the edge third age economy symposium 2019 29 june 2019 ... · sharmila sinnathurai co founder...
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The Edge Third Age Economy Symposium 2019
Silver Talent:
Our Nation’s Untapped Talent PotentialPresented by Hire.Seniors
29 June 2019
About Us
Sharmila Sinnathurai Co Founder
Jasmin Amirul GhaniCo Founder
Sharmila has over 20 years of experience in South East Asia, predominantly in the areas of
strategic human resource consulting and operations, strategic recruiting,
development and performance.
Jasmin has more than 20 years of experience in consulting,
transformational change programmes, business processes, digital banking and
performance management. She is passionate about creating fulfilling lives
after retirement
Hire.Seniors is a social enterprise, focused on the overall well-being of retirees / seniors
Founded by a team of professionals with senior executive backgrounds in human capital
management, recruiting, performance management and business consulting
Our Focus
We help
companies
address resource
challenges with
skilled and
experienced
resources from
the retiree pool
We create working
opportunities for
seniors to
contribute towards
the working
economy and stay
mentally and
socially active
during retirement
For Employers For Retireeswww.hireseniors.my
At Hire.Seniors, our aim is to identify companies that are best suited to older workers and
match them with retirees seeking part time, full time, freelance or flexible work
arrangements that matches their lifestyle
Understanding The Environment
Longer Retirement
Insufficient Savings
Higher Cost of Living
Re-envision work
Longer Retirement YearsToday’s seniors are healthier, more active and have a longer life
expectancy than before thanks to advancements in medical
sciences. Retirement can last 20 years or more…
Insufficient SavingsAccording to EPF, 70% of members who withdraw their
funds at the age 55 use up their savings less than a
decade after retiring.
Higher Cost of LivingWith rising food prices, transportation & housing cost plus
the implementation of GST/SST, many are feeling the
pinch and prefer to continue working past retirement
Re-envisioning WorkIn the past retirement used to mean the end of work,
studies1 now show many plan to continue working after
they retire – often in new and different ways
1 Merrill Lynch Retirement Study 2014Graphic from www.presentationgo.com
Our Changing Environment
AGEING GLOBAL POPULATION…
Female Male
Younger
Older
% of
population in
age categories
1985
2025
Our Changing Work Environment
Source: Mercer, Future of Work
THE NATURE OF WORK AND COMPOSITION
The changing nature of
work…and of the workforce
composition
Relational
Transact.
Expertise
~2025
Expertise
Relational
Transact.
Today
External
External
External
Internal
Internal
~2025
NATURE OF WORK COMPOSITION
Voice of Employers & Talent Pool
Why return to work? What our Seniors
have told usI took early retirement at age 55 & took 1
year off to travel, rest and settle my
children into university. After a year, I
knew it was time to get back into the
workforce where I still have passion to be
creative, contribute to an organization
and to interact with people. At the same
time to continue to earn income to pay
my children’s education and travelling!
After 1 year, I
need to work
again as I feel a
part of my brain
dying everyday
A laid back life is fun
but after a while it israther boring.. hence l choose
to go back to work, keep my
mind sharp & active. The
money helps too!
I still have the physical,
mental ability & good
health to keep on
working. It keeps my
mind active and to on
pass my vast
experiences to the
younger
generation.
Addressing The Supply
# 1: Are RETIREES willing to go back to work post retirement?
The response from seniors is highly encouraging
We have always wanted
to work post retirement
but did not know where
to go
Why hire a senior? What have
employers told us
“I wish I could hire
someone to help me clear
backlog of work.”
“I would ideally like to hire
someone who has built
great relationships in the
industry to help open
doors for our business”
“My business is undergoing
so much turnover. It would
be great to hire resources
that could commit to the role”
“I am a start up and
cannot afford a full time
expert. If only I could leverage on the expertise
of a seasoned professional
on a part time basis”
Addressing The Demand
# 2: Are COMPANIES willing to hire retirees?
*Source: Pulse Survey conducted by Hire.Seniors in 2017 with 85 companies
Most companies
surveyed shared that
assimilation of the
older generation into
the workforce could
be a key challenge
Win : Win Scenario
Benefits to Seniors…A CHANCE FOR CAREER REINVENTIONOpportunity to transition to a new line of work, without the
stresses of climbing the career ladder, work politics – can
work on your own terms and earn some money the way
SOCIAL ENGAGEMENT Working beyond retirement can give you a reason to get
up in the morning and a community in which to operate.
Isolation can be deadly as you age.
A SENSE OF PURPOSEProvide an opportunity to find meaning and accomplish
things that are compatible with your values
KEEPING YOUR MIND AND BODY ACTIVEMental stimulation such as educational pursuits, learning
new skills, engaging in novel experiences and maintaining
a healthy lifestyle can help protect against age-related
decline in cognitive function2. In these activities, the
brain is forced to make new neural connections that
improve cognitive functioning.
FLEXIBLE, LESS STRESSFUL WORKWorking after retirement can provide the flexibility to work
based on lifestyle needs, be it part time or on a freelance
basis
2 Mental Stimulation, Neural Plasticity, and Aging,
Journal of Neuroscience Nursing. 2008
Benefits to employers hiring retirees…
Hire.Experience Hire.Flexibility Hire.Value
Experience and
skills to hit the
ground running,
higher
productivity
Contingency
workforce for
high demand /
seasonal
periods
Filling resource
gaps during
maternity, long
illness,
resignations
Established
relationships for
sales /
business
development
Higher
engagement and
retention, higher
dependability,
stronger work
ethic
Lower opportunity
cost and risk.
Potential cost
savings based on
the years of
experience versus
role requirements
Case Studies
Case Studies
Thiagarajah
Govindasamy
A global logistics company had a backlog of consignments
that required customs clearance.
They were looking for a seasoned logistics person that
specialized in customs clearance to help clear the backlog.
We introduced Thiagarajah to the company and within 2
weeks he was hired.
He was had over 25 years of logistics experience and was
well versed with the customs clearance process, which was
what the hiring manager was looking for.
Thiagarajah started working immediately, for 3 days a week,
for 3 months and was later extended to another 3 months.
Case Studies
Marcus Teoh
A global pharmaceutical company were looking at hiring a team of seasoned medical sales representatives that have
proven relationships with clinics and hospitals.
We shared Marcus Teoh’s profile with the hiring Manager and
after a few rounds of interviews, he was hired on a full time
basis.
Highlight of this placement is that post offer and acceptance
of the role, the company waited close to 6 - 8 weeks for Marcus who underwent surgery to fully recover to assume his
role within the team.
Case Studies
Vikki Tan
A global logistics company in Klang Valley were unable to
attract or retain talent to help support their systems and
programs that ran on AS400 mainframe.
Vikki Tan’s profile was shared with the hiring manager. Vikki has over 10 years of experience in AS400 systems. Her career
was predominantly focussed on client solutioning and
project management during her time in IBM.
Vikki was initially contracted on a part-time basis for 6 months
(on a flexible working arrangement) and later took up the full
time offer proposed by the Company.
The Journey Has Just Begun
Challenges
Employers Seniors
• Age Bias – prefer to hire younger
workers despite seniors experience
• Reluctance to restructure jobs – part
time / flexible hours / split jobs for
seniors
• Lack of awareness of knowledge and
experience of seniors
• Foreign Worker Replacement - only
think of senior jobs for low level jobs
replacing foreign workers
• Returning confidence – fear of
returning to work, fear of working with
younger generation, fear of unknown
• Transportation – preference for job
locations near their home
• Family members bias – family members
not allowing seniors to return to work –
mindset issue
• Technology skills – many need to
refresh / upgrade their computer skills
The Way Forward
What’s next for Seniors?
Upskilling
Prepare Resume
Determine What
You Want
Register
Prepare Your Resume
Close Skill Gaps; Upskill
Register with RecruitersRegister yourself with
Hire.Seniors and/or other
recruiters to start getting leads
on available jobs for retirees
Determine What You
Want
Start thinking what you would
like to do, consider options
around potential employers.
Identify skills that you will need
to get back to the workforce.
Attend reskilling workshops
that can help upgrade your
skills.
Review, Revise or Create a
succinct resume that
captures your key
experiences, achievements
and skills, tailored for the role
What’s next for Employers?
Reflect On Your
Organization’s Talent
Needs and determine
where Seniors can best
contribute
Determine Practices and
Processes That Is Senior
Friendly (Re-designing jobs,
Re-skilling programs,
Mentoring)
Tap Internal & External
Senior Resource Pool
Openly share experiences
with the industry around
the successes in hiring and
assimilating seniors in your organization
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