Introduction Where will they come from? That is a question that is facing organizations and businesses in the United States as they ponder where the next wave of workers will emerge. Organizational recruitment and retention strategies have been challenged to find replacements for a generation of employees on the brink of retirement. This generation, the Baby Boomers, is a generation numbering 76 to 78 million people (Stendardi, 2005), a staggering number when contrasted with a 2009 Department of Labor figure of an employed civilian workforce of 140 million workers. The Boomers’ imminent retirement, sometimes referred to as the “ demographic tidal wave,” will challenge organizations and Human Resource departments to develop programs and policies to address the labor shortage. One of the strategies that have gained increased attention is the idea of a phased retirement. Organizations have turned to the concept of phased retirement to delay the loss of critical employees, ensure the transition of critical skills and knowledge, reduce recruitment and retention costs, and help bridge the labor gap. Normally phased retirement is an informal ad-hoc program that has different definitions and meanings. Lets examine the essence of the strategy and how it may be implemented at Princeton University. The Essence of Phased Retirement Phased retirement, as a legal concept, is undefined. It is not because this is a brand new phenomenon that is sweeping across Human Resource departments nation wide. In fact, the idea of phased retirement has been around since at least the 1950’s. Originally referred to as rehires, subcontracting, or consulting, phased retirement is a strategy that has been around for decades, though with a different purpose. ... ... middle of paper ... ...RETIREMENT.html Purcell, P. J. (2003). Older workers: Recent trends in employment and retirement. Journal of Deferred Compensation, 8(3), 30. Retrieved May 16, 2010, from ABI/INFORM Global. Rappaport, A. (2009). Phased Retirement-An Important Part of the Evolving Retirement Scene. Benefits Quarterly, 25(2), 38. Retrieved May 15, 2010, from ABI/INFORM Global. Sheaks, C. (2007). The State of Phased Retirement: Facts, Figures, and Policies. Generations, 31(1), 57-62. Retrieved June 11, 2010, from http://www.asaging.org/publications/dbase/GEN/Gen.31_1.Sheaks.pdf Stendardi, E. J. (2005). Using Phased Retirement to Make a Baby Boomer Retirement Work. Humanomics, 21(1/2), 48. Retrieved May 16, 2010, from ABI/INFORM Global. UCF Human Resources. (2010, April 27). Retrieved May 23, 2010, from http://www.hr.ucf.edu/web/benefits/retirement.shtml#retire1c2
The push for Congress to pass legislation protecting the rights of employees and their retirement was inevitable. Retirement plans are extremely important for all working individuals. Having funds to keep or exceed ones current standard of living and to enjoy one’s life beyond expectations after retire...
In America’s early days before the kickoff of industry, there was little need for retirement savings for a few key reasons. First of all, people were dying at a much earlier age; most people didn’t live past 38, whereas in 1900, 60 years of age was common for about 40 percent of the population and 15 percent experienced 80 years of life. Another reason for the irrelevance of social security in the 19th century and earlier was that people were usually living rurally on farms with extended families to take care of them. Furthermore, the Civil War also didn’t allow the government much economic room to consider providing a service such as social security. However, after the Civil War, pensions were a form of social security for civil war veterans that carried into their retirement. Unfortunately these pensions provided support for only a very small portion of the population; not even one percent of Americans received these pensions. Despite a much lower need for social security in the 18th ...
Clements, B. J. (2014). Equitable and sustainable pensions: challenges and experience. Washington, D.C.: International Monetary Fund.
The issue at hand constitutes that companies are not willing to look beyond their aging workforce, choosing instead to push them out of the technological loop rather than attempting to incorporate them as valuable assets. "There is enough research that says older workers are dependable, they can change, they can learn. What we haven' t come to grips with is that research and management practice are not always related" (Capowski, 1994, p. 10).
providing retirement benefits to those who have reached the ages of sixty-two or age sixty-five,
Executive Office, Talent Management Team, comp. "Traditionalists, Baby Boomers, Generation X, Generation Y(and Generation Z) Working Together." UN Joint Pension Fund (n.d.): n. pag. Web
With the current change in demographics throughout the workforce, organizations are feeling the effects of a larger percentage of baby boomers retiring and a large percentage of millennial new entrants. The words used to describe millennial employees, “spoiled, trophy kids, ambitious”, seem to be as everlasting as the constructive and negative perspectives attached to them. Many can debate on the entitlement of these employees within an organization, how these employees can be groomed and managed to better fit the organization, the positive and negative attributes they bring into the workplace, and how the preceding can benefit or derail the effectiveness of an organization. Nonetheless, a harder debate, comes about in denying that organizations must adjust to and integrate these employees into the workforce.
They have idealistic tendencies and are extremely willing to sacrifice personal time in order to achieve success in the workplace. Even though Baby Boomers are typically seen as micromanagers, they are good at building collaborative relationships with their coworkers and networking. Many Baby Boomers feel that their life’s purpose is to work hard, respect the chain of authority and hierarchy in the workplace. This is due to the fact that Baby Boomers were brought up in a work atmosphere where the chain of command was always respected (Kapoor, Solomon, 2011). Baby Boomers also work very hard for promotions and believe in sacrificing personal for the sake of being successful; they started the ‘workaholic’ trend and believe in paying their dues and step-by-step promotion that comes with age and time worked at a company. They also like teamwork, collaboration, group decision-making and believe in loyalty toward their employers (Tolbize, 2008). Baby Boomers tend to stay with one company for the duration of their professional life.
Many Americans depend on Social Security benefits--from retirees, disabled workers, and dependents. Furthermore, numerous retirees have not saved enough money for retirement through other sources, so they count on Social Security as their basic source of income during their later years. Recently, the number of persons receiving Social Security has increased dramatically. This is largely due to the increasing number of persons in the baby boomer generation retiring and also people living many more years past retirement age. This increase in beneficiaries has initiated concerns and questions about the future of Social Security for persons still working. Recent studies have shown that in its current trend, the surplus of funds for Social Security will be depleted in the near future as the increase of payments will begin to exhaust the fund’s resources. To that end, reform of some kind is needed to help sustain this benefit for future generations to come (Social Security Administration, 2014).
The Australian government will increase the age pension from 65 to 70 by 2035(Australian Department of Human services [AU]). This announcement has lots of challenges for Australian people who are under 50; some people support the rise and find it beneficial for the future economical life. However, others are against the announcement as it has lots of concerns for their future plan, as they have to work longer to save more for their retirement. The current population ageing put pressure on the young workers who support retirees and their families, at the same time it affect the economic development. So the rise of pension has advantages and disadvantages on the future life standard of most Australians. It is beneficial decision from the government to provide a productive and qualified future life.
Pleau, Robin L. “Gender Differences in Postretirement Employment.” Research on Aging 32.3 (2010): 267-303. Web. Sage Journals 1 March 2014.
This strategy aims to employ workers from different backgrounds to provide tangible and intangible benefits for the business. The employers are the ones who control everything from the wage, promotions, incentives and the termination of the older counterparts. They are increasingly concerned about updated skills, physical demands, early retirement, and the cost of maintaining an older worker. Despite how employers may feel, companies cannot afford to neglect talent at any age. The employer should take advantage of the skills that the older employee posses, and carefully position them in jobs that matches their skill level as well as the job to be done. “Regardless of the change organizations make in the structure and functioning of the workplace of the future, it appears likely that older workers will play a crucial role (Hedge,Borman,& Lammlein, 2006). Different acts and laws are governed to respond to any discrimination against older employees in the workforce. Employment agencies, labor unions, local, state and Federal government are bound by these laws such as: Older Workers Benefits Protection Act (OWBPA); The Americans with Disabilities Act (ADA), Older Americans Act (OAA), to name a few. Funds for service by the Congress are provided in forms of grants for various programs yearly. States, counties, and cities recognize the value of the servicing and are generous in providing additional funds, benefits and in-kind economic benefits too. Because area and state agencies on aging are doing very little in a way to use mass media to promote themselves, the aging network is probably missing a large number of disadvantage people who should be receiving services but who are unaware of them. Much more emphasis has been placed on tying together the federal services for the older workers, but it should not have taken a federal initiative to make states see
Retirement is one of the most important crossroads we face in life. It involves a fundamental change in lifestyle, one that calls for a totally new outlook on how we approach each day. All our lives we have been conditioned to think in terms of saving for our retirement years. Society has created this mystique about this time in our lives when we magically transform into different people with different lives when really we are the same people with different day to day lives. According to Medina, (2012) planning for retirement isn’t a "walk in the park" because for many people, debts are high while income is low.
Allers, Kimberly Seals. "How Fit Are Your Finances?" Ebony 68.9 (2013): 93-97. Academic Search Complete. Web. 15 Nov. 2013. Bauer, Gabrielle, and John Southerst. "A promising retirement: your life, your way." Maclean's 18 Feb. 2013: 37+. Opposing Viewpoints in Context. Web. 15 Nov. 2013.
Robbins (2013) recognizes that baby boomers have an enormous hard-working attitude with a definitive want to characterize themselves through their expert achievements. Baby Boomers, born between 1946 and 1964 value their achievement, ambition, loyalty to career and dislike to authority in competitive workplace (Robbins and Judge, 2017). Gen Xers, born between 1965 and 1977, who are independent-minded like work-life balance, team-oriented, loyalty to relationship and dislike of rules. The generation born between 1978 and later, known as Millennials value flexible hours, teamwork and collaborative culture, career development, loyalty to both self and relationships with employers and dislike the formality of regular meetings if there