encore years rethinking work hcl

The Encore Years: Rethinking Work for a

Changing World

Tracy GodfreyKate Schaefers

Hennepin County Library

Fall, 2011

Godfrey & Schaefers October, 2011 1

Rethinking Work: Session Topics

• Changes: in population, workforce and work itself• New ideas on work and retirement• Ideas and resources for your work and career• How employers can make the most of the maturing

workforce• Possibilities for what’s ahead in this new

environment


“A Change Is Gonna Come”

Aging Population• Boomers are approaching retirement and people

are living longer

Aging Workforce• The workforce is older & people are working longer

Work Itself Is Changing• More Knowledge Economy – vs. Manufacturing

Loosening the Employer/Employee Bond• From lifetime employment to “free agents”


PopulationWorkforce

WorkBond

The end of retirement as we know it

“Retired”• What words and images come to mind?


There are strong images of “retired” in the media, entertainment, humor and general society – sometimes idealized, and not always positive

Old, elderly, leisure, without a care, idle busyness, relaxed, golfing, card-playing, traveling, rocking chair, forgetful, senile, inactive, fragile, health concerns, technologically challenged, inattentive, disengaged

History of Retirement


1900’s 1930’s 1960’s TODAY

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http://www.gorving.com/fun/bigimage8.htm

“Retirement” – Old Myths vs. New realities and vision

Working in Retirement

• 1 in 5 who are “retired” are working, some full-time

• Retirement is no longer a stopping point.

• People see work as part of what they continue to want to do


Most people expect to work in retirement – but probably in a different way

Longer Lives, More Years in Middle• On average, people live 18 years beyond 65• Frail elder stage pushed out a decade or more• People age 60-75 remain active, healthy


40 - 5520 - 40 55 - 70 70 – 85+

Young Adult

Upper Middle Age? El

derly

Seni

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Retir

eeMiddle AgeYoung AdultNow

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Middle Age1900 Young Adult

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A “New Stage” Has Emerged

Shift to this new reality:Positive or Negative? – Maybe Both

CrisisMore old people could

put a strain on

resources, with fewer

people available to do

the work that needs to

be done.

Opportunity

People who are healthy

and vital can continue

to work, stay engaged,

earn more, contribute

to society and not be a

drain on the system


What Are The Rewards Of Working?

Love and work are the cornerstones of our humanness

~ Sigmund Freud



What Are The Rewards Of Working?

• Income• Benefits• Status• Direction & Meaning• Utility• Intellectual Stimulation• Challenge• Excitement• Relationships

• Identity• Power & Influence• Structure & Routine• Visibility• Sense of Identity• Creative Outlet• Social Interaction• Recognition

10

Keys to Your “Ideal Job”

1. Personal & Professional Development– Use talents & skills, give back and learn new things

2. Workplace Culture– Friendly environment, relationships, respect

3. Flexibility – Control - Flexibility on how to do work– Options for part-time, time off, seasonal work

4. Finances– Fair pay; Benefits; Pension; 401(k)


AARP Survey of Workers over 50

“New Stage” Models include Work

Models:

• Engaged Aging

• Giving Back

• Encore Movement


Purpose, meaning, contribution and legacy become more important as we age – and the workplace is an outlet for these

Shifting vision in the second half of life: Reflecting and seeing the world with new eyes

Picture YourselfChoose an image card

that represents where you are right now.

Choose another image card that represents where you’d like to be in 5 years.


Images Five Years From Now:Reflection Questions

1. Describe the scene – what is going on?

2. Why do you think you were drawn to this particular image?

3. What thoughts do you have for how to connect the image to the original question?


Building on Your Peak Experiences

Exercise:

Remember a peak experience – a time you were really engaged – when you did something well and were proud of it

• Write it down• Tell the story to others• Listen for what skills and abilities you used


Career Ladder vs Career LatticeDefined Steps –

Moving UpMoving laterally, not just

up – In & out of fields


Rethinking Ways To Work• Career continuity – Keep working where you are

• Recombinant Career – combine skills to use in a new way, in a new setting

• Career changer – back to school, training or apprenticeship or internship to move into a new field

• Encore” career – work that combines meaning, social impact, and a paycheck

• Volunteer or community roles


At this point, much of this is being done by individuals, with few established options

Workers: Pathways to New Work• Formal Education

– Return to school– Obtain a credential

• Informal, On-the-job Learning– Stretch assignments to strengthen skill sets– Crafting Experiments (Ibarra’s concept of Working Identity)– Volunteering, civic engagement– Explore an internship

• Alternative Work Engagements– Project assignments– Temporary, flexible work arrangements

• Rebranding– Understand and build on transferrable skills


Reality Check: Myths & Hurdles Older Workers EncounterMyths

Seen as:Not committedLess productiveUnable to learnInflexibleNot vigorous


RealityShown to be:Loyal, reliable Work smarterDeal with complexity Able to compromise Conscientious, engaged

Reality Check: Myths & Hurdles Older Workers Encounter

Real hurdles embedded in society must be confronted and overcome:

• Marginalized in work discussions

• Passed over for training and new assignments

• Trivialized: Given routine or menial tasks

• Risk of long-term unemployment

• Age discrimination in employment and on the job

• “Age-ism”: Stereotypes, assumptions, attitudes, humor


Strategies for employers to attract & retain older workersOlder Workers Want:

1.Personal & professional development

2.Positive workplace culture

3.Flexibility

4.Financial Fairness

Employer Strategies

1.Meaningful work that keeps people engaged

2.Supportive organizational culture

3.Build a nimble workforce

4.Shape rewards for the work that is done


Moving Forward - Mapping Your Own Path

• Imagine the future you want• Build on your peak experiences• Plot out how you want to proceed• Acknowledge the challenges• Know you are not alone – gather

community and friends along the way• Find support and resources


The End of Retirement as We Know It

“All of us are now in uncharted territory, a stage of life not seen before in human history. And whether woman or man, whether working-class or professional, we are all wondering how we’ll live, what we’ll do, who we’ll be for the next twenty or thirty years.”

- L.B. Rubin (“The truth about aging in America”, 2007)


From “Engaged as We Age”, Sloan Center for Aging, Boston College, Feb., 2010, p. 13

About UsTracy Godfrey

is a seasoned HR professional with more than 25 years experience, leading teams & consulting on recruiting and selection

for major Twin Cities corporations. Tracy holds an MBA and Senior Professional, Human Resources (SPHR) certification. He is a member of the Leadership Group of the Vital Aging Network (VAN)

[email protected]

Kate SchaefersPh.D. LP, is owner of Encore Life Planning. She is a licensed psychologist & certified retirement coach. She offers coaching and

consultation to individuals and organizations on issues related to work in the second half of life. She is an adjunct faculty member at the University of St. Thomas Dept. of Organization Learning and Development and Graduate School of Professional Psychology

[email protected]


mailto:[email protected]

mailto:[email protected]

Link to Today’s Presentation on SlideShare

http://www.slideshare.net/TracyGodfrey/encore-years-rethinking-work-hcl




The Encore Years:Rethinking Work for a

Changing WorldTracy GodfreyKate Schaefers

Hennepin County Library

Fall, 2011Godfrey & Schaefers October, 2011 26

Appendix


Examples from “Early Adapters”• “Prime Time” – First Horizon – flexible work option of 20 to 32 hours/week - prorated pay

- retain full benefits, including health insurance (A)• Fewer Hours – Fidelity – Recruits 55+ for part-time in peak hours (B)

▪ Flexible work schedules – General Mills R&D – Accommodations include compressed work weeks, flexible hours, as well as part-time work (A)

• Flexible Location – Boston College – Telecommuting options for IT (B)

▪ “Retiree Casual” – The Aerospace Corporation – Re-hire retirees to work part-time to 1000 hr. pension limits–as consultants, proj. mgrs, indiv. contributors, etc. (A)

▪ “QUEST: Qualified Employees Seeking Transfer” – Cornell University (C)

▪ Special assignments/Job Rotation – for mobility & skill-building–Deere & Co

▪ Phased Retirement – Pitney Bowes Engr. Dept. – variety of shapes, including condensed workweeks, telecommuting & reduced workweeks (B)

▪ Apprenticeship Program – Boston Scientific – Pair up highly-skilled veteran craftsmen & apprentices for knowledge transfer and succession planning. (A)

▪ Retirement Planning Seminars – Weyerhaeuser – Paid time away for workers over 50 for a 3 day retirement planning workshop, with partners (e.g. spouses)(A)

• Cross-Generational Networking Circle – MITRE – for knowledge-sharing

• “Encore Fellows” – Civic Ventures pilot in S.F. Bay Area – Executives from For-Profit sector working in Non-Profit assignments

• Boomer Connection – Wells Fargo resource group

Godfrey & Schaefers October, 2011 282828A: MetLife; B: Sloan Center, Boston College; C: AARP Top 50 Employers

ResourcesCivic Venture: www.civicventures.org Information on “encore careers”SHiFT: www.shiftonline.org Local network supporting people in mid-life who seek

greater meaning in life and workThe Sloan Center for Aging and Work, Boston College:

http://www.bc.edu/research/agingandwork/MN Governor’s Workforce Development Council – Older Workers

Workgroup: http://www.gwdc.org/committees/older_workers_workgroup/MN career, education & job resource: http://www.iseek.org/ - Collaboration

between government (MN DEED) & education (MN SCU)MetLife Mature Market Institute: www.metlife.com/mmi/AARP Foundation – Worksearch site: http://foundation.aarp.org/WorkSearch/“Encore: Finding Work That Matters in the Second Half of Life,” Marc

Freedman (Public Affairs Paperbacks, 2008)“The Big Shift: Navigating the New Stage Beyond Midlife,” Marc

Freedman (Public Affairs Paperbacks, 2011)“Working Identity: Unconventional Strategies for Re-inventing Your

Career,” Herminia Ibarra (Harvard Business School Press, 2003)PBS: “Retirement Revolution”:

http://www.pbs.org/wttw/retirementrevolution/watch/ (Sep., 2009, 2 hr. program)


http://www.civicventures.org/

http://www.shiftonline.org/

http://www.bc.edu/research/agingandwork/

http://www.gwdc.org/committees/older_workers_workgroup/

http://www.iseek.org/

http://www.metlife.com/mmi/

http://foundation.aarp.org/WorkSearch/

http://www.pbs.org/wttw/retirementrevolution/watch/