accounts can never match the investment returns of a large common fund, broadly diversified and soundly managed, because the pension fund is able to average its results over a very long time span, thirty years or more." Suggesting that a "mandatory savings" solution might be required, he writes:
Source: " Riding Into the Sunset" The Nation (June 27, 2005)
While most politicians don't dare embrace a "mandatory" solution--not yet, anyway--it is not self-evident that ordinary Americans would reject one, if properly educated about the alternatives. Most people are conflicted. They know they need to save more--retirement is a very meaningful investment for them--but it's very hard to accomplish, given the competing pressures. They like the concept of personal accounts but are also aware of their vulnerability as amateur investors.For discussion of this article, see comments posted on AlterNet.
Source: " Riding Into the Sunset" The Nation (June 27, 2005)
Indiana Researcher Discusses Aging Workers
Barry Spiker, senior fellow with
University of Indianapolis Center for Aging & Community, is interviewed about his work studying how older workers are perceived in the workplace and what it means for local and national economies. He surveys Indiana as a whole, as well as specific industries that soon will be affected by baby boomer retirements. Spiker's recommendations for capturing the intellectual and emotional capital of the work force:
University of Indianapolis Center for Aging & Community, is interviewed about his work studying how older workers are perceived in the workplace and what it means for local and national economies. He surveys Indiana as a whole, as well as specific industries that soon will be affected by baby boomer retirements. Spiker's recommendations for capturing the intellectual and emotional capital of the work force:
- If you know someone is going to retire in six months, make sure he has phased retirement that he comes back in two or three days a week.
- Morbidity increases when people leave the workplace. It's better for the health care industry by keeping people working. Get someone to mentor a junior worker to pass on knowledge, but also his networks -- which he knows.
- The emotional capital is a great way for younger workers to learn from older workers. It's being steady and calm. It's maturity and that's not something that can be taught, but learned by watching.
- You take someone who is retiring and say, "We'll give you a bounty for all your knowledge."
Taking Care of Parents Causes South Florida Employers To Lose Money and Productivity
According to A Good Daughter, Inc., which developed and markets a Corporate Elder Care program, 17% of caregivers quit their jobs to provide care for aging family members, and another 15% reduce their work hours to assist their loved ones. All told, loss of productivity resulting from time off to care for an aging relative is estimated to cost South Florida employers $6100 per employee per year. According to Olga Brunner, President, "Our Corporate Elder Care program was developed to help employees balance job responsibilities and caregiving. Our Professional Care Managers plan and organize care and services for the employees of Broward and Palm Beach elderly population, affording families a peace of mind that their loved ones will find and secure services such as ongoing supervision of certified home care assistants, home maintenance and care, medication supervision, coordination of medical appointments and representation at these appointments, legal counsel, specialized air travel escorts, and many other services."
Source: News Release A Good Daughter, Inc. (June 20, 2005)
Source: News Release A Good Daughter, Inc. (June 20, 2005)
Saturday, June 18, 2005
Business community makes recommendations for White Conference on Aging
At the "Voice of Business on the Mature Workforce"--a run-up miniconference for this year's White House Conference on the Aging--sponsored by the U.S. Chamber of Commerce, SHRM, and AARP, among others, business representatives voted to present four recommendations to be presented at the December conference to redesign public policies to accommodate a maturing workforce and retirees. As reported by UPI, speakers at the forum discussed the challenges facing the United States as older workers become the fastest-growing segment of the workforce. The four recommendations that will be sent to the White House are:
- allowing greater flexibility in retirement plan design and management;
- removing unnecessary rules and regulations in the private pension system;
- developing phased retirement programs, and
- creating a bipartisan commission to address the issue of mature workers.
Friday, June 17, 2005
HR can help businesses plan for maturing workforce
Speaking at “Voice of Business on the Mature Workforce,” a forum which was aimed at adding the business community’s perspective to the White House Conference on Aging, Susan R. Meisinger, SPHR, president and CEO of the Society for Human Resource Management (SHRM), one of the sponsors of the forum, told her audience that HR professionals can take steps to help their organizations plan strategically for the maturing workforce and its economic impact by:
Source: "Meisinger: HR can help stem boomer brain drain" SHRM Online (June 16, 2005)
- Conducting studies to determine the projected demographic makeup of their organization’s workforce and projected retirement rates. People are concerned about doing anything that could be construed as discriminatory, she said, but “it’s OK to look at an employee’s age for workforce planning.”
- Developing succession plans and replacement charts. “The pool to draw from is smaller. … How are you mentoring?” she asked.
- Developing processes to capture institutional knowledge. It can be difficult to focus years ahead when an organization’s immediate concern is how it is doing now, she acknowledged. Developing methods to capture institutional knowledge is probably the best tool HR can use to galvanize people and make executive managers aware of the need to plan for the organization’s future, she said.
- Creating or redesigning positions that allow near-retirees to ease into retirement. This requires stepping back and looking beyond job titles and duties and focusing on what needs to be accomplished.
Source: "Meisinger: HR can help stem boomer brain drain" SHRM Online (June 16, 2005)
Wednesday, June 15, 2005
Leave Sharing as Benefit for Older Public Workers
According to an article by Kathleen Murphy for Stateline, leave-sharing "is a job benefit states are offering more often than the private sector with an eye toward retaining an aging state workforce"--"especially the 44% of state employees age 45 and older who otherwise might look toward retirement." Eighteen states currently have have collective leave banks, while 22 states allow direct donation of leave to individual employees, including 2 states that offer both. It can be a win-win situation for states and their employees: "When catastrophic illness strikes, leave-sharing helps older and ailing employees keep their jobs and helps prevent them from spending down their savings to qualify for Medicaid, the pricey state-run program that gives medical benefits to indigent and low-income people."
Source: Leave-sharing helps retain state workers" Stateline.org (June 11, 2005)
Source: Leave-sharing helps retain state workers" Stateline.org (June 11, 2005)
Wednesday, June 08, 2005
Majority of Workers Expect (and Want) To Work Longer
Following up on research conducted by AgeWave finding that 80% of workers surveyed in 10 countries "believe mandatory retirement should be abolished and a majority expect to continue working after they have "retired" from their prime-time careers," Janet Kidd Stewart writes that it appears a majority of workers now expect--even want--to work later into their old age:
Source: "Later, later, many now say to early retirement" Chicago Tribune (June 5, 2008)
{T]here is some anecdotal evidence that at least some older workers are already staying on the payroll longer. One of the most pressing problems for the Service Corps of Retired Workers, a service that uses volunteer retirees to help train entrepreneurs, is finding experienced volunteers who have left the workforce, said Jim Pyles, the group's chairman.However, she also notes that aging "doesn't always work out the way we want." For example, "we may think we want to continue working, but a health issue of our own or of a spouse can quickly curtail those expectations. Or a corporate downsizing or merger may thrust us out into the workforce at an age when we are overlooked by potential employers."
Source: "Later, later, many now say to early retirement" Chicago Tribune (June 5, 2008)
Canada: Ontario Introduces Legislation To End Mandatory Retirement
Ontario Labour Minister Chris Bentley announced that the McGuinty government was introducing legislation that would end mandatory retirement and provide greater fairness and choice for workers aged 65 and older. The legislation proposes to amend the Ontario Human Rights Code, which currently does not protect people aged 65 and over from age discrimination for employment purposes, to only permit mandatory retirement where it can be justified on "bona fide occupational requirement" grounds determined under the Code (that is, where there is a requirement or qualification necessary for the performance of essential job duties).
Source: News Release Canada NewsWire Group (June 7, 2005)
Source: News Release Canada NewsWire Group (June 7, 2005)
United Kingdom: Acas launches guide to recruiting older workers
Acas, the government-funded Advisory Conciliation and Arbitration Service, has launched a new advisory leaflet to help employers make the most of older workers. It looks at some of the stereotypes about older workers and gives practical advice on what to consider when recruiting, planning for the future and managing older employees. According to Acas Chief Executive John Taylor, "The working population is getting older and employers may face skills shortages when existing workers retire if they fail to ensure they don't discriminate against older workers when recruiting." Furthermore, "[o]ur advice is easy to understand and practical. We aim to be the first port of call for employers who need advice on these sorts of issues. This booklet gives employers useful and straightforward information on what they need to consider to help them recruit and retain older workers." The booklet, Employing Older Workers, is available online.
Source: News Release Acas (June 6, 2005)
Source: News Release Acas (June 6, 2005)
Wednesday, June 01, 2005
Consultant poll shows weak employer support for phased-in retirement
Morneau Sobeco, a human resources consulting company, reports that a "60 Second Survey" conducted in May indicates that employers are less than enthusiastic about the concept of phased-in retirement over the next 5 years. "Only 12% of respondents were prepared to encourage phased-in retirement in the case of non-union employees who are within 5 years of retirement. Another 51% said they were willing to consider it but only if the employee requested it." Asked about what they saw as the biggest hurdle to implementing a phased-in retirement program, "60% of respondents indicated it was because most jobs are full-time in nature and not easily reduced to a part-time status. Another 25% cited the challenge it would involve in re-designing pension and benefit plans. Only 6% felt the main stumbling block is that it would encourage employees to stay too long."
Source: News Release Morneau Sobeco (May 13, 2005)
Source: News Release Morneau Sobeco (May 13, 2005)
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