The Multi-Generational Workforce:Lessons Learned from Sloan Center

ResearchJacquelyn James, Ph.D.

Boston College Center on Aging & WorkSeptember 20, 2013

With Marcie Pitt-Catsouphes and Christina Matz-Costa

Lesson 1: Projected Changes in the U.S. Labor Force

2010-2020 by Age Groups

Toossi, M. (2012, January). Labor force projections to 2020: a more slowly growing workforce. Monthly Labor Review, 135 (1), 43-64.

Implications…

Living longer Working longer, differently Re-conceptualizing age/career Evolving notions of “retirement” Struggling to keep up (employers)

Chronological

Life stage

Career stage

Generational

Organizational

Relative

Social

Physical

Lesson 2: Age is Multifaceted

Exercise: Mapping Your Age

Mapping Your Age: Your Perception

Age, Flexibility Fit, and Employee Engagement

Workers at all ages, stages, and career stages may have different work styles, but they share a desire for better work-life fit. This is most important to older or late-career workers.

Lesson # 3

Lesson 4: Flexibility is not Enough

Just over three in five (62%) of workers aged 50+ described the availability of flex time as "very important" or "somewhat important.”

The most important aspect of job satisfaction for Baby Boomers is the opportunity to use skills and abilities, with 63% ranking this as very important.

Job Security (61%), Compensation/pay (60%), Communication between employees and senior management (59%) Organizational financial stability (56%).

Lesson # 5: Job Quality is Multi-faceted

Lesson 6: Business Drivers for Innovative Practices

Health concerns Recruitment, retention, job

satisfaction, engagement Changes in workforce

demographics Changes in consumer

demographics

Lesson 7: Organizations Respond in Different Ways

Interviews

Case studies: Cornell, Dell, GlaxoSmithKline, Marriott, MITRE, and Wells Fargo

Age: A 21st Century Imperative

Innovative Practice Families

Benefits Dependent care Diversity initiatives Health and wellness Leadership development Recruitment Retiring and retirement Training Workplace flexibility

Innovative Practices Central Baptist Hospital

Career Coaching Career flexibility addressed by a leadership succession and competency program to identify

and retain organizational talent

Marriott Hourly Flexibility Innovative options for scheduling, career and work design flexibility

MITRE Phased Retirement Part-Time On-Call Flexible options to transition into retirement

CVS Caremark Snowbird Program Program that enables older workers to transfer to different CVS/pharmacy store regions on

a seasonal basis

Cornell University Encore Cornell Program for retirees enabling project work, consulting, volunteerism and website resources

Lessons 8: Implementation Challenges

Lack of Data on Individual Organization’s Demographics

Lack of Training of Managers

Lack of Funds for New Employee Benefits

Lack of Research Examining Return On Investment

Lesson #9: The Importance of Mentors “Cultivate relationships with those who can teach you.”

– Baltasar Gracian, The Art of Worldly Wisdom

Reverse Mentor Study with The HartfordJanuary 2013

Lesson #10: Set Aside Time for Innovationand Brainstorming

The Sloan Center on Aging & Work at Boston College’s 2013 Charette is a fast-paced, structured process that includes a series of tasks and team interactions resulting in an innovative practice prototype designed to challenge your company’s multi-generational workforce.

2013 Charette: Innovative Practices for Multi-Generational Workforces

Jacquelyn James, Ph.D.Director of Research

Sloan Center on Aging & Work at Boston College617-552-2860

jamesjc@bc.edu