Use the force: Multi-generational workers an asset to business

Date July 14, 2014
Julia Stirling

Two trends are producing the most multi-generational workforce in history, according to a new report, Global Human Capital Trends 2014. There is an increase in Gen Ys entering the workplace and reshaping the talent markets with new expectations; and older workers are delaying retirement for varying reasons.

The report says Gen Ys are projected to make up 75 per cent of the global workforce by 2025. The challenge for organisations is in managing this highly diverse workforce. Alison Monroe, Group CEO of Donington and Sageco, a specialist career management company, says organisations are increasingly required to manage transition, whether it is due to transformation, downsizing, mergers or retirements. ‘‘With challenging economic conditions, global skills shortage and a wave of baby boomers heading into retirement, employers now require specific interventions to remain sustainable and support their employees to manage transition and change,’’ she says.

Monroe believes employers should focus on employees’ needs rather than life-stage. ‘‘You retain individuals, not groups of people and certainly not generations as a homogenous group.’’ There is greater difference within the generations rather than between the generations, she adds.

‘‘It is really about employers focusing in on individuals within the team regardless of age or life stage. And it is underpinned by having constructive career conversations at every stage of the career cycle.’’ Assumptions and biases can prevail without those conversations. Ageism, for example, is rife in the workplace. And with the qualifying age for the age pension increasing to 67 by 2023 (and possibly to 70 by 2035) Age Discrimination Commissioner Susan Ryan, says employers need to be encouraged to see the benefits of maintaining their older workers for more years in the job.

In the past 10 years over 15,000 people have undertaken Donington and Sageco’s flagship Envisage, a career and life planning program helping people look at their health, wealth and career options.

‘‘It’s about retaining those we have in the workforce longer, and having a balanced approach, and certainly not at the expense of hiring youth,’’ says Monroe.

Their research shows over 80 per cent of mature workers surveyed would defer retirement if they had the opportunity to work flexibly and redesign their role.

Monroe says there is not a lot of disparity between what employees want: ‘‘No matter what age or stage, flexibility is key to retaining any employee’’. Good leadership, communication and inclusiveness are also vital.

Also key is dispelling the myth that flexibility equals part time, says Monroe. It can include a nine day fortnight, staggered start and finishing times, working from home and working remotely.

Roz Simms, consultant, takes advantage of the National Australia Banks’s flexible work programs. She moved between part-time and full-time roles while raising her family. And now in her 50s, works a nine-day fortnight, with one day a week working from home.

She is undecided when she will retire but says: ‘‘In future I would like to enter into an arrangement in regards to lifestyle leave, taking more regular breaks-perhaps having six weeks annual leave instead of four’’.

NAB has made changes to the workplace and more people are choosing to work longer as a result. Michaela Healy, group executive, people, communications and governance says:’’We see attracting and retaining mature age workers as a competitive advantage.’’ NAB has approximately 2000 employees over the age of 55 and for the past four years has been running a program called My Future. It is designed to help mature age employees extend their careers through education on flexibility, balance and managing personal change. The results have been positive with the average retirement age at NAB increasing by two years.

Source: SMH

Read more: http://www.smh.com.au/business/use-the-force-multigenerational-workers-an-asset-to-business-20140707-zswtm.html#ixzz37PW7EFX7

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