60-Plus-Still Ambitious and Working
Management expert and author Bill Byham says organizations dont have to watch their most seasoned workers walk out the door-many want to remain in their jobs.
Pittsburgh (PRWEB) July 24, 2007 -- After years of anticipation, the 'brain drain from an increase of retirements is due to begin-but it wont necessarily be as bad as we thought, Bill Byham, author of 70: The New 50 claims. According to the Bureau of Labor Statistics, 29 percent of people in their late 60s have jobs, up more than 10 percent from two decades ago and expected to continue to rise.
Most older workers arent ready to abandon their careers. They want to spend time at their desks-not on their decks-as many organizations once feared," Byham says. But that doesnt mean companies are off the hook. They still have to work to keep their best people engaged and interested in their jobs, or theyll move on to something else.
In his newly released book, Byham offers organizations strategies for Retirement Management- the practice of selecting workers who will continue to be valuable beyond the traditional retirement age and inviting them to stay with the company. Some of the key ideas in the book include:
Retiring at age 65 is an antiquated idea ...neither realistic nor desirable for many people. In a DDI survey conducted with 1,200 US workers, 77 percent said they think people should retire when theyre ready and only 5 percent thought that age 65 was the magic number. The trend of 'early retirement has turned around-people still want the stimulation and camaraderie of work," Byham said. In addition, only 33 percent of people ages 50 to 65 feel financially ready to retire with enough money to assure their current lifestyle after retirement." In fact, recent research reveals that one in four baby boomers plan never to retire.
Many older workers offer multiple advantages to organizations. Research shows that they offer good work habits, strong work motivation, job knowledge and key contacts, but most important wisdom, a priceless commodity for many positions," Byham says.
You cant stereotype an entire generation. Because of their large diversity (much larger than younger generations), it is impossible to generalize about baby boomers-what they want and the skills and motivation they can provide. Organizations must be proactive in identifying the key people to keep, determining those individuals retirement plans and customizing responses to make jobs more attractive.
Organizations will face important retention and rehiring decisions with many potential legal pitfalls. As the workforce ages, so will EEOC and OFCCP age related complaints, whether or not companies try to manage retirements. Byham advises organizations on how to make accurate retention and rehiring decisions that meet legal guidelines.
Retirement management is not about talking people out of retirement ...it's about creating a structure that retains the best seasoned talent. Almost half of workers 50 to 65 surveyed would like a part-time assignment instead of just leaving the organization, one third would like a new role that focuses on new interests and a quarter want less responsibility.
For the first time, individuals in their 60s and 70s can receive a 'retention bonus for continuing to work. Organizations will have the ability to offer select individuals a 'bonus for staying on the job because recent federal legislation allows organizations with defined benefit plans to start paying pensions at age 62 while the individuals continue to work for the organization. Employees will feel they are getting a 50 percent pay increase because workers over 65 can collect their Social Security and pensions while they continue to work. Many will use the extra income to build up their savings for retirement," Byham said.
About the Author
William C. Byham, Ph.D. is a best-selling author, speaker and industry expert on management issues including empowerment, succession, retention and hiring. He wrote Zapp! The Lightning of Empowerment, which has sold more than 4.5 million copies, and coauthored Grow Your Own Leaders, a guide to identifying and developing future organizational leaders. 70: The New 50 is his 22nd book. Bill is the Chairman, CEO and cofounder of Development Dimensions International (DDI) a global human resource consulting firm.
About DDI
Founded in 1970, Development Dimensions International, a global human resources consulting firm, helps organizations close the gap between todays talent capability and future talent needs. DDIs expertise includes designing and implementing selection systems, and identifying and developing front-line to executive leadership talent. With more than 1,000 associates in 75 offices in 26 countries, the firm advises half of the Fortune 500. For more information visit http://www.ddiworld.com/aboutddi.
Media contacts:
Jennifer Pesci-Kelly
412-257-3862
Jennifer.pesci(@)ddiworld.com
Rachel Schulman
212-752-8338
rschulman(@)psbpr.com
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