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Great article from Harvard Business Review on the 9 things successful people do differently – use this link to access the article.
Nine Things Successful People Do Differently – Heidi Grant Halvorson – Harvard Business Review.
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Well folks, the big news has finally arrived! It’s cool to be a Geezer again! The workplace gurus have finally caught up to what we all knew all along – older workers rock! Dedicated, loyal, not afraid to work and, know that “5 o’clock” is not necessarily clock-out time when there is work to be done. So there Gen Xers! Go to Starbucks to meet your Buds. we’re taking over again.
See this great article from Forbes by Kerry Hannon -
Financial services companies and consultants love to do surveys. The cynic in me suggests their motivation is to show the need for their products. That said, I find they can be interesting reading about the state of the aging boomer workplace.
Here are two that caught my eye of late- Bank of America Merrill Lynch’s Workplace Benefits Report and Deloitte’s “Talent Edge 2020: Building the Recovery Together—What Talent Expects and How Leaders Are Responding”.
First up, Bank of America Merrill Lynch’s Report that landed last week. It shows that employers really do like older employees and place “significant importance on retaining” them.
A key finding–an overwhelming 94 percent of employers feel it is important to retain older employees for a longer period of time before they retire because of the talent and skills they possess.
If you are one of these workers, you already know that your expertise isn’t easily replaced. Older workers are the backbone of many companies–the hidden strength, the Popeye Spinach-infusion, if you will.
BofA Merrill’s online survey, conducted in late April by Market Strategies International, includes responses from 650 C-level executives (CEOs, CFOs etc.) and human resources and benefit plan leaders from a wide range of companies.
More age friendly workplaces. “Longer life expectancies and baby boomers’ desire or need to keep working are leading to an aging population of American employees that will require more age friendly workplaces and benefit plans designed to meet the unique needs of multiple generations,” Andy Sieg, head of Retirement Services for Bank of America Merrill Lynch, says in the report.
“HR leaders are playing more strategic roles within organizations seeking to harness the experience and intellectual capital of older employees in order to remain competitive, while adapting both physical and operational aspects of their businesses to accommodate them,” he observes.
So what are employers doing about it? The survey found the following.
• Flexible or customized work schedules –offered by 50 percent of surveyed employees.
• Education around retirement income and health care topics –33 percent.
• Continuing education and development opportunities –32 percent.
• Opportunities to work remotely –22 percent.
The survey does not reveal firms canvassed. Five flextime friendly companies, though, recognized not too long ago by Careerbuider.com are Sun Microsystems, Inc. a subsidiary of Oracle, KPMG LLP, PNC Financial Services Group, Inc., Best Buy and PricewaterhouseCoopers.
Not feeling the love. Apparently there’s a woeful disconnect when it comes to workers feeling the benevolence of their boss. More than half of the companies surveyed feel an increased sense of “responsibility toward the financial future of their employees ” and offer access to financial education and research, according to the researchers. But alas, they say employees don’t seem to care.
The majority of employers find that less than half of their employees take advantage of the financial education and advice made available to them.
When asked why their workforce fails to take advantage of these resources, more than half of employers believe their employees do not view it as relevant to them, and that their employees perceive them as too complicated. Nearly half believe that their employees may simply be too busy and a quarter think their employees may not know these resources exist.
When asked how frequently they communicate the broader value of their financial benefit plans to employees, 86 percent of companies cited doing so just twice annually or less frequently, and 61 percent provide only basic information about financial benefits when they do communicate. Nearly one-third of employers admit they could do a better job of communicating the broader value of these offerings to their employees.
Let’s get those channels of communication open.
Now pair this study with one that came out in May from Deloitte. That study shows that employees are eying the door because companies aren’t showing their loyalty to them.
Looking for the Exit Ramp. One quarter of baby boomers surveyed by Deloitte cited dissatisfaction with their employers as one of the three most significant facts that would cause them to look for new employment during the next 12 months, compared to 18 percent of Gen Xers and 11 percent of millennials.
With “the economy improving, nearly two out of three employees surveyed are actively testing the job market,” according to the Deloitte study, “Talent Edge 2020: Building the Recovery Together—What Talent Expects and How Leaders Are Responding.” The first report of Deloitte’s new survey series polled more than 300 global business executives across industries.
“We’re living in a world where each generation in the workforce has vastly different goals, expectations, and desires,” Jeff Schwartz, principal, Deloitte Consulting LLP and U.S. Talent Services leader, recounts in the report. “As employees eye the exit signs following a hard hitting recession, employers need to tailor and target their talent strategies to satisfy each employee group from baby boomers to millennials.”
Some findings include:
Baby boomers, among all workforce generations surveyed, expressed the strongest discontent with their employers and the greatest frustration that their loyalty and hard work has been neither recognized nor rewarded.
Almost one-third of baby boomers surveyed say a lack of trust in leadership is a top turnover trigger—the highest ranking by any workforce generation.
Please stay. The top four retention incentives offered by employers surveyed by Deloitte:
1. Promotion/job advancement (53 percent)
2. Increased compensation (39 percent)
3. Additional bonuses or other financial incentives (34 percent).
4. Boosting employee support/recognition from their managers, a non-financial incentive, was also ranked as an effective retention tactic (30 percent)
I know that it’s workers of all ages, not just older ones, who are frustrated and tired of treading water as the lagging recession has played out. We all want recognition, a promotion, something more than a mere pat on the back.
Those spared the cuts of layoffs and downsizing now feel stuck, overworked with no way up, or great next move out. It’s a plus to learn that leading firms are focusing on ways to hang on to older workers and presumably taking action.
But are the companies that Deloitte and Bank of America Merrill Lynch surveyed really doing those things? So far, by the looks of these surveys, employees are giving them the big thumbs down. I’d like to learn more. Wouldn’t you? Lip-service is great, but is the rubber meeting the road?”
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In the June 20 online edition of Bloomberg News it was reported that 1 in 3 US workers are seriously considering quitting their current jobs.
In an economy like this such a move sounds like economic suicide. Although traditionally younger workers were more likely to leave jobs with higher frequency due to less responsibilities than their older counterparts, I think they need to rethink this option as a non-option. Even with fewer bills, no spouse and no kids, in many instances, even a move or migration somewhere else will likely produce little or no better results with so many regions in the US still reeling from the crash of ’08
If they do make the move, my advice is simple; know where you are going, have enough liquidity to survive on for 6-12 months, network like crazy and, hope for the best but, plan for the worst.
Here’s the Bloomberg story -
“About one-third of U.S. workers are considering leaving their jobs, with younger workers most likely to quit, according to human-resources consultant Mercer LLC.
A survey of 2,400 workers found 32 percent are “seriously considering” leaving his or her organization, up from 23 percent in 2005. Another 21 percent said they view their employers unfavorably and don’t feel engaged at work, though they don’t want to leave, according to a statement today.
Dissatisfaction is growing as workers think they are getting less out of their employment. Workers satisfied with base pay dropped to 53 percent from 58 percent in 2005, according to Mercer. Sixty-eight percent of employees rate their overall benefits as good or very good, down from 76 percent.
“They feel less attached to the organization emotionally and psychologically, and they don’t necessarily believe that the organization they work for has their best interests in mind,” said Jason Jeffay, a senior partner at Mercer.
Among employees 25 to 34 years old, 40 percent are contemplating leaving their jobs. Among employees 24 and younger, the figure is 44 percent, Mercer said.
Depressed housing prices and underwater mortgages mean older workers, who are more likely to own a home, are less mobile than they once were, Jeffay said. This means they are less able to seek out jobs and pursue the most satisfying one.
Young Americans
“Their ability to relocate, which has traditionally been a strength of the American labor market, is no longer a factor,” Jeffay said in an interview.
Young U.S. workers tend to be more optimistic about opportunities outside of their current employer, according to Stacey Randall, chief consultant at the Charlotte, North Carolina-based SBR Consulting LLC. A recent SBR study found that 70 percent of workers 21 to 30 years old said there is a possibility they will change jobs once the economy improves.
“They have bills to think about, but they are more mobile than other demographics,” Randall said. “They’ve been riding out the recession and recovery, like everybody else.”
Randall’s advice to workers hoping to change jobs in the near future: “Network, be prepared and save.”
To contact the reporter on this story: Devin Banerjee in New York at dbanerjee2@bloomberg.net
To contact the editor responsible for this story: Peter Elstrom at pelstrom@bloomberg.net
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